People living in the US don’t realize how important remittances are to the global economy. They're a financial lifeblood that keeps economies moving, especially in APAC. In Nepal, 33% of all GDP activity is remittances from Nepalese folks working abroad. In many countries, total remitted funds outstrip foreign aid.
Every day, foreign workers send money across borders. Loved ones in their home countries collect it as cash. These payments are deeply ingrained into community structures. In Mexico,
@ElektraMX does billions in remittances along motorbike/scooter sales. In the Philippines,
@kaCebuana is a remittance company distributed through 3,000 pawn shops.
The history of remittances is also the story of global economic development.
@WesternUnion launched money transfers via telegraph wire in 1871. Before that, it took weeks to move money across the country, let alone across the world. A hundred years later, we saw a shift towards electronic fund transfers, and the rise of competitors like
@MoneyGram.
In the 21st century, peer-to-peer payment tools like
@Revolut disrupted the picture once again. Today, stablecoins and crypto rails are being built into the infrastructure behind the global flow of remittances.
The story is still being written and I’m proud to be part of it through Fireblocks. If we make remittances more efficient, we benefit families, communities, and global GDP.