The Hispanic community transferred
$51.6 Billion to Mexico in 2021.

  • This amount represented a 27.1% increase in the amount sent to Mexico in 2020.
  • This amount has continued to grow despite the COVID pandemic and as a result of the money required to address the healthcare needs of their family members, relatives, and extended families.
  • An interesting fact is that the $51.6 Billion transferred took place at an average rate of $325 per transaction. YES! $325 per transaction.

$51.6 Billion was transferred in 2021 at an average rate of $325 per transaction.

YES! $325 per transaction.

60% of U.S. Hispanics of Mexican descent who send money to their families in Mexico are unbanked and call their families on a regular basis.

The Hispanic community sends remittances to Mexico through a cumbersome legacy process

  • 60% of Hispanics of Mexican descent living in the U.S. do not have bank accounts or credit cards.
  • 41% of Mexican adults have at least one family member in the U.S.
  • The current money transfer process requires customers to visit either a retail store such as Walmart or a site of a well-known money transfer company such as Western Union.
  • However, due to the obsolescence of the process, customers are unable to send money to someone in Mexico after store hours or during U.S. holidays when the sites are closed.
  • Mexico is still the top destination for international calls from the U.S. 7.7% of all international calls are routed from the U.S. to Mexico.
  • U.S. Hispanics of Mexican descent call their families on a regular basis.
  • However, there is not a low-priced solution for Hispanics to call or receive calls from their relatives or friends in Mexico. Although, there are many well known companies that sell call plans in the U.S. or in Mexico, the call packages that they offer are expensive given the level of income of the customers for these services.

The Money Transfer and Telephony issues faced by Hispanics are just going to get worse

  • The U.S. Hispanic population reached 62.3 million equal to 19% of the total U.S. population in 2020.
  • The U.S. Hispanic population is expected to reach 111.2 million or 28% of the total U.S. population by 2060 according to the forecast of the U.S. Bureau of Labor Statistics.
  • These demographic facts indicate the demand for telephony and money transfer by the U.S. Hispanic population will continue to increase significantly.
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