![]() Taptap Send is creating products to “capture this opportunity, providing senders peace of mind with a secure, affordable solution, and recipients with an accessible, convenient way to receive this capital,” the announcement added. The mobile money revolution has also “changed the limits of what is possible with cross-border flows, particularly in frontier markets,” the announcement noted.Ĭonnecting over a billion people to the financial grid for the first time, mobile money allows more consumers to be reached “more quickly, securely and efficiently than ever before,” the update explained. Informal remittances are “estimated to be almost as large as those through formal channels: more than 7x since 2002,” the update revealed. The announcement also mentioned that the formal $540B remittance market is the “largest source of capital for low and middle income countries, surpassing foreign direct investment and official development assistance, combined.” The capital injection should allow the team to further expand “to additional diaspora communities, invest in product development and hire new talent to further improve the quality of service.” The Fintech firm enables remittances for some of ‘the most underserved markets globally,’ according to a release. Taptap Send offers individuals an intuitive, convenient platform to perform cross-border transactions instantly and without fees.
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