The North American remittance market is a lucrative one, with an estimated $68 billion sent in 2019 alone. This figure is projected to continue to grow in the coming years, thanks to the increasing number of immigrants and the need for quick and reliable money transfer services.
One of the key players in the North American remittance market is Western Union, which has been in operation for over 160 years and offers a wide range of money transfer options. However, new remittance startups such as TransferWise and Remitly are also making waves in the industry, thanks to their innovative use of technology and lower fees.
One of the major trends in the North American remittance market is the use of mobile technology. Many remittance startups, such as WorldRemit and Xoom, now offer mobile apps that make it easy for customers to send money from their smartphones. This is particularly beneficial for immigrants who may not have access to traditional banking services.
Another trend in the North American remittance market is the use of digital currencies. Companies such as BitPay and Circle offer digital currency-based money transfer services, which can provide faster and cheaper options compared to traditional methods.
Overall, the North American remittance market is a dynamic and constantly evolving industry, with new players and technologies emerging all the time. As the world becomes increasingly connected, the demand for fast and reliable money transfer services is only set to increase.
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