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Incento - Payment Rails to the Moon

“Incento is steadfast in facilitating payments at the speed of the Internet coupled with Lightning fast payments that don’t burn a hole in your wallet and a mind-blowing level of abstraction making USDC payments simple.

Catalyzing cross-border transfer of USD Coins (USDCs) is no longer a utopian fintech dream but a ground reality. As the Incento Team is super stoked to go live the coming week, it’s almost time that we deep dive to experienceIncentoand the truly revolutionary crypto payment rail infrastructure in action.”

Where did all my money go?

Straight-up question: How much money do you think is lost when500 US Dollars are sent across borders from an account in the US to India?

The pain!

Before you go google: “500 USD to INR” and hit enter. Let’s get something straight. That’s Bangalore airport far(Bangalore folks would get this joke) from the reality of how a cross-border payment gets fulfilled.

The Exchange rates and transfer fees aren't the only costs that are factored in when sending money abroad. The slippage fee dues to exchange rate fluctuations, the amount of money being transferred, the recipient’s destination country and the agent responsible for transfer (banks or online intermediary platforms) are all at play in the background.

The Internet has sure made the world a smaller place, and the blockchain has compressed it further than a 1-BHK in Mumbai.

When you think in averages, the global average for sending money, say $200 worth of value between two countries is 6.94%in the first quarter of 2021

Now, what does that mean anyway?

Translation: It means~$48Bin total is taken out from remittance transfers through fees, middlemen, and financial institutions. Just to give you an idea of its impact that’s almost2.8Xthe market cap of Solana which is at$16.9B.

Shocking? But true.

These problems are spread across geographies in varying magnitudes and are more prevalent among the emerging markets, especially with cross-border transactions a.k.a the remittance business.

A Primer to the Remittance Market

Remittance? Come again?

DEF:Remittance is referred to as sending of money by a foreign migrant across borders to another person via electronic payments, drafts, and check.

Your classmates who left for the US for their MS degrees are now earning US Dollars — sending money to their homes in India, which accounts for a remittance. The NRI relative who sent 11 dollars as shagun for your brother’s wedding sent you an inward remittance.

On the flip side, if we send money or make a payment to someone outside our home country, then that would count towards, outward remittance. Examples would be: Paying your university tuition from India, sending money abroad as financial aid, or paying your virtual assistant who’s working remotely from a different country.

On a serious note, Millions of foreign workers across the globe send a part of their hard-earned wages back to their country where the remittance acts as an economic lifeline amidst the tides of recession and low living standards in low-income countries. Now, that’s a situation where every single dollar counts, and when the slippage fee, transfer rates, and bank rates start to eat into the lion’s share of the amount sent. That’s when things start to get scary.

Did you know that India is the world’s largest recipient of remittances?🤔

That’s right. As per the World Bank, in 2021 alone, India received inward remittances of around $87 billion, up 4.6 percent YoY.

Yes, that’s billion with a“B.”With full credits to our NRI brothers and sisters.

The WorldbankMigration and Development Brief, 2021has some more interesting data sets that I’d like to show you. As per the report:

The global remittance market was valued at$701.93 billion in 2020 and is forecasted to reach a staggering1,227.22 billionby2030, registering a CAGR of 5.7%from2021to2030. That’s some mad numbers to digest, but it’s happening way sooner than our wildest expectations.

Companies handling these cash flows known as Remittance Transfer Providers or Operators are inevitably faced with cross-border transfer fees and market regulations plus the operational costs of hiring and paying their own staff to carry out bulk transactions. They are therefore left with no other option other than to generate revenue by attaching fees to transfers the lion’s share of which is levied from the sender, payer, or remitter.

TheUnited Nations’ Sustainable Developmenthas a ceiling of3%remittance per transaction as opposed to the current global average of 6–7%.Still a long way to go eh? Well, I don’t think so. Our spotlight project“Incento”is home brewen in India and is tailored to fit into our traditional payment rails reducing

It’s currently a land grab out there in the remittance market with Money Transfer Operators (MTOs), Traditional Financial Institutions, Fintech Startups, and blockchain Fintechplayers all trying to attract the major share of remittances via alternative solutions to the legacy payment rails.

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2018