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Earlier this year, MoneyGram partnered with Tencent to capitalize on China鈥檚 large remittance market. And in May, marking a major milestone that was years in the making, a Mastercard joint venture began processing domestic transactions in China using a Mastercard-branded card issued by a local bank.

Visa鈥檚 new partnership to enable remittances in WeChat Pay wallets is a case in point. In one swoop, it connects Visa Direct to more than 1 billion users in China within a hard-to-penetrate market. Networks will innovate to monetize data.

In March, it began offering fee-free remittances via Xoom using the stablecoin. Our take: PayPal is betting on the future of stablecoins and wants to be a frontrunner when the asset takes off. But it鈥檚 well behind its competitors, and stablecoins overall have a long way to go before they become mainstream payment instruments.

Consumer Remittance Payments. Remittance volume will continue to increase worldwide despite macroeconomic headwinds. Growth will remain below retail while increasing incrementally on an annual basis, driven by outflows from the US and inflows to top markets like India and Mexico. Key Trends We鈥檙e Watching. Digital Remittances Continue to Drive Growth.

By making cross-border payments cheaper, Wise can tap a huge market: Remittance inflow to India will reach $103.88 billion this year, per Insider Intelligence forecasts. And Wise鈥檚 higher savings rates can help it stand out from lenders offering weak returns in the UK.

The news: PayPal is reportedly exploring the sale of its remittance service Xoom, according to The Information, which cited a person familiar with the matter. The payments firm is working with Goldman Sachs on the sale and looking for prospective buyers.

Retail, remittance, and cross-border B2B payments continue to draw in market participants. Read the full report.

Worldwide remittance inflows are expected to hit $810.79 billion in 2023, according to Insider Intelligence forecasts. The bigger picture: While legacy remittance firms struggle to sustain volume growth, Wise has been ramping up its product suite. The fintech plans to increase its headcount by 250 next year, in sharp contrast with the wider macroeconomic headwinds affecting the tech sector.

Together they target P2P payments, remittances, refunds, payouts, and other payments, reaching:. 10 card networks. 69 ACH schemes. 17 mobile wallets. 3 payment gateways. 40 RTP markets. On the B2B side, Visa and Mastercard are also expanding their payment flows through Visa B2B Connect and Mastercard B2B Hub.

Why it鈥檚 worth watching: Worldwide remittance inflows are expected to hit $774.20 billion in 2022, per Insider Intelligence forecasts. Next year, we expect it to reach $810.79 billion. Here are two major trends influencing remittance growth:. Growing digitization.

Why it鈥檚 worth watching: Worldwide remittance inflow is expected to hit $794.54 billion in 2023, up from $775.13 billion last year, per Insider Intelligence forecasts. But high fees, cost transparency, and payment speed still impede these types of transactions. Cross-border payments often require intermediaries to convert currencies, which is one of the biggest cost drivers.

Unlike other regions, LACA still relies heavily on in-person remittances: While Brazil鈥檚 Western Union-owned locations only accounted for 5% of the firm鈥檚 retail footprint, they accounted for more than 50% of its revenues in the country. Digital growth in key markets.

The news: Western Union will let customers in Vietnam receive remittances through local super app MoMo, per a press release. Why it matters: Working with MoMo gives Western Union increased access to a major remittance market. Remittance inflow in Vietnam is expected to hit $19.56 billion in 2023, according to Insider Intelligence forecasts. That鈥檚 2.5% of worldwide remittance inflow.

And then crypto themselves, things like remittances and cross-border payments are absolutely improved by blockchain technology. Grace Broadbent:. Yeah, I agree with that. I'd say there's a lot of use for crypto overall and blockchain technology in the payment sector like remittances and B2B payments, like Tyler said. Rob Rubin:. Are B2B payments really ready for it though?

And reducing costs helps smaller merchants compete with their larger counterparts鈥攊t also lowers remittance barriers. This article originally appeared in Insider Intelligence's Payments Innovation Briefing鈥攁 daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily. Are you a client? Click here to subscribe.

It has also expanded its cash bill-pay network, diversified remittance suppliers, and extended remittance reach. US neobank One adds digital banking. Acquired this year by Walmart鈥檚 majority-owned fintech, One provides debit cards, savings and checking accounts, and an app that helps people track their budgets.

It's had remittances, it's had prepaid. It's been a lifeline to the underbanked in this country. So it's got a real foundation there and you know that it's ramped up its own FinTech operations, has neobanking aspirations within that. It's already gotten that started by transitioning it's branded prepaid cards into essentially neobank checking accounts. So it's got a lot going on there.