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remittances

(via Business Insider)

Every year, migrants send hundreds of billions of dollars worth of remittances back to friends and family in their home country. And there’s a massive industry that facilitates these payments — and has for more than a century. 

The legacy remittance industry has been long dominated by cash, which requires physical locations where customers can hand over or pick up money. Building out those retail networks is a huge investment. It’s left just a few players, called Money Transfer Operators (MTOs), controlling a bulk of the industry. 

BII Money Transfer Operator Market Share By ChannelBI Intelligence

But these companies’ comfortable… Continue reading