REMITTANCES
“MOVING MONEY GENERALLY ACROSS BORDERS HAS ALWAYS BEEN A VERY DIFFICULT THING ”
ABID MUMTAZ GLOBAL HEAD , WISE PLATFORM
“ By taking these steps , banks and other finance providers are better positioned to implement innovations quickly .”
Looking ahead to the future of remittances Despite the challenges that unquestionably still exist within remittances , there is nonetheless still cause for optimism . The global remittances market is expected to grow to a valuation of US $ 107.8bn by 2030 , achieving a compound annual growth rate ( CAGR ) of more than 10 % between 2022 and 2030 , per forecasts published by Research and Markets .
And Wise ’ s Abid Mumtaz retains a positive attitude when he looks ahead to the future of remittances , and where he expects it to be in the next decade .
“ 5-10 years from now , we ’ ll probably be in a world where instant is very much adopted ,” Mumtaz says . “ Today with Wise , we ’ re proud to say that 55 % of our payments moving around the world are settling into the beneficiary ’ s bank within 20 seconds , but the market still has a way to catch up and we still have plenty of work to do to get to 100 %. I think that ’ s where we ’ re going to be spending a lot of time [ in the coming years ].”
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