TON in the Money Transfer Market: The End of Western Union?
International money transfers remain a critical financial tool for millions of people worldwide. According to the World Bank, the global remittance market has reached ~$905 billion in 2024. These funds provide financial support to migrant families, drive economic growth in entire regions, and serve as a primary income source for many countries.
Since 2022, the market has been steadily growing:
2022: Total remittances amounted to $647 billion
2023: Reached $830 billion
2024: ~$905 billion
2025: Projected to grow by 3.6%, according to the World Bank
Despite significant advances in digital financial technologies, international money transfers remain expensive and slow. The average transaction fee for sending $200 is 6.7%, and processing times can take several days. These costs and delays create major barriers, especially for low-income individuals who rely on remittances as a lifeline.
TON is a blockchain network with the potential to radically transform the remittance industry. With ultra-low fees, instant transfers, and seamless integration with Telegram, TON is emerging as a competitor not only to traditional money transfer services but also to banking systems.
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