Boston, June 16, 2016 – The combination of the cross-border remittance market size, globalization, and advancements in technology has drawn many new players into the global cross-border remittance industry. Remittance service providers now range from incumbents, to banks, to global money transfer organizations, to corridor-specific MTOs. Can these newer competitors’ potentially disruptive business models and innovative uses of technology upend an age-old industry and more quickly, safely, and cheaply get funds to senders’ loved ones?
This report examines the business models and disruptive capabilities of a few emerging players in the industry: Abra, Azimo, BitPesa, Circle, Quippi, Remitly, Transfast, WorldRemit, Xoom, and ZipZap. It is based on Aite Group interviews with 29 executives from 26 leading organizations, including banks, MTOs, digital wallets, and technology providers to the payments industry from December 2015 to February 2016. It is part three of a four-part series—find the first and second here and here.
This 55-page Impact Report contains six figures and 16 tables. Clients of Aite Group’s Retail Banking & Payments service can download this report.
This report mentions 7-Eleven, 21 Inc., 500 Startups, Abra, Accel, Accion, Ace Cash Express, Allaire Corporation, American Express, Angel List, Anthemis Group, Arbor Ventures, Avalon Ventures, Azimo, bKash, Bezos Expeditions, BitFury Capital, BitPesa, Blockchain Capital, Breyer Capital, Blumberg Capital, Brightcove, Chedraui, Circle, Coinbase, Coins.ph, Coppel, Digital Currency Group, Draper Fisher Jurvetson (DFJ), Emida, Facebook, First Round Capital, Founders’ Co-op, Frog Capital, GCash, General Catalyst, Greycroft Partners, GNP Capital Partners, Goldman Sachs, Google, IDG China, Lipisha, M-Pesa, Maiden Lane Ventures, MasterCard, MoneyGram, MTN, Pantera Capital, PayPal, PayNearMe, Paypoint, Project A Ventures, QED Investors, Quippi, RRE Ventures, Rebit.ph, Remitly, Ria, Skype, Starbucks, Silicon Valley Bank, Stripes Group, TA Ventures, Talio, Technology Cross Over Ventures, Tigo, Transfast, Transpay, Transferwise, TomorrowVentures, Trilogy Equity Partners, TriplePoint Venture Growth BDC, Twitter, Uber, Uphold, Venmo, Visa Europe, Vulcan Capital, Western Union, WorldRemit, Xapo, Xoom, YouTube, and ZipZap.