How much will remittances be when done on the ZED platform? Will the cost rise over time or will it be constant?
The average fee for cross‐border transfer is now about 7 – 8% of the amount. ZED transactions require no mining and cost 1% or less. If the transaction costs on remittances worldwide were cut from an average of 7 – 8% percent to an average of 2-3% percent, it would unlock billions of $ a year only in poor countries.High transaction fees is one of the main problem that people are facing using any money remittances and because of this reason people are trying to find others ways to send their money but ZED network has a solution that will boost any transactions with less cost.
According to the recent World Bank’s latest Migration and Development Brief in 2018, major barriers to reducing remittance costs are de-risking by banks and exclusive partnerships between national post office systems and money transfer operators.
That is what ZED is going to change due to the new possibilities that blockchain technology gives to us!
Major barriers to reducing remittance costs is eliminating these huge rent-seekers from the equation.
