The remittance of cash around the world continues to attract attention

The value of the global remittance market in 2019 was $554 billion and is expected to fall to $470billion in 2021 as a result of the impact from COVID-19. Nevertheless, it is still a huge quantity of money being transferred around the world, and often by some of the lowest paid workers. The World Bank claims: “If the cost of sending remittances could be reduced by 5 percentage points relative to the value sent, remittance recipients in developing countries would receive over $16 billion dollars more each year than they do now.”