Cryptocurrency Remittance Statistics 2023: Facts about Cryptocurrency Remittance outlines the context of what’s happening in the tech world.
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Top Cryptocurrency Remittance Statistics 2023
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- Africa has the smallest cryptocurrency economy of any of the regions we study, receiving $105.6 billion in cryptocurrency between July 2020 and June 2021.[1]
- Cross-region transfers account for 96% of all cryptocurrency transactions in Africa, compared to 78% for all regions taken together.[1]
- According to a Brookings Institute study, Sub-Saharan Africa received at least $48 billion in estimated remittances in 2019, with approximately half going to Nigeria.[1]
- Lightning’s network capacity has increased exponentially to approximately $150 million now that Bitcoin is a $1 trillion asset.[2]
- According to the World Bank’s Global Findex database, 70% of adults do not have a bank account, making El Salvador’s economy one of the most dependent on remittances globally (24.1% of GDP).[2]
- As per numbers assembled by market information supplier Statista, the complete exchange worth of computerized settlements, get line moves made over the web, has reached nearly $95.96 billion in 2020, addressing a year-over-year increment of over 21%.[3]
- The United States of America leads the world in digital remittances with a total transaction value of $21.297 billion, followed by Switzerland with $7.969 billion.[3]
- The World Bank places Mexico third among the nations with the highest number of recipients of remittances.[3]
- According to data released by the country’s central bank, Banco de México, Mexican emigrants sent a record $36 billion home in 2019, an increase of 7% from the previous year’s almost $33.7 billion.[3]
- Africans living abroad sent $46 billion back to their home countries in 2018.[3]
- Even though remittances steadily increased between 2010 and 2020, increasing by 8.3% in 2020, many traditional exchanges shut down.[4]
- 88% of Mexican households will have smartphones by 2020, but fewer than half will have bank accounts.[4]
- Over $40 billion will be sent to Mexican families in the United States by Mexicans living in the United States in 2020.[4]
- It is anticipated that there will be over 420 million crypto users and an average ownership rate of 4.2 percent worldwide by 2023.[5]
- Somewhere in the range of 2015 and 2023, the cost of Bitcoin expanded by more than 173,000%.[5]
- The cryptocurrency market is anticipated to expand at a compound annual growth rate of 56.4% between 2019 and 2025, with Bitcoin seeing an annual growth rate of 60% in 2021.[5]
- India received $83.1 billion in remittances in 2020, followed by China ($59.5 billion), Mexico ($42.9 billion), the Philippines ($34.9 billion), and Egypt ($29.6 billion).[6]
- Settlements from South Africa have been very costly by and large, which found the middle value of 14.4% in Q4 of 2020.[6]
- Up to 69% of adults in South Africa had a formal account in 2019, which included mobile money (RemitScope, 2021).[6]
- According to the World Bank, the global average cost of sending remittances in Q3 2021 was 6.30% of the total payment.[7]
- According to Insider Intelligence’s forecasts, Mexico’s remittance inflow will reach $56.24 billion in 2022, representing the second-fastest annual growth rate worldwide.[7]
- Bitso, a crypto remittance service based in Mexico, claims to be able to process up to 7% of US remittances to Mexico, which may indicate demand for Coinbase’s most recent offering.[7]
- According to ibid., remittance flows to LMICs are expected to increase by 4.9% in 2022 to reach $626 billion, despite regional differences.[8]
- According to the findings of a study conducted by PYMNTS, a significant portion of customers (24 percent) considers the option to send funds in cryptocurrency to be one of the primary factors in deciding on a payment services provider (PSP).[9]
- 70% of customers pay a fee to send money overseas, with variable fees averaging 6.2% and fixed fees of $14.80, according to PYMNTS’s research.[9]
- According to the findings of a study conducted by PYMNTS, 23% of respondents, or 8 million adults, used at least one kind of cryptocurrency when they made online payments to friends or family in other countries.[9]
- According to the survey, cryptocurrencies were the preferred method of payment for online cross-border remittances for 13% of consumers.[9]
- A specific survey found that 47% of consumers rated the security of the transaction and 41% rated the remittance recipient’s capacity to quickly access funds as factors that earned their trust.[9]
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Reference
- chainalysis – https://blog.chainalysis.com/reports/africas-grassroots-cryptocurrency-adoption/
- worldbank – https://blogs.worldbank.org/peoplemove/lightning-disruption-remittance-costs-silver-lining-entrepreneurship-during-crisis
- bitcoin – https://news.bitcoin.com/digital-remittances-reach-96-billion/
- restofworld – https://restofworld.org/2021/crypto-remittances/
- triple-a – https://triple-a.io/crypto-ownership-data/
- triple-a – https://triple-a.io/why-are-people-ditching-traditional-money-transfer-channels-for-crypto-remittance/
- insiderintelligence – https://www.insiderintelligence.com/content/new-pilot-thrusts-coinbase-mexico-s-56-billion-remittance-market
- migrationdataportal – https://www.migrationdataportal.org/themes/remittances
- pymnts – https://www.pymnts.com/news/cross-border-commerce/cross-border-payments/2021/new-data-25-percent-united-states-cross-border-remittance-senders-use-cryptocurrency/