The remittance sector is expanding quickly, and ATMs are essential to this growth.
https://www.atmmarketplace.com/articles/how-atms-deliver-remittances/
There is a sizable remittance market where migrant employees transfer money to loved ones back home. According to a Grand View Research press release, it was estimated to be worth $17.88 billion in 2021 and was projected to expand at a compound annual growth rate of 15% from 2022 to 2030.
How ATMs send money outbound
ATM Marketplace conducted an email conversation with Bátiz-Lazo and González-Correa to understand more about this development of ATMs being used for remittances.
How are ATMs generally utilized for sending money abroad?
A. In the Mexico-U.S. corridor, family remittances start and end in cash in about 90% of cases. By providing senders with easy access to cash at the location where they will start the transfer, ATMs play a crucial role. N2 (prepaid debit) cards, which allow beneficiaries to access their balances at convenient locations and times of day, are becoming more popular on the Mexican side. This is crucial for the recipients because it reduces their vulnerability to theft and criminality.
Can you provide some statistics on remittances and ATMs?
A. Approximately 35 million Mexican migrants living in the United States today. 12.5 million of these are of Mexican descent (legal and illegal).
What do you believe to be the main trend in remittances?
A few significant tendencies have been found. First, the growth of remittances over the past ten years to become the main source of foreign exchange inflows to emerging economies may be the most striking remittance trend.
India, China, and Mexico are the top three countries in 2022 for receiving family remittances in US dollars. However Pakistan also becoming part of this according to knowledge Remittances to Haiti, El Salvador, and Honduras, which total more than 20 percent of the GDP of the two Central American nations, have the largest percentage of their value as a percent of GDP. For a more comprehensive understanding of these patterns, consider that in the early 2000s, foreign direct investment (FDI) was the main source of capital intake to emerging.