Fun

Mastercard sees partnerships as key to blockchain remittances in Latam

News Feed - 2024-03-27 06:03:21

Derek Andersen2 hours agoMastercard sees partnerships as key to blockchain remittances in LatamBlockchain and crypto have a place in a partnered remittance ecosystem in Latin America, the financial services giant found.1022 Total views6 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksMastercard has released a white paper on remittances in Latin America. Remittance rates are growing faster than the global average in the region, and mobile phone and internet penetration will fuel a transition from cash to digital options, the report said.


As of 2022, one in ten people worldwide lives in a home that receives remittances worth a total of $831 billion. The average cost of sending remittances to Latin America was 5.8% of the amount sent, compared to a global average of 6.3%, and costs reaching up to 25.5% at times, usually in the poorest regions, Mastercard reported.


Competition is increasing, however, sometimes creating a race to the bottom on prices. The report also cited World Bank data that showed that at least half of remittances were transmitted by informal means.


The report identifies a number of current remittance options that together “speak to the emergence of a completely new reality in global remittances.” Latin America currently receives 43% of its remittances digitally, compared to a world average of 52%. Digital remittances are expected to be worth $20 billion by 2026.


Related: Circle and SBI Holdings partner to boost USDC circulation in Japan


MoneyGram and Stellar provide remittances using USDC (USDC), and SBI Remit does so through Ripple, it said. Ripple is also leading the way in developing promising uses for central bank digital currency, along with other, more limited, projects. MoneyGram head of fintech strategy and innovation Luther Maday is quoted in the report:“We can move money more quickly with new channels like USDC, which ultimately translates into additional liquidity for our day-to-day global operations.”


There are several other crypto players in the Latin American market, including Binance and Mastercard itself, in partnership with wallet provider Belo. Problems remain in the crypto field, however. Trust, regulatory and technological adoption issues still hinder the progress of crypto players and other providers, the report said. Moreover:“The current digitization efforts are limited to the remittance transaction itself. In order to digitize fully and reduce costs more broadly, the digital money ecosystems in the recipient countries must be fostered.”


“It’s not enough that a recipient receives the money in an account, a card, or a wallet if they can’t make digital payments when they spend that money,” the report continued.


“The intelligent weaving of partnerships between diverse players” is needed by all remittance providers, the report concluded.Source: WrathofKahneman


Magazine: Crypto in the Philippines: Necessity is the mother of adoption# Blockchain# Business# Ripple# Mastercard# Remittances# Binance# USD CoinAdd reactionAdd reactionRead moreVisa Token Service reaches 1B tokens served in Asia-Pacific marketPanasonic teams up with Jasmy to create controlled identity platform for IoTGalaxy Digital reports $296M net income in 2023 after $1B loss in 2022

News Feed

NFT Creators Investigated in Israel for Alleged Tax Evasion
NFT Creators Investigated in Israel for Alleged Tax Evasion Israel’s tax authority is after two creators of non-fungible tokens (NFTs) suspected of failing to report almost
Exchange Providers Halt BSV Services as Mining Pool Captures 78% of BSV Network Hashrate
Exchange Providers Halt BSV Services as Mining Pool Captures 78% of BSV Network Hashrate The cryptocurrency community has been discussing the Bitcoinsv network a
Martin Young4 hours agoTerraform Labs contends Citadel Securities had a hand in its stablecoin collapseTerraform Labs has urged the judge to grant its motion to compel trading data from Citadel Securities, which it says
US Senate Majority Leader to speak at crypto event for Kamala Harris
Turner Wright5 hours agoUS Senate Majority Leader to speak at crypto event for Kamala HarrisSenator Chuck Schumer and 10 Democratic senators sided with Republicans to pass a resolution overturning an SEC rule on banks ho
Bitcoin Exchange Supply Breaks Equilibrium: Whales Scoop Up 240,000 BTC
Este artículo también está disponible en español. On-chain data shows the Bitcoin spot exchange inventory, which had been stuck in consolidation earlier, has finally star
Dow Runs Out of Gas on Tired Trade War Deja Vu
The Dow Jones was up a measly 50 points on Friday as positive data and trade war developments failed to meaningfully lift the stock market. | Source: Brendan Smialowski / AFPThe Dow
Artists and Activists Turn to NFT Sales to Support the Ukrainian People
Artists and Activists Turn to NFT Sales to Support the Ukrainian People NFTs are showing the brighter side of humanity as real support transcends the boundaries of nations and reac
Bitcoin miners are treading water, but no alarms of a 'total firesale'
Ciaran Lyons3 hours agoBitcoin miners are treading water, but no alarms of a "total firesale"Bitcoin miners are not “full-scale bear market level capitulating,” according to a crypto analyst.1699 Total views21 Total
Report: 42.9% of Turks View Gold as Best Form of Investment, Only 1.9% Would Invest in Crypto
Report: 42.9% of Turks View Gold as Best Form of Investment, Only 1.9% Would Invest in Crypto A new study has found that nearly 43% of Turkish individuals surveyed consider gold to
Regina Sadykova10 hours agoCrypto VC: Risk and investment strategies with Shima CapitalCointelegraph sits down with venture capital leaders in a new series to talk about which investments interest them most.466 Total vie
Bitcoin, Ethereum Technical Analysis: BTC Slips to 10-Month Low, Below $33,000
Bitcoin, Ethereum Technical Analysis: BTC Slips to 10-Month Low, Below $33,000 BTC fell to its lowest level since last July, as prices dropped below $33,000 to start the week. The
David Bowie Estate to Drop ‘Bowie on the Blockchain’ NFTs, Sale Receives Backlash From Fans
David Bowie Estate to Drop "Bowie on the Blockchain" NFTs, Sale Receives Backlash From Fans The David Bowie estate recently announced it is launching a series of non-fungible token