More

    Ripple: Asia-Pacific Remittance Market Seeing Growing Demand And is Ripe for Digitalization

    • APAC digital transfer and remittance market expected to grow by 24.2% from 2018 until 2025
    • But what’s astounding is the expensive services charging as high as 10.34%

    In its latest insight report, Ripple shares the growing demand the Asia-Pacific (APAC) region is seeing.

    “More remitters than ever are sending money home to their loved ones,” the San Francisco-based company points out adding APAC saw a growth of 12% in remittance flows in 2018, as per World Bank. About 2bln in remittance transactions flow in the area every year.

    APAC region to see a growth of over 24%

    Remittance flows in the Philippines, makes them the 3rd largest remittance-receiving nation worldwide, and another staggering number that is reaching record highs of $529 billion last year is Thailand, and is also anticipated to see exponential growth as the Philippines greatest help for external financing.

    On the opposite side, Australia and Thailand entice a remarkable amount of migrant workers. Australia’s payment outflows are $7.2 billion to China, India, Vietnam, the UK, and the Philippines. Also becoming a major destination for foreign workers is Thailand, with $7.5 billion set against ejaculations of $4.9 billion estimated payment inflows.

    From 2018 until 2025, APAC digital transfer and remittance market is actually expected to experience a Compound Annual Growth Rate (CAGR) of 24.2%.

    But traditional payment channels charging fees as high as 10%

    The rise of worldwide remittances is “significant” but even more astounding are the expensive services. Ripple notes,

    “The Asia-Pacific (APAC) region is seeing significant growth in remittances, yet the high cost of cross border payments leaves remitters with few options.”

    Here blockchain technologies have a huge part to play as they can offer a fast, smooth encounter for global payments with reliability, and transparency, that people are accustomed to and require from services like email.

    The global median cost of transferring $200 was 6.84% in 3Q19, with banks charging an average fee as high as 10.34%.

    There is also a high price variance by corridors, from Thailand to Vietnam, Lo PDR, and China has remittance fees exceeding 10% in 2018.

    Blockchain provides a solution

    Financial businesses desire a cheaper, simpler, and more effective way of processing cross-border transactions and blockchain has created a resolution.

    With APAC market “ripe for digitization,” Ripple is already working and seeing much activity in the Philippines and Thai market.

    Recently, the company along with Thailand’s oldest bank Siam Commercial Bank announced that they were working on enabling cross-border payments via QR codes.

    Through its partner FlashFX, Ripple has opened payment channels in Mexico, the US, and the Philippines with Australia next on the list. Apart from SendFriend, MoneyGram is also using XRP to conduct transactions in Europe, Australia, and the Philippines as well to tap this growing demand in APAC region.

    Ripple (XRP) Live Price

    1 XRP/USD =$0.2777 change ~ 3.50%

    Coin Market Cap

    $12.03 Billion

    24 Hour Volume

    $351.45 Million

    24 Hour VWAP

    $0

    24 Hour Change

    $0.0097

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    AnTy
    AnTy
    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,287FansLike
    2,765FollowersFollow
    4,135FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Litecoin (LTC) Price Analysis (February 21)

    • Moment to buy, not short! may reverse to the top of the channel soon. • Bulls are returning back gradually. LTC/USD Medium-term Trend: Bullish • Resistance...

    Bitcoin Cash Dev Proposes ‘BCH Node' To Avoid An Unwanted Chain Split, Roger Ver On Board

    The Bitcoin Cash (BCH) client upgrade scheduled for May, 2020 has raised heated arguments on some of its aspects. However, one BTC developer on...

    PAX Stablecoin Issuer Paxos Settles First US Equity Trade Using Blockchain

    The first blockchain-based settlement of US equities was claimed by Paxos, the New York-regulated cryptocurrency startup, Instinet, the broker dealer owned by Nomura, and...

    Ripple (XRP) Price Analysis (February 20)

    Key Highlights XRP's price strength has once again overpowered by the US dollar market worth. A fiercely breakthrough of a $0.30 mark will portend...

    Sweden's Riksbank Launches Its Central Bank Digital Currency (e-Krona) Testing

    Sweden is getting closer and closer to issuing its own central bank digital currency (CBDC), as it already started testing the e-krona. The pilot program...

    Australia’s National Stock Exchange Is Building A DLT-Based Real-Time Trading Platform

    Both companies listed publicly, NSX Ltd., which is the owner of the National Stock Exchange of Australia, and the financial institution known as iSignthis...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.