Skip to main content

Remittances are one of the most complex payments type to make more efficient and more appealing for consumers and businesses.

Legacy banking systems, lack of transparency, and high regulatory scrutiny contribute to the challenge. There also remains a gap for underserved segments, who have traditionally stayed outside of the formal banking infrastructure and depend on riskier and unreliable offline methods.  

However, with rapid digitalization and increasing mobile penetration, digital channels are becoming a medium for remittance payments. Digital wallets for cross-border remittances enable businesses and consumers, including the banked and unbanked, to send remittances with transparency, reduced cost and shorter delivery times.  

Global remittances to low- and middle-income countries increased 7.3% to $589 billion in 2021, with India, China, Mexico, the Philippines, and the Arab Republic of Egypt as the top five remittance destinations.

- World Bank


This report explores:

  • Payment trends in cross-border remittances
  • Covid’s impact on remittances and the growth of mobile remittances
  • Customer stories and strategies for remittances innovation

Download the full report, "Extending reach How digital wallets can fill remittance gaps."

Download the Report

Related Resources

Mastercard Data & Services
A new leaf for the bank branch

Branches can hardly seem a priority when compared with digital agendas. But digital banking practices and bank branches are no more mutually exclusive than ecommerce and traditional retail.

Mastercard Data & Services
Navigating the digital assets landscape with Tancho Fingarov and Donald Ong

To coincide with the publication of our Tokens on a chain report, we sit down with two of our experts as they dispel the myth that digital assets are only for investment and note that volatile cryptocurrencies are just one kind of digital asset.

breaking down installments tile image
Breaking Down Installments Making Sense of Buy Now, Pay Later

The concept of paying by installments is simple. Financial technology companies (fintechs) encapsulate it with their catchy buy now, pay later moniker. The reality is more complex. This report breaks down installments and then offers four data-informed building blocks to help construct a solid installments proposition.

Mastercard Data & Services
After the findustrial revolution: How neobanks can continue to thrive

Compared with its steam-powered counterpart, the findustrial revolution was swift. In only a few years, financial technology revolutionized finance. Here we outline five ways neobanks can continue to thrive in this new environment.