Technology is changing fast, and money transfer businesses and financial institutions need to keep pace. But with so many different options for digital transformation, choosing the right tech can be extremely difficult.
Unlike many other blockchain networks, the Stellar network was designed from the ground up with remittances in mind. Not surprisingly, it has a number of excellent properties for remittances. Here are five reasons why we believe that the Stellar blockchain is the best for remittances in 2023.
Everyone loves to send money for free. With the Stellar blockchain payments cost only 0.00001 XLM or approximately 0.000001 USD.
Payments settle in under 5 seconds. When was the last time you sent money internationally in less than 5 seconds?
- Growing rapidly
Stellar already supports more than 180 countries via its Moneygram integration. There are over 20 payment on/off ramps called “anchors.” These anchors provide support to countries like Brazil, Argentina, Mexico and Nigeria and USA via the USDC token. Coinme recently added over 40,000 cash in and cash out locations in the United States.
Stellar has anchors for most major crypto currencies used for payments, including XLM, XRP, USDC, Bitcoin Lightning and Litecoin. It also has a built-in distributed exchange and liquidity pools for swapping currencies.
- Smart Contracts
The Soroban smart contract system was introduced to Stellar in 2023. This system will allow users everywhere to access DeFi functionality for saving, trading, and borrowing.
We have helped multiple businesses cut costs, increase profits, and improve overall efficiency by integrating Stellar into their workflows. Contact BPV Sales today to schedule a demo of our Stellar based remittance suite.