- Stellar blockchain offers inexpensive and fast remittances.
- Rapidly growing with support in over 180 countries and multifunctionality.
As technology advances rapidly, money transfer businesses and financial institutions must adapt to stay competitive. However, with a plethora of digital transformation options, selecting the ideal technology can be a daunting task.
Stellar stands out among other blockchain networks for its remittance-focused design, boasting numerous impressive features for remittance transactions. Here are five reasons why the Stellar blockchain is the top choice for remittances in 2023.
Cost-effective and Speedy Transactions
- Affordable: Stellar enables users to send money at incredibly low costs – just 0.00001 XLM or approximately 0.000001 USD per transaction.
- Swift: Stellar ensures transactions settle in under 5 seconds, enabling unprecedented speed in international money transfers.
Expanding Reach and Versatility
- Rapid Expansion: Stellar currently supports over 180 countries through its Moneygram integration and offers over 20 payment on/off ramps, known as “anchors.” These anchors cater to countries such as Brazil, Argentina, Mexico, Nigeria, and the USA via the USDC token. Coinme recently added over 40,000 cash in and cash out locations in the United States.
- Multifunctionality: Stellar supports major cryptocurrencies used for payments, including XLM, XRP, USDC, Bitcoin Lightning, and Litecoin. Additionally, it features a built-in distributed exchange and liquidity pools for currency swapping.
Smart Contracts and Business Integration
- Smart Contracts: The introduction of the Soroban smart contract system to Stellar in 2023 allows users worldwide to access DeFi functionality for saving, trading, and borrowing.
By integrating Stellar into their processes, numerous businesses have reduced costs, boosted profits, and enhanced overall efficiency. Contact BPV Sales to arrange a demo of our Stellar-based remittance suite.
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