Deployed in partnership with the United Nations Development Programme and the Serbian government in September 2018.
The global remittance market is worth over $460 billion per year. New technologies, specifically those linked to a person’s identity will dramatically revolutionise this market.
The global average fee for a remittance transaction is 7.3%. Often the poorest are hit with the highest fees; affecting not only those receiving in developing countries but also remitter themselves, who are sending money to families and loved ones from all over the world.
Compounded with the lack of transparency in cross-border remittances – there is virtually no insight into its impact on a national economy. Therefore, a persistent, multi-aspect challenge for stakeholders to leverage this economic tool for sustainable development.
• Developed and deployed in partnership with UNDP Serbia and city administration of Niš
• Senders and recipients sign up for AID:Tech IDs, which users used to send and receive instantaneous international remittances with minimum friction
• Highlighting the potential of conditional remittances, senders could opt to remit values to pay for public utilities and/or grocery purchases
• The platform is integrated with Stripe to enable credit/debit card payments; streamlining user’s journey whilst enhancing the overall experience
