May
Leveraging the Latin American Remittances Market
In 2023 Latin Americans received US$155 billion—and Mexico and Guatemala were among the top 10 recipient countries in the world in 2022. Among the top 5 global remittances corridors in 2022, US-Mexico (with US$56 billion moving) was #1.
Beyond the amounts, how the money is moving is also significant: in 2023, 45% of remittances received in Latin America arrived digitally, compared to just 17% in 2014.
This represents a powerful opportunity for fintechs, banks, and retailers, along with obvious beneficiaries like money transfer operators (MTOs).
PCMI recently took a deep dive into this issue in a webinar it conducted with Mastercard. The webinar focused on findings from a recent whitepaper that PCMI produced for Mastercard, entitled The future of remittances in Latin America.
The webinar, conducted in English and Spanish, featured a variety of experts as panelists and explored key issues that payments companies should factor in as they look to leverage the remittances market in Latin America, such as:
- 8 massive remittances trends that are shaping the industry around the world—and specifically in Latin America
- How digital wallets are powering money movement in Latin America—and the world
- Why remittances for bill payments offers so much potential for banks
- How different tech companies, retailers and MTO are successfully partnering to offer exciting new services
- Approaches to create networks of endpoints to speed up remittances
- Ways to use partnerships to offer real-time remittances to customers
And much more. Watch the webinar video below:
English version of the webinar “The Future of Remittances in Latin America”:
Spanish version of the webinar “El futuro de las remesas en Latinoamérica”:
You can download copies of the whitepaper below:
English version: “The future of remittances in Latin America”
Spanish version: “El futuro de las remesas en América Latina”
Next Steps
Contact us if your company would like to explore its options with the Latin American remittances market. Our team could prepare a custom market landscape study, including competitor analysis, to guide your strategic planning.
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Sources:
- Worldpay, 2024. “The Global Payments Report 2024”
- PCMI, 2024. “2024 Payments Megatrends — Americas”.
