Internet-based products have grown substantially in recent years, and constitute an important source of innovation for the remittance industry. Although these products present important opportunities for businesses and consumers, the low rate of penetration merits further discussion and analysis. The article concludes that perhaps the issue is still more structural, that the ecosystem of payment services is performing unevenly, partly due to poor financial access among clients and merchants.
In its fourth edition, the Remittances Scorecard ranks 30 companies working in 11 Latin American and Caribbean countries. It evaluates them across 12 indicators to assess their performance and competition in the money transfer industry.
The Costs of Sending Money to Latin America and the Caribbean