In 2023, over 700 billion dollars in remittances flowed across international borders, which raises the question: how much of that amount flowed into Mexico?
Nearly 70 billion dollars were sent to recipients in Mexico (World Bank).
What is a "remittance?"
If you have family across multiple countries you probably have heard of "remittances", but for those of you who haven't a "remittance" is a sum of money sent from one party to another for exchange of goods or service, or a gift (Investopia).
For many decades, large players such as Western Union and Moneygram have dominated around 30% of the market for those individuals who wish to send money to a recipient without the need for a bank account, but it comes at a cost with fees reaching 6% leaving individuals without access to formal banking with little to no options, and generating around 5B in profit from “global physical channels” alone (Western Union, SEC, & Iupana).
Enter Zapp, a remittance platform powered through a mobile device using WhatsApp to allow for more efficient and less costly transfers.
