The news: SoFi will relaunch its crypto investing platform and will introduce self-serve international money transfers powered by blockchain technology by year鈥檚 end, per a press release.
Our take: As customers warm to crypto transactions, remittance providers stand to score valuable volume鈥攁nd customer loyalty鈥攊f they style their businesses around what remittance senders want most: cheap, convent, and fast transactions.
Remittances represent a large share of global payments and will keep growing鈥攁lthough at a flat rate. Traditional money transfer organizations have to fight harder for a share of the prize as digital-only entrants have stepped up the competition.
In the fourth of five reports in our 鈥淧ayments Ecosystem鈥� collection, we look at what鈥檚 influencing growth across P2P, remittance, bill pay, payroll, and B2B transactions鈥攁nd what it means for payment providers.