Is Money Transfer at a tipping point? Analysts from the Aite Group think so, and we agree. A recently published report suggests that despite the challenges of the recent recession, the money transfer market is growing and will continue to do so for the foreseeable future, reaching US$412 billion by 2011, up from US$394 billion in 2010. We’ve seen a huge amount of progress in this space just in the past year and in fact, have just made some exciting announcements from a Visa perspective in the past few weeks.
Watch the video to hear about the news straight from Kelly Alpert, our resident expert in money transfer.
Visa’s money transfer business continues to show strong momentum, with two recent market launches, including a new service offered in conjunction with MoneyGram, that initially enables remittances from the US to cards issued by Banco Industrial in Guatemala. The most recent launch was with Bancomer Transfer Services (BTS), which allows remittances from the US to a number of countries, including El Salvador, Brazil, China and the Philippines among others.
Posted by: Elvira Swanson, Visa Corporate Relations on July 1, 2010 at 5:35 pm