Growing volumes of Latin American remittance flows continue to encourage local and international fintechs to enter the market, with Revolut and Wise being the latest global payment companies to offer digital remittances in the region.
These fintechs have been successful in cutting fees to gain market share in an industry that the World Bank estimates was worth $131 billion in 2021. The World Bank also expects LatAm remittances to grow by more than 9% this year – and with the average cost of fees for a $200 remittance at 5.6%,
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