Tuesday, 11 June 2019 02:23

Global digital remittances forecast to reach US$525 billion by 2024: report Featured

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Global digital remittances forecast to reach US$525 billion by 2024: report Image mapichai at FreeDigitalPhotos.net

International digital remittances will reach US$525 billion by 2024 as traditional players in the market face fintech challenges, according to a new research report.

According to the report, from Juniper Research, the US$525 billion mark in 2024 will represent an increase from an estimated US$332 million in 2019.

Juniper says the mobile channel will become increasingly popular, accounting for 41% of international digital money transfers by volume in 2024, up from 33% in 2019.

Meanwhile, Juniper says blockchain-based payments have the potential to increase digital payments further, as the technology has a high possibility of disrupting existing business models.

Juniper recommends that traditional money transfer operators “aggressively pursue partnerships to effectively leverage blockchain for future transformation”.

The research found that by utilising a blockchain-powered network, operators could offer their users a much faster, cheaper and more transparent service.

Solutions such as RippleNet and IBM Blockchain World Wire are set to transform things, by connecting diverse sets of partners in different markets to enable more effective payments, Juniper says.

And Juniper says that in order to succeed, blockchain platforms must focus on gaining as many partners as possible to increase the reach of their networks.

“This is an opportunity for traditional money transfer operators to change the way they operate; reorienting their business models around the benefits blockchain enables.”

The research also found that the rise of fintech players, such as TransferWise and WorldRemit has meant that traditional players have had to evolve rapidly, with Western Union and MoneyGram both focusing on digital strategies. However, mere digitisation of strategies is not sufficient.

The research found that fintech players offer a “superior user experience, with heightened transparency on fees a crucial differentiator”.

Research author Nick Maynard explained: “While traditional operators have launched digital solutions, they have yet to adopt transparent pricing of transfers. Unless operators accept this requirement, they will continue to lose market share. Innovation must be the number one priority.”

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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