- Mastercard emphasizes Ripple’s major role in revolutionizing remittance services in Latin America with innovative blockchain solutions.
- Remittances are an important economic lifeline for millions of people, and digitalization is expected to improve accessibility and efficiency.
Recently, Mastercard emphasized Ripple as a key player in revolutionizing remittance services in Latin America, and crypto influencer Wrath of Kahneman echoed this.
Remittances, which are vital to millions of people worldwide as their means of subsistence, are emphasized for their vital role in promoting both individual and collective well-being, which is consistent with the Sustainable Development Goals of the UN.
#Ripple cited a few times in the new MasterCard report, "The future of remittances in Latin America: Digitalization, multiple rails, & the strategic role of partnerships" as an example of blockchain in remittances & CBDCs. #XRP not directly mentioned.
1/3https://t.co/6Wj2xOh73b— WrathofKahneman (@WKahneman) March 25, 2024
Leading Position of Ripple in Financial Innovation
The study focuses on Latin America, naming Mexico as one of the main recipients of remittances, with $56 billion sent to Mexico alone in 2022. Several countries in the region rely on remittances for more than 30% of their GDP.
The remittance process is complicated by industry challenges such as high costs, dependency on cash transactions, and the need for more easily available digital solutions.
Leading the way in utilizing blockchain technology to overcome these obstacles is Ripple, working with other trailblazers like Circle and Stellar to provide quicker, more transparent international money transfer services.
This program is a component of a larger effort to create a more effective and inclusive international remittance system.
Previously, according to previous ETHNews reports, M-PESA Safaricom expanded its remittance services by collaborating with Ripple’s Onafriq, marking a significant step towards XRP adoption in Africa. For a deeper dive into these developments, you can check out this YouTube video.
Digital Remittance Solutions’ Future
Forecasts suggest that the digital remittance market will increase significantly, reaching a global market share of over $550 billion by 2026, or an annual growth rate of 8% from 2022.
Even more ambitious are Ripple’s own predictions, which show the industry’s enormous potential for innovation and expansion. By 2027, they expect the cross-border payment market to exceed $250 trillion.
Meanwhile, XRP was trading at $0.6481, up 2.15% over the previous day. represents a rise of over 10% during the previous week.