Are you looking to add Cryptocurrency Remittance to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Cryptocurrency Remittance statistics of 2024.
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On this page, you’ll learn about the following:
Best Cryptocurrency Remittance Statistics
☰ Use “CTRL+F” to quickly find statistics. There are total 93 Cryptocurrency Remittance Statistics on this page 🙂Cryptocurrency Remittance Market Statistics
- Bitcoin constituted 66% of the total market capitalization of cryptocurrencies in 2020. [0]
- Over 41.9 million gamers own cryptocurrency in 2020 Crypto gaming industry has an estimated market revenue of US$321 million in 2020 APAC region has the highest crypto ownership rate with 22.6 million gamers Learn more >. [0]
- At the same time, the number of users in this segment of the remittance market has been estimated at 8.5 million (+20.5% yoy). [1]
Cryptocurrency Remittance Adoption Statistics
- Peru leads adoption with 16 percent of respondents, while Brazil, Colombia, Argentina, Mexico and Chile all reached double digits. [2]
- Switzerland was the country with the highest adoption rate in Europe together with Greece. [2]
- Peru leads adoption with 16 percent of respondents, while Brazil, Colombia, Argentina, Mexico and Chile all reached double digits. [3]
- Switzerland was the country with the highest adoption rate in Europe together with Greece. [3]
Cryptocurrency Remittance Latest Statistics
- 2021 Salvadorans who receive remittances from abroad either did not yet discuss the use of Bitcoin for this purpose or their relatives did not want to use it, according to a survey conducted in July 2021. [4]
- Available to download in PNG, PDF, XLS format 33% off until Jun 30th. [4]
- lowand middle income countries reached a record high in 2018, according to the World Bank’s latest Migration and Development Brief. [5]
- lowand middle income countries reached $529 billion in 2018, an increase of 9.6 percent over the previous record high of $483 billion in 2017. [5]
- Regionally, growth in remittance inflows ranged from almost 7 percent in East Asia and the Pacific to 12 percent in South Asia. [5]
- The global average cost of sending $200 remained high, at around 7 percent in the first quarter of 2019, according to the World Bank’s Remittance Prices Worldwide database. [5]
- Reducing remittance costs to 3 percent by 2030 is a global target under Sustainable Development Goal 10.7. [5]
- Remittance costs across many African corridors and small islands in the Pacific remain above 10 percent. [5]
- Banks were the most expensive remittance channels, charging an average fee of 11 percent in the first quarter of 2019. [5]
- Post offices were the next most expensive, at over 7 percent. [5]
- This premium was on average 1.5 percent worldwide and as high as 4 percent in some countries in the last quarter of 2018. [5]
- Regional Remittance Trends Remittances to the East Asia and Pacific region grew almost 7 percent to $143 billion in 2018, faster than the 5 percent growth in 2017. [5]
- Flows to Indonesia increased by 25 percent in 2018, after a muted performance in 2017. [5]
- After posting 22 percent growth in 2017, remittances to Europe and Central Asia grew an estimated 11 percent to $59 billion in 2018. [5]
- Ukraine, the region’s largest remittance recipient, received a new record of more than $14 billion in 2018, up about 19 percent over 2017. [5]
- Remittances flows into Latin America and the Caribbean grew 10 percent to $88 billion in 2018, supported by the strong U.S. economy. [5]
- Mexico continued to receive the most remittances in the region, posting about $36 billion in 2018, up 11 percent over the previous year. [5]
- Colombia and Ecuador, which have migrants in Spain, posted 16 percent and 8 percent growth, respectively. [5]
- Three other countries in the region posted double digit growth Guatemala as well as Dominican Republic and Honduras , reflecting robust outbound remittances from the United States. [5]
- Remittances to the Middle East and North Africa grew 9 percent to $62 billion in 2018. [5]
- The growth was driven by Egypt’s rapid remittance growth of around 17 percent. [5]
- Beyond 2018, the growth of remittances to the region is expected to continue, albeit at a slower pace of around 3 percent in 2019 due to moderating growth in the Euro Area. [5]
- Remittances to South Asia grew 12 percent to $131 billion in 2018, outpacing the 6 percent growth in 2017. [5]
- Remittances grew by more than 14 percent in India, where a flooding disaster in Kerala likely boosted the financial help that migrants sent to families. [5]
- In Pakistan, remittance growth was moderate , due to significant declines in inflows from Saudi Arabia, its largest remittance source. [5]
- In Bangladesh, remittances showed a brisk uptick in 2018. [5]
- Remittances to SubSaharan Africa grew almost 10 percent to $46 billion in 2018, supported by strong economic conditions in high. [5]
- Out of 74 countries in the Statista Global Consumer Survey , Nigerians were the most likely to say they used or owned cryptocurrency. [2]
- In 2019, transfers using traditional money totalled nearly $6 billion around a fifth of GDP one of the highest ratios in the world, according to the World Bank. [6]
- Some 95% come from Salvadorans working in the United States, it said. [6]
- As of 2021, we estimated global crypto ownership rates at an average of 3.9%, with over 300 million crypto users worldwide. [0]
- 40% of customers paying with crypto are new to the merchant Number of transactions paid with crypto on e commerce sites grow by 12.5% every year. [0]
- Merchants who accept crypto payments saw an average ROI of 327%. [0]
- Our number of users per country estimations are based on Canada’s score and a recent Central Bank of Canada report, which estimates that 5% of the Canadian population own cryptocurrencies. [0]
- In order to estimated for all the countries, we calculated the correlation between the Chainalysis score and the Central Bank ownership = 5% and then applied the same rationale to other countries’ scores. [0]
- For 24 years, she sent a significant percentage of her salary home to pay for her sister’s kidney treatments. [7]
- Many traditional exchanges closed their doors to the public, even as remittances steadily rose between 2010 and 2020, increasing by 8.3% in 2020. [7]
- They went down for only two months in 2020, when Covid 19 first started spreading widely in the U.S. and unemployment for Latinos surged — from 4.8% in February 2020 to 18.5% percent in April 2020. [7]
- Take Venezuela, where the bolivar fell sharply, the annual inflation rate rose by 6,500% in one year, and foreign currency became scarce due to sanctions. [7]
- Mexican crypto exchange, Bitso, processes 2.5% of remittances going into Mexico — over $1 billion a year. [7]
- “It’s much better to save your money in cryptocurrency, since our local currency, the bolivar has devalued [on average] between 10% and 20% every month,” remarked Alarcón. [7]
- While in 2020, 88% of Mexican households had a smartphone, less than 50% had bank accounts. [7]
- By the company’s own reckoning, it already processes 2.5% of remittances going into Mexico — over $1 billion a year. [7]
- Cryptocurrency use is on the rise, with 33% of Nigerians either using or owning cryptocurrency, according to a recent survey. [3]
- Out of 74 countries in the Statista Global Consumer Survey, Nigerians were the most likely to say they used or owned cryptocurrency. [3]
- A 2020 online survey by data platform Statista found that 32% of those Nigerians who took part used cryptocurrencies the highest proportion of any country in the world. [8]
- The Central Bank of Nigeria devalued the currency, the naira, by 24% last year. [8]
- There are fears of a further fall in value by as much as 10% this year. [8]
- “On a technical level I’m not 100% sure that the security that it uses is entirely foolproof. [8]
- Foreign aid has halted, which makes up approximately 40% of Afghanistan’s GDP , according to the World Bank. [9]
- Remittances, the practice of sending money “back home” from rich countries, makes up approximately 4% of the country’s GDP. [9]
- Lebanon is another example As the lira lost 80% of its value, Lebanese downloads of bitcoin wallet BlueWallet, for example, grew by 1,781% year on year in 2020. [9]
- The program enables delivery people using their DasherDirect card to receive 10% cash… [9]
- PYMNTS research reveals that many consumers (24%). [10]
- PYMNTS’ research found that 70% of consumers pay a fee to send money abroad, with variable fees averaging 6.2% and fixed fees set at $14.80. [10]
- The greatest percentage of peerto peer payments were sent to friends or family experiencing economic hardship because of the pandemic (32%). [10]
- PYMNTS research found that 23% of respondents representing 8 million adults who made online payments to friends or family in other countries used at least one kind of cryptocurrency. [10]
- In fact, 13% of consumers surveyed said cryptocurrencies were their most used payment method for online cross. [10]
- More than half of survey respondents said a recognizable brand name increased their level of trust when selecting a PSP for sending cross. [10]
- According to the survey, consumers also valued transaction security (47%) and the remittance recipient’s ability to gain access to funds quickly (41%). [10]
- As most (59%). [10]
- 36% of Consumers Use Mobile Order Ahead for Restaurant Meals. [10]
- In fact, Foresight Africa notes, according to the data platform Chainalysis, the continent has seen a 1,200 percent increase in cryptocurrency payments from 2020 to 2021. [11]
- Recent research by Pymnts and Stellar Development Foundation has found that almost 60% of individuals that were sending remittances before the pandemic have increased the number of payments during the pandemic. [12]
- In aggregate, the cost to U.S. consumers is $3.5 billion,” according to the report. [12]
- “While 30 percent of respondents stated that they do not pay a fee, they may be paying exchange rate costs.”. [12]
- a full 13% responded that they preferred to use cryptocurrency for remittances to other countries. [12]
- The proportion of cryptocurrency holders was much higher compared to the general population in the U.S. that holds cryptocurrency more than half of remittance consumers had cryptocurrency of some sort, compared to just 12% of the generalized population. [12]
- As of the end of September, the sector allocation was 30.0% into transactional, 28% into crypto miners, and 10% into venture. [12]
- Top holdings include Hut 8 Mining Corp at 6.33%, Marathon Digital at 6.06%, and Microstrategy at 6.24%. [12]
- BLOK also carries small exposures to bitcoin directly through the Bitcoin ETF (1.35%), the Purpose Bitcoin ETF (1.33%), and the 3IQ Coinshares Bitcoin ETF (1.33%). [12]
- BLOK has an expense ratio of 0.71% and currently has 46 holdings. [12]
- Last year, the largest share of users (32%). [1]
- The average annual transaction value per user in the digital remittances segment amounts to a little over $11,233 according to the data released this year. [1]
- Data published by Banco de México, the nation’s central bank, shows that Mexican emigrants have sent home a record $36 billion in 2019, a 7% increase over the previous year’s almost $33.7 billion. [1]
- Certain regions can benefit significantly – a 2019 report by the World Bank revealed that the average cost to send the equivalent of $200 to Sub Saharan Africa is 9.3% of the transferred value, as news.Bitcoin.com reported last year. [1]
- adjusted their projections to a decline in remittance flows of 7.2 per cent to USD 508 billion. [13]
- Latest data show that instead, remittance flows fell by only 1.6 per cent to USD 540 billion, defying projected declines that would have been the sharpest in recent history. [13]
- According to the World Bank, the decline in recorded remittance flows in 2020 was smaller than the one during the 2009 global financial crisis (4.8%). [13]
- In terms of remittances as a share of gross domestic product, by contrast, the top five recipients in 2020 were smaller economies Tonga (38%), Lebanon (33%), Kyrgyz Republic (29%), Tajikistan (27%) and El Savador (24%). [13]
- According to the World Bank, the decline in flows to Sub Saharan Africa was mostly due to a 28 per cent decline in remittance flows to Nigeria. [13]
- Excluding flows to Nigeria, remittances to Sub Saharan Africa increased by 2.3 per cent, demonstrating resilience. [13]
- In the fourth quarter of 2020, the average costs of sending USD 200 to LMICs remained high at 6.58 per cent, well above the target of 3 per cent of the Sustainable Development Goal. [13]
- Sub Saharan Africa continued to have the highest average remittance costs, at about 8.2 per cent; South Asia had the lowest average remittance costs at 4.9 per cent. [13]
- The average remittance costs for the remaining regions were Europe and Central Asia (6.4%); East Asia and Pacific (6.9%); Middle East and North Africa (6.6%); and Latin America and the Caribbean (5.6%). [13]
- Nonetheless, estimates of transaction costs can help to monitor progress towards the Sustainable Development Goal target of reducing sending costs to 3 per cent of the amount remitted. [13]
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Reference
- triple-a – https://triple-a.io/crypto-ownership/.
- bitcoin – https://news.bitcoin.com/digital-remittances-reach-96-billion/.
- statista – https://www.statista.com/chart/18345/crypto-currency-adoption/.
- weforum – https://www.weforum.org/agenda/2021/02/how-common-is-cryptocurrency.
- statista – https://www.statista.com/statistics/1261761/bitcoin-remittance-payments-to-el-salvador/.
- worldbank – https://www.worldbank.org/en/news/press-release/2019/04/08/record-high-remittances-sent-globally-in-2018.
- reuters – https://www.reuters.com/business/finance/exclusive-el-salvador-bitcoin-transfers-soar-still-fraction-dollar-remittances-2021-06-14/.
- restofworld – https://restofworld.org/2021/crypto-remittances/.
- bbc – https://www.bbc.com/news/world-africa-56169917.
- techcrunch – https://techcrunch.com/2021/10/09/crypto-remittances-are-a-lifeline-for-the-worlds-most-vulnerable/.
- pymnts – https://www.pymnts.com/news/cross-border-commerce/cross-border-payments/2021/new-data-25-percent-united-states-cross-border-remittance-senders-use-cryptocurrency/.
- brookings – https://www.brookings.edu/blog/africa-in-focus/2024/01/27/figure-of-the-week-the-rapidly-increasing-role-of-cryptocurrencies-in-africa/.
- nasdaq – https://www.nasdaq.com/articles/crypto-fast-becoming-a-preferred-payment-for-remittances-2021-10-26.
- migrationdataportal – https://www.migrationdataportal.org/themes/remittances.
How Useful is Cryptocurrency Remittance
The use of cryptocurrency for remittance has several advantages that make it an attractive option for both senders and recipients. One of the key benefits is the low transaction fees associated with using cryptocurrencies. Traditional remittance services often charge high fees for transferring money across borders, cutting into the amount of money that the recipient ultimately receives. In contrast, cryptocurrency transactions can be completed at a fraction of the cost, saving both parties money.
Additionally, cryptocurrencies can offer faster transfer times compared to traditional banking methods. Sending money through banks or money transfer services can sometimes take several days to reach its destination, especially when crossing multiple borders. Cryptocurrency transactions, on the other hand, can be completed almost instantaneously, giving recipients quicker access to much-needed funds.
Another advantage of using cryptocurrency for remittance is the potential for increased financial inclusion. Many people in developing countries lack access to traditional banking services due to factors such as distance, cost, or lack of necessary identification documents. By using cryptocurrency, individuals can send and receive money without needing to have a traditional bank account, opening up new possibilities for financial interactions.
Furthermore, the decentralized nature of cryptocurrency can help to ensure the security and privacy of remittance transactions. Traditional banking systems are subject to regulations and oversight from governments and financial institutions, which can sometimes lead to delays or restrictions on money transfers. With cryptocurrency, transactions are securely recorded on a public blockchain, ensuring transparency and minimizing the risk of interference or fraud.
However, it is essential to acknowledge that there are also challenges and limitations associated with using cryptocurrency for remittance. One significant obstacle is the relative lack of adoption and acceptance of cryptocurrencies in many parts of the world. Not all individuals may be familiar with how to use cryptocurrencies or have access to the necessary technology to facilitate such transactions.
Additionally, the volatility of cryptocurrency prices can pose a risk for both senders and recipients. The value of popular cryptocurrencies such as Bitcoin or Ethereum can fluctuate dramatically within short periods, potentially leading to significant losses or gains for users involved in remittance transactions.
Despite these challenges, the use of cryptocurrency for remittance shows promise as a viable alternative to traditional methods. As more people become comfortable with the technology and as cryptocurrencies become more widely accepted, the benefits of using cryptocurrency for remittance may outweigh the drawbacks, ultimately leading to a more efficient and cost-effective way of sending and receiving money across borders.
In Conclusion
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