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The dominant position of banks and major money transfer companies such as Western Union and MoneyGram is threatened by startups and smaller MTOs. They still have a significant advantage over the pack of challengers, but the advancements of technology are working in the favor of the underdogs. They use new money transferring solutions and in the process fragment the industry, while providing clients with inexpensive alternatives.
The main players in the money transfer industry
The money transfer industry is contested by fintech, MTOs and the blockchain. The latter is not yet a fully fledged service and although it shows ... (read more)