Companies that represent the remittance industry like Western Union and MoneyGram take around three-to-five days for a transaction to be completed. Blockchain-based cryptocurrencies, on the other hand, tend to take a lot less time.
The remittance industry has a market cap of more than seven hundred million dollars ($700 million). Cryptocurrencies may emerge to contribute a huge part in the industry due to their applications.
Bitcoin transactions despite being one of the most time-consuming cryptocurrency based transactions are still more than three hundred (300) times faster than traditional remittance services. Bitcoin transactions generally take little over an hour to complete while Ripple (XRP) transactions take as little as four seconds to complete.
Ripple is not the fastest cryptocurrency either as the decentralized platform bitshares takes around 2 seconds to complete a transaction.
The Bitcoin network conducts seven transactions each second while Ripple conducts around fifteen hundred (1500) transactions each second. The numbers are very small compared to VISA which conducts around twenty-four thousand (24,000) transactions each second.
Furthermore, many companies have been established that work to improve the remittance network in the crypto sphere. These include SureRemit and InstaRem among many others. The companies hope to develop the network further so that the transactions can be made even faster and much cheaper.
Blockchain transaction tends to cost much less than normal transactions. Another advantage of using the blockchain network for such transactions is that a person can transfer remittances any time and from anywhere. This makes it easy as well as very reliable to use.