TerraPay, a London-based mobile payments provider, has revealed that India was the top recipient of money from overseas in 2022 with $100 billion.
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The flow of money across borders is quickly growing, often changing and impossible to fully track.
The best guess comes from the World Bank, which estimates that about $630 billion was sent in remittances to low- and middle-income nations in 2022, roughly equaling foreign direct investment in those countries. The sum represents a rise of almost 5 percent, with economies rebounding from Covid-19 and overseas workers — along with a rising number of refugees — sending more money home.
In recent years, digital payment channels have helped to make certain global money flows more visible. TerraPay, a London-based mobile payments provider, runs infrastructure for partners including MoneyGram, Western Union, and Visa, and covers thousands of corridors across more than 200 countries.
The company’s numbers suggest India is the biggest recipient of money from overseas. As the chart shows, money is flowing from Qatar, Saudi Arabia, Australia, and the US. This echoes World Bank estimates, as well as UN data, which shows 18 million Indians living outside their country of birth — the biggest diaspora in the world.
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Speaking at the Innovate Finance Global Summit on Monday, Sir Jon, the deputy governor of the Bank of England, said that “you won’t be able to spend physical cash in the near future.”