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remittances

XRP, Libra and Visa to Fight It Out for Cross-Border Remittance Crown

The increased penetration of cryptocurrency in the digital payment arena appears to be affecting the landscape of cross-border remittances. Financial institutions and other mainstream establishments are now jostling with blockchain startups for control over an industry that could possibly experience massive growth over the next few years. With more participants comes greater competition and an emphasis on creating …

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Euronet Subsidiary Ria Turns to Ripple Tech Seeking Faster Money Transfers

Ria Money Transfer, a subsidiary of U.S.-based payments firm Euronet Worldwide, has joined Ripple’s blockchain-based payments network seeking faster cross-border payments. In an announcement Wednesday, Ripple said that RippleNet will help Ria settle transactions with “increased speed, transparency and efficiency.” Customers stand to benefit too, it adds, with end-to-end tracking, improved visibility into fees and details of …

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Crypto-Based Transfers Can Cut Remittance Costs in Africa by 90%

<strong>Remittances have become a lifeline for many people in Sub-Saharan Africa, but the cost of sending money via banks and money transfer operators remains punitively high. On average, it costs 9.3% (of value transferred) to send the equivalent of $200 to the region, the highest remittance rates anywhere on the planet, according to the new …

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Central Bank Digital Currencies Take Center Stage at IMF Spring Meetings

<strong>Central bank digital currencies (CBDCs) featured prominently when global financial leaders met for this year’s World Bank Group and International Monetary Fund (IMF) joint Spring Meetings in the United States. Faced with emerging disruptive technologies like Bitcoin, their discussions also focused on how money and payments are taking on new forms throughout the world. There …

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Japanese Bank Abandons Work With SBI Ripple’s ‘Money Tap’ App

Resona, one of the three Japanese banks working with SBI Holdings and Ripple on their cash transfer app Money Tap, is pulling out of the project. The bank – Japan’s fifth largest – announced the decision on Thursday, saying that it would cancel the remittance service provided through the app on May 13. It did not …

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Western Union Integrates With Crypto Wallet to Expand Philippines Remittances

Money transfer giant Western Union has teamed up with blockchain startup Coins.ph to enable residents of the Philippines to more easily receive cash remittances. The newly inked deal will see both international and domestic payments made via Western Union’s network arrive directly into the digital wallets held by Coins.ph’s “over 5 million” users, the startup announced late last …

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Thai, Myanmar Central Bank Governors Endorse Blockchain Remittance Service

The governors of two central banks endorsed the Ethereum (ETH)-based remittance system developed by blockchain company Everex, the firm reported in a press release shared with Cointelegraph today, April 5. The service is set up to send payments between Thailand and Myanmar. The system was reportedly presented by the startup, along with its partners, state-owned …

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How to Use Cryptocurrency to Send Money Abroad

<strong>The global remittance industry is huge. World Bank data shows that over $148 billion was sent abroad from the U.S. alone in 2017. As people leave nations gripped by hyperinflation, or simply move to look for better opportunities abroad, sending cash back home becomes a necessity. As the people in Venezuela are discovering, this can be …

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UAE Exchange and Payment Platform Unimoni Join Ripple’s Payments Network

Finablr, a global payment platform and foreign exchange operator based in the United Arab Emirates, has joined Ripple’s (XRP) RippleNet blockchain network, a press release reveals on Feb. 11. Finablr’s network brands, UAE Exchange and payment platform Unimoni, will use the blockchain-based platform provided by Ripple to complete real-time transactions to Thailand. The firm also …

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Two Remittance Firms Go Live With Ripple-Based Payments to Thailand

Remittance firms UAE Exchange and Unimoni have gone live with blockchain-based payments using Ripple technology. Finablr, which owns the two brands, announced Sunday that “real-time” cross-border remittances using RippleNet are now live, starting with payments for its international customers to Thailand. Other destination countries are expected to be added going forward. The service was launched …

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