remittances

For example, Stellar.org wants to offer low-cost remittances. Remittances are cross-border cash payments people send to friends and relative in other countries. Speculators should note this because remittances are an enormous business.

Notably, the World Bank estimates remittance volumes hit a record high in 2017. For instance, the volume of remittances to low and middle-income countries increased by 8.5% in 2017. In detail, people sent $429 billion in remittances in 2016, that figure grew to $466 billion 2017.

More importantly, the total volume of global remittances reached $613 billion in 2017. All remittance payments grew at a rate of 7%, rising from $573 billion in 2016 to $613 billion in 2017.

Stellar.org plans to cash in on remittances by combining them with mobile money. Ultimately, Stellar.org will build a payment network that allows people to send remittances directly to phones in other countries.