Times have changed since Amir first started sending remittances home all those years ago. Now he can send money from Singapore to his family in rural Malaysia¹ in real-time² with a few taps on his smartphone. New systems and players are entering the remittance market, from upstart fintechs who are catering to a rapidly modernizing customer base to centuries-old transfer services that are combining their experience and expertise with groundbreaking technology. Now, people are able to send money around the globe by pressing a few buttons with transfers happening in real-time² thanks to the power and network of Visa Direct. Visa Direct is able to facilitate the transfer of money across borders¹ in real-time² between remitters and recipients.
“Remittances are about connecting people. From day one of arriving in a new country, you want to feel connected to relatives and friends,” says Jairo Riveros, Managing Director for the Americas at the remittances platform, Paysend.
The remittance market is also growing, both in size and complexity. It’s not just workers sending home portions of their paychecks every month; rather, people are helping loved ones pay for medical procedures and emergency bills, paying for their children’s tuition and expenses at international universities, investing in international businesses and real estate, and helping to support those impacted by natural disasters and conflicts. Overall, global remittances were worth US $706 billion in 2019, tracing an explosive path of growth over the past few decades³.