The use of digital channels for sending remittances has grown

Colombia went from receiving through digital channels 12% of remittances in 2019 to 21% in 2021.

(See: Devaluation of the peso, a good business for remittances).

so he said WorldRemit, an English global payment company, adding that the percentage of remittances that are paid through digital channels and received directly into savings and checking accounts also increased by 14 percentage points in this period, from 32% in 2019 to 46 % in 2021.

The digital remittance market is expected to be worth US$60.05 billion by 2030.

(See: Nequi makes an alliance to bring remittances to Colombia).

In Latin America, it is anticipated that a growing number of customers will switch to online transactions as new digital remittance channels emerge, and product innovation and expansion provide more competitive and attractive options.

According to WorldRemit, lhe remittance industry was not exempt from turbulence economy and although 2022 saw a growth of these in Latin America, there is still a lot of expectation about what 2023 will bring.

Remittances to Colombia they continued their upward trajectory and at the end of November US$8,578 million arrived in the country.

(See: Seal alliance for cross-border payments in more than 140 currencies).

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