Using Blockchain to Make Remittances Cheaper, Faster, and More Secure

With the high transaction fees, regulatory uncertainty, and limited innovative offers in the market, Latin Americans are in search of affordable and accessible remittance solutions. Download this report to learn how to make remittances cheaper, faster, and more inclusive. Learn how industry leaders are harnessing the abilities of blockchain to shape the future of finance.

This report is for general information purposes only. It does not constitute legal, financial, or other professional advice, and should not be relied upon as such. IOV Labs Ltd. accepts no responsibility for any loss or damage that may arise from reliance on information contained in this publication. Readers should seek independent professional advice before making any investment or financial decisions based on the information contained in this publication.

Key challenges:

Affordability: The cost of remittances, averaging 6.2% of a transaction, is a significant hurdle to low-income consumers sending money back home to their families.

Accessibility: Over 65% of LATAM citizens are unbanked, leading them to informal remittance channels, and limits their ability to circulate funds and benefit from banking services

Legacy technology: Limited fintech innovation in the LATAM region worsens remittance fees and amplifies financial exclusion

Report insights:

The remittances and payments segment is the fastest-growing fintech segments in Latin America, driven by connectivity and smartphone adoption.

Blockchain’s potential to significantly increase savings for financial institutions conducting cross-border transactions is estimated at $10 Billion by 2030.

Crypto remittance fees are 98% cheaper than traditional banking fees, making them significantly appealing to lower-income communities with high migration rates.

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