Remittances

Remittances refer to money sent by individuals, typically migrant workers, to family or friends in their home country, often used to support living expenses or investments.

How Remittances Work

In the context of blockchain, remittances are often facilitated through cryptocurrencies, enabling quicker and cheaper cross-border transfers compared to traditional financial systems. Users can send funds directly from one wallet to another, avoiding the high fees and slow processing times associated with banks or money transfer services.

Why Remittances Matter

Remittances are a critical source of income for many families, especially in developing countries. Blockchain and cryptocurrency have revolutionized this space by making the process more efficient and cost-effective, expanding access to financial services and reducing the reliance on traditional intermediaries.