Is the traditional payment system "broken"? Cryptocurrency enthusiasts might argue that, at the very least, monetary transactions within and across borders ought to be more efficient and less expensive.
This is no small matter. The collective value of global remittances is projected to reach $913 billion this year, versus an estimated $883 billion in 2023. Pricey payments can be particularly problematic, with the global average cost of remittances rising from 6.35% in 2024's first quarter to 6.65% just three months later. In sub-Saharan Africa, alarmingly, estimated remittance costs were 8.37% in Q2 2024.
