Blockchain-based remittance services are providing more transparency and promising to reduce some of the friction that has long plagued the process of sending money across borders.  

With Metaverse likely set to become Web3 in the not-so-distant future, this far-reaching vision of next-gen technology is likely to take over the physical world into a virtual world. It is estimated that the Metaverse will have 5 billion total users by 2030.

Six months after raising $250 million, Papaya Global, an Israeli cloud-based HR and platform, has acquired Azimo, a London-based digital cross-border payment business that Facebook once tried to buy to spearhead its own remittance initiatives.

iPay announces partnership with Cash Express to deliver quick settlement for the remittance market of Australia, and other countries in the Middle East (UAE, Pakistan, Lebanon, Egypt, Oman, and Kuwait) currently working together to provide a simple and seamless cross border payment experience for individuals as well as multinational corporations. 

Inflation appears to be increasing at an unprecedented rate, and there hasn't been a change in money transfer costs from top businesses like Western Union or PayPal. This is creating a potential for significant savings, as these companies generally hover around 3%. The worldwide money transfer sector is now worth over $600 billion and is expanding.