A recently made report by a company called Clovr has informed the media that crypto remittances are getting higher in the United States at the moment. The study made by Clovr surveyed around 700 people in the United States and tried to understand what kind of remittances they were using to send money to other people.

The new study was made to understand more about the habits of the consumers and to uncover the destination of their transfers and the technologies that they used to send the money.

According to the survey, the country that most people send money to is Mexico. This is not really surprising as Mexico is very close to the United States and it has many immigrants coming from the country that send money to their families.

All the remittance money from Mexico is almost the double of the second country in the survey, China. Mexico receives $30 billion USD and China, $16 billion USD. India comes as the third country with $11 billion USD. The Philippines are almost tied with India, with around $11 million USD, too.

Vietnam comes in the fifth place with $7.7 billion USD, almost tied with Guatemala. Nigeria comes later ($6.1 million), then El Salvador ($4.6 billion) and the Dominican Republic ($4.5 billion).

The other top countries all receive less than $4 billion USD. They are Honduras, South Korea, Germany, France, Thailand, Jamaica, Colombia, Japan, Haiti, Pakistan and Italy. About 76.8% of all the money is sent to families, according to the research, something that is not very surprising.

About half of the people surveyed by Clovr still use services like PayPal and the Western Union to make money transfers. About one-fourth of them use traditional banks wires and 15.8% are now using cryptos, which is a pleasant surprise. 12% are still using prepaid cards, 11.8% use checks, 11.5% uses money orders online, 8.9% send cash via mail and only 8% use other methods.

As cryptos are known for their low cost and relatively high speed (when the networks are not too clogged), they could revolutionize the market with the right improvements in their scalability. Specially tokens like Ripple’s XRP are extremely good for making fast transactions while Bitcoin could still be somewhat cheaper and faster (but it is less centralized than Ripple, at least).

According to the study, the gender gap is still big in cryptos and men are the ones mostly using cryptos yet. The study concludes by affirming that the remittance industry is “ripe for disruption” and that cryptos could radically change the landscape of the industry in time because they could, in the best case scenario, offer a solution that is so fast and efficient that it could take the market.

As international remittance will continue for a long time, people will continue to use cryptos for a long time if the technology is able to carve its place in the market.

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