The market for cross-border person-to-person (P2P) remittances is massive. It experienced double-digit growth in 2018 as consumers migrated from one country to another in search of better economic opportunities, as well as to escape political and financial upheaval in their home countries.
In many cases, the migration pattern may involve only one member of a family leaving their country for a job. For them, as well as those who have permanently emigrated, remittances play a vital role in the transfer of wealth and represent an economic boon to the receiving country.
The annual volume of remittances grew to almost USD689 bn in 2018, larger than the entire GDP produced by Saudi Arabia. The market has attracted the attention of newcomers such as TransferWise, Remitly, and WorldRemit, and larger organizations such as PayPal, Western Union and MoneyGram continue to invest.