International digital remittances will reach $525 billion by 2024, up from an estimated $332 billion in 2019, with mobile and blockchain solutions becoming increasingly popular.
Juniper Research analysis predicted that the mobile channel will account for 41 per cent of international digital money transfers by volume in 2024, up from a third in 2019.
The report found that by utilising a blockchain-powered network, operators can offer users a much faster, cheaper and more transparent service. Solutions such as RippleNet and IBM Blockchain World Wire are set to transform the area, by connecting diverse sets of partners in different markets to enable more effective payments, it suggested.
However, in order to succeed, blockchain platforms must focus on gaining as many partners as possible, to increase the reach of their networks.
The research also stated 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 going forward.
But Juniper Research argued that mere digitisation of strategies is not sufficient, as FinTech challengers offer a superior user experience, with heightened transparency on fees being 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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