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The remittance industry has experienced consistent growth recently, solidifying its position as a key component of the global financial landscape. Defined as the transfer of money from one country to another, usually to support a dependent, remittances play a pivotal role in providing food, healthcare and education.
In this article, we delve into the growth of the remittance industry and the key factors propelling its success.
With over 280 million immigrants worldwide, the remittance industry has an important place in our global society.
By exporting billions of dollars annually back to their starting nations, immigrants can greatly improve the livelihoods of their families and communities.
This is particularly true for low- and middle-income countries. In 2022, they received 79 per cent of all remittance payments, according to the World Bank’s initiative Knomad.
|Year||Low/Middle Income (US$ Billion)||World Total (US$ Billion)|
India is one of the global leaders in receiving remittance payments. In 2022 alone, over $100bn in remittances were sent to India, supporting many families.
As the global remittance industry continues to grow, it is important to acknowledge the role played by the innovative money transfer operator Wise.
With an inclusive, user-centric platform and competitive exchange rates, Wise makes it easy and cost-effective for millions of individuals to send money home, worldwide.
But Wise doesn’t just offer remittance solutions, the company offers a host of account services and a payment infrastructure that has helped over 6.1 million active customers move over $30bn in the first quarter of 2023 alone. Perhaps the most exciting growth avenue for Wise over the coming years will be offering its services to businesses.
As one of Scottish Mortgage’s pioneers of digitisation, Wise has the potential to revolutionise the international money transfer industry with its mission of making it cheaper and fairer for everyone. By harnessing technology and transparency, Wise empowers individuals and businesses to take control of their money and send it across borders with ease.
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This infographic was produced in collaboration with Visual Capitalist.
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