Global remittances totaled $613 billion in 2017, marking a 7% increase from $573 billion in 2016. Factors such as stricter immigration policies have possibly resulted in an increase in the number of remittance payments this year, and the 2018 figures are expected to rise accordingly.
“Variations on the digital challenger bank model championed in Europe are spreading globally with new entrants targeting niche customer pain points. Collectively this year, startups in our market map have raised over $1.7B in venture capital.”
via CB Insights
Numerous telecom service providers have expanded and tailored their services to offer the world’s poorest populations access to more sophisticated products — such as personal savings and loans. Worldwide a large number of people who remain ‘unbanked’ are without a bank account or credit history.
According to the latest worldwide market study by Juniper Research, blockchain deployments will enable banks to realize savings on cross-border settlement transactions of more than $27 billion by the end of 2030, thereby reducing costs by more than 11 percent per on-chain transaction.
According to the Juniper assessment, the mobile contactless payments market will be driven by Apple Pay, Samsung Pay, Google Pay and other OEM Pay wallets. Combined, these OEM Pay wallets users will reach 450 million by 2020, with Apple accounting for 1 in 2 OEM Pay users globally.