Financial services giant Mastercard has given a significant nod to Ripple, a crypto-focused company, in a recent report exploring the future of remittances in Latin America. The report highlights the challenges of traditional remittance services and recognizes Ripple’s blockchain technology as a potential solution.
Ripple Gets Stamp Of Approval From Mastercard
The Mastercard report highlighted the critical role remittances play in Latin America. Citing UN data, it details how these cross-border payments are a lifeline for families and communities, especially in low and middle-income countries. Mexico, for instance, received a staggering $55 billion in remittances in 2022, making it the world’s largest recipient.
Remittance Services Struggle With High Fees And Security Risks
However, the article identifies several pain points plaguing remittance services. High fees, heavy reliance on cash transactions, security concerns, and a lack of user-friendly digital experiences
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