Digital remittances are funds transferred across national borders using digital channels rather than traditional physical methods. These transfers leverage various online platforms and technologies to facilitate the movement of money internationally. They aim to provide faster and more cost-effective cross-border payment solutions.
Context
The growing adoption of digital remittances is significantly impacting global financial flows, particularly in developing economies. Discussions often revolve around the role of blockchain technology and stablecoins in further reducing transaction costs and increasing the speed and accessibility of these transfers for individuals and businesses worldwide.
Visa strategically integrates stablecoins into its global payment rails, optimizing cross-border remittances by reducing costs and accelerating settlement times for enhanced operational efficiency.
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