Remittances act as monetary lifelines for huge swaths of the global population. Around 200 million people send remittances to family in their home countries, supporting roughly 1 in 10 people globally, per a March 2021 Visa report, citing the most recent data from the UN. Remittances, which typically represent 60% of household incomes for those who receive them, per Visa, are used to pay for everyday things like housing, education, and food.
Such payments are essential to the macroeconomy as well, contributing substantially to countries' GDP. In 2020, Tonga was the top recipient country in terms of its remittances' share of GDP, with payments accounting for 43.8%, per the World Bank. And a multitude of other smaller economies have a dependence on remittances: Those payments make up over a quarter of El Salvador's GDP, for example.
The crucial nature of these payments means that remittances will remain an important facet of payments, with providers working to achieve higher-quality, faster, and cheaper transfers for families all around the world. This is leading to increased competition in the space, slashing margins for providers and...
 | Report Preview  * This chart and data were pulled from The Global Remittances Forecast 2022 Report by Insider Intelligence. Purchase the report below for $1,995 for immediate access. | | | Remittances act as monetary lifelines for huge swaths of the global population. Around 200 million people send remittances to family in their home countries, supporting roughly 1 in 10 people globally, per a March 2021 Visa report, citing the most recent data from the UN. Remittances, which typically represent 60% of household incomes for those who receive them, per Visa, are used to pay for everyday things like housing, education, and food.
Such payments are essential to the macroeconomy as well, contributing substantially to countries' GDP. In 2020, Tonga was the top recipient country in terms of its remittances' share of GDP, with payments accounting for 43.8%, per the World Bank. And a multitude of other smaller economies have a dependence on remittances: Those payments make up over a quarter of El Salvador's GDP, for example.
The crucial nature of these payments means that remittances will remain an important facet of payments, with providers working to achieve higher-quality, faster, and cheaper transfers for families all around the world. This is leading to increased competition in the space, slashing margins for providers and... | | | Other Related Reports |  QR codes are becoming embedded in the ways customers engage in marketing. Retail, quick-service restaurant (QSR), and hospitality businesses have... ACCESS FULL REPORT |  Latin America is no stranger to change, but consumers' quick embrace of new digital habits grew at an unprecedented rate... ACCESS FULL REPORT | | |  To learn more about Insider Intelligence and our Financial Services coverage, click below and fill out the form, and a member of our team will be in touch with you. | | | | |
| |
| |
0 comments:
Post a Comment