Fintech PR
WorldRemit Data: 2023 Global Cost of Living Index Shows Significant Increases Since 2022
- WorldRemit’s data shows that 73% of respondents in the US, 70% in the UK, and 78% in Australia, have reported an increase in the daily cost of living.
- Over a third of respondents noted a significant increase in housing costs, a 27% increase from 2022.
- One billion people worldwide – approximately one in eight – depend on remittances.
- Nearly a third of respondents reported a significant decrease in disposable income.
LONDON, Sept. 13, 2023 /PRNewswire/ — Global payments company WorldRemit announces the results of its third Global Cost of Living Index. The year-on-year study assesses how the cost of living crisis is affecting financial decisions, including those of remittance senders who regularly send money home to support their loved ones.
Results show 73% of respondents in the US, 70% in the UK, and 78% in Australia reported an increase in the daily cost of living and globally, 81% said they felt utility costs increased in recent months. Housing costs continue to be impacted with 72% of respondents reporting an upswing in mortgage and rent payments, while 46% of respondents noted an increase in education and 74% in transportation.
One billion people worldwide – approximately one in eight – depend on remittances. As per WorldRemit’s 2023 Cost of Living Index, remittances sent to family and friends remain the main reason for money transfers (85%), with nearly a third (30%) of participants expressing a strong inclination to solely send money to their closest family members.
One in ten remittance senders are feeling heightened pressure to send money home. Against this backdrop, the number of respondents who reported an increase in the cost of living for those they send money to grew by 73% since the start of 2023. 54% of respondents reported going out less and trying to cook more at home; 47% said they are actively finding ways to save more money on their own day to day expenses; and 31% reported no longer going out for social gatherings to save money.
“As international money senders report rising living costs both for themselves and their families, they are increasingly making the tough decision between supporting themselves and supporting their loved ones back home. Receivers rely on the hard-earned money delivered by remitters for vital things like day-to-day expenses (such as food, transportation and clothing), healthcare and educational support,” said Mark Lenhard, Group CEO, Zepz.
“Our data shows that as the cost of living crisis looms, many are making sacrifices in order to continue to provide that support to billions across the globe.”
The multi-country study was fielded in July 2023 to determine the ongoing effects of the increased cost of living on international money senders in the United States, United Kingdom, and Australia, resulting in observations from 3,000 international remittance senders. WorldRemit’s 2022 Cost of Living survey can be found here.
Notes to Editors:
Methodology
International money senders living in the USA, Australia, and the United Kingdom, aged 18+ voluntarily responded to a 13-question survey between 28 July and 3 August 2023 about how the cost of living and inflation has changed behaviours when it comes to sending remittances.
The survey took place on the Attest platform and resulted in 3,000 (1,000 per country) responses from people who have sent remittances in the past year (those who responded that they have not sent remittances in the past year were exited from the survey to create a viable participant base).
No quotas (e.g. gender, age) were set for this survey so results are not intended to be nationally representative.
About WorldRemit
We’re a leading global payments company as part of Zepz Group, a group powering two global payments brands.
We disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower-cost. Zepz Group brands have helped cross-border communities send over $15bn from 50 countries, to recipients in 130 countries in 2022, and operate over 5,000 money transfer corridors worldwide. Zepz Group employs over 1,400 people globally as a remote-first employer, with team members located across six continents.
On the sending side WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.
Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, United Kingdom with regional offices in the United States, Poland, Canada, Australia, Hong Kong, Singapore, Malaysia, the Philippines, South Africa, Somaliland, Uganda, Kenya, Rwanda, Tanzania, Zimbabwe and Belgium.
Media Contact
WorldRemit Press Office
[email protected]
View original content:https://www.prnewswire.co.uk/news-releases/worldremit-data-2023-global-cost-of-living-index-shows-significant-increases-since-2022-301925553.html
Fintech PR
Network People Services Technologies Applauded by Frost & Sullivan for Providing Cutting-edge Digital Payment Technology and for Its Market-leading Position
NPST’s innovative technology underscores its commitment to advancing digital payment adoption to meet diverse user needs, and its strategic adaptability establishes it as a pivotal player in India’s financial ecosystem.
SAN ANTONIO, Jan. 15, 2025 /PRNewswire/ — Frost & Sullivan recently researched the payment technology industry and, based on its findings, recognizes Network People Services Technologies Ltd. (NPST) with the 2024 Indian Company of the Year Award.
Its core mission is to provide cutting-edge digital technology to all entities in the financial value chain, ensuring robust support at every stage of the payment process. The company provides banking solutions and payment processing infrastructure that interconnect financial entities within the broader banking and fintech sectors.
Listed on the National Stock Exchange (NSE) SME platform, NPST has significantly shaped India’s digital payments landscape. Its solutions span digital banking, payment switching and processing, merchant acquiring, and RegTech offerings, catering to banks, payment aggregators, merchants, and TPAPs.
With a forward-looking vision encapsulated in its NPST 2.0 strategy—Innovate, Transform, and Grow—the company is driving technological advancements in areas like fraud detection, real-time lending, and embedded payments, enabling transactions through ERP and smart devices such as vehicles, smartwatches, and meters.
NPST is making significant investments in artificial intelligence (AI) and machine learning (ML) to enhance its payment solutions. NPST’s Risk Intelligence Decisioning Platform, a cutting-edge AI-driven operations engine, is supported by a comprehensive data lake that consolidates transaction data. This advanced system allows for the real-time identification of high-risk transactions and merchants. It includes tools designed to enhance compliance and mitigate fraud, such as a merchant trust score, a customer transaction score, and chargeback fraud prevention.
Additionally, the company’s flagship EVOK 3.0 Payments Platform as a Service provides a comprehensive solution for aggregators, gateway providers, and merchants. Covering the entire payment life cycle—from transaction processing to risk management—EVOK 3.0 integrates AI and ML to offer advanced capabilities like multi-bank intelligent routing and predictive fraud intelligence, ensuring efficient management of high transaction volumes.
Other groundbreaking innovations include:
- PayJoy: Seamless access to real-time UPI credit in a country with low credit card penetration.
- Bill Direct: Bill Aggregation engine for deeper penetration in payment collections.
- TimePay Cash: Enabling cash withdrawals using QR codes at local stores.
- UPI Circle: Expanded digital payment access through shared accounts.
- Contextual Payments: Enhanced customer checkout experience.
- UPI Lite Auto-Top Up: Automatically replenishing UPI Lite accounts, ensuring users have sufficient transaction funds.
Rahul Agarwal, Associate director for growth advisory at Frost & Sullivan, observed, “NPST’s achievements, including pioneering online merchant dispute resolution in India and expanding its platform to offer value-added services like AI-powered fraud detection and real-time lending, set it apart in the industry. Its diversification into non-banking financial companies and third-party application providers highlights a well-rounded growth strategy.
NPST consistently prioritizes customer experience, fostering long-term relationships and demonstrating its commitment to client satisfaction and growth. The company’s focus on exceptional service is reflected in the loyalty of some of its clients, with critical partnerships spanning over a decade.
The company is also working to improve payment acceptance infrastructure via access to affordable devices, (QR and SoundBoxes) while integrating AI and ML capabilities to enhance, efficiency, and scalability. These investments support growing transaction volumes and help NPST maintain its competitive edge in facilitating wider digital payment adoption. The company’s emphasis on client relationships, digital literacy, and social responsibility underscores its role as a payment technology leader and its commitment to broader economic and social contributions.
The company’s financial performance reflects strong growth, with revenues increasing from INR 41 crore in fiscal year (FY) 2023 to INR 130 crore in FY 2024, and EBITDA rising from INR 12 crore to INR 43 crore during the same period. NPST’s strategic adaptability establishes it as a pivotal player in India’s financial ecosystem, drives economic growth, and promotes financial inclusion across the country.
“NPST’s advances towards international expansion and transitions to the National Stock Exchange of India main board with emphasis on transparency, governance, and continual innovation, cementing its position as a leader in the global payment technology industry. The company’s exceptional performance, forward-thinking strategies, and commitment to customers and societal impact make it a deserving recipient in India’s payment technology sector,” added Norazah Bachok, best practices research analyst at Frost & Sullivan. With its strong overall performance, NPST earns Frost & Sullivan’s 2024 India Company of the Year Award in the payment technology industry.”
Each year, Frost & Sullivan presents a Company of the Year award to the organization that demonstrates excellence in terms of growth strategy and implementation in its field. The award recognizes a high degree of innovation with products and technologies, and the resulting leadership in terms of customer value and market penetration.
Frost & Sullivan Best Practices awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.
About Frost & Sullivan
For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, megatrends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion. Contact us: Start the discussion.
Contact: Tarini Singh
E: [email protected]
About NPST
Founded in 2013, NPST is a PayTech firm listed on the NSE Small and Medium Exchange. A leader in digital banking and payment processing solutions, NPST is dedicated to advancing the digital payments ecosystem by delivering cutting-edge technology solutions to banks, fintechs, and other industry players. The company’s offerings include online and offline transaction processing, banking super apps, fraud prevention, dispute management, and compliance technology.
NPST’s mission is to drive the growth of businesses, individuals, communities, and economies. With over 100 clients and processing more than 60 million transactions daily, NPST continues to make a significant impact on the digital payments ecosystem. To learn more about NPST and its award-winning solutions, please visit www.npstx.com
Contact: Vanita D’souza
E: [email protected]
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Welcome to Blocks & Headlines, your comprehensive daily briefing on the transformative world of blockchain. Today, we explore groundbreaking partnerships, economic innovations, and blockchain-powered initiatives redefining the future.
Sony Ventures Into Blockchain With New Identity Solutions
Sony has unveiled its latest blockchain-based digital identity solution designed to enhance privacy and security in the online space. This innovative system uses decentralized technology to manage digital credentials, making identity verification seamless and secure.
Sony’s venture reflects a broader trend among tech giants exploring blockchain’s potential to reshape data privacy and authentication systems.
Source: Sony Press Release
TRON’s Daily Revenue Skyrockets 119% in 2024
TRON has reported a staggering 119% increase in daily revenue, a testament to its innovative blockchain economic models. By leveraging smart contracts and a scalable infrastructure, TRON continues to attract developers and businesses seeking cost-efficient blockchain solutions.
This growth positions TRON as a leading player in the competitive blockchain ecosystem, setting benchmarks for others to follow.
Source: Bitcoin.com
MIGMIG Partners With XT.com to Bring Blockchain Rewards
MIGMIG, a blockchain gaming and rewards platform, has partnered with XT.com to expand its reach and user engagement. This collaboration aims to deliver unique blockchain-powered rewards while enhancing the gaming experience for users worldwide.
The partnership highlights the increasing intersection of blockchain technology and entertainment, opening new avenues for user interaction.
Source: Bitcoinist
Nano Labs Supports the Inaugural Presidential Crypto Ball
Nano Labs has announced a partnership with the Inaugural Presidential Crypto Ball, emphasizing its commitment to fostering blockchain awareness. This high-profile event aims to bridge the gap between blockchain innovators and policymakers, paving the way for broader adoption.
The initiative underscores the importance of collaboration between the blockchain community and governmental bodies to shape the future of digital assets.
Source: PR Newswire
Bybit Card Partners With EnTravel for Luxury Travel Perks
Bybit has teamed up with EnTravel to offer its cardholders exclusive discounts on luxury travel experiences. This partnership integrates blockchain-powered payment solutions with high-end travel services, providing users with unparalleled convenience and value.
The move exemplifies how blockchain technology can enhance traditional industries, offering innovative solutions tailored to modern consumer needs.
Source: PR Newswire
Key Insights and Industry Trends
- Decentralized Identity: Sony’s blockchain-based solution addresses growing concerns over online security and privacy.
- Economic Innovations: TRON’s revenue surge highlights the profitability of scalable blockchain networks.
- Gaming and Blockchain: Partnerships like MIGMIG and XT.com showcase the potential of blockchain in entertainment.
- Policy and Collaboration: Nano Labs’ involvement in the Crypto Ball underscores the importance of industry-government dialogue.
- Luxury Integration: Bybit and EnTravel demonstrate blockchain’s ability to enhance traditional services.
The post Blocks & Headlines: Today in Blockchain ( appeared first on News, Events, Advertising Options.
While Others Decline, the UNBrokerage is Again Named to Entrepreneur’s Prestigious Franchise 500(R) List For its Explosive Growth and Viability
LAGUNA NIGUEL, Calif., Jan. 14, 2025 /PRNewswire/ — Realty ONE Group, a modern, purpose-driven lifestyle brand and ONE of the fastest-growing franchisors in the world, is the No. 1 real estate brand for the fourth year in a row on Entrepreneur’s highly-competitive 2025 Franchise 500® list, just as the global franchisor celebrates its 20th anniversary this year.
This is the ninth year that Realty ONE Group has made the list, continuing to climb the rankings every year, with its closest real estate competitor now nearly 20 positions behind.
“Claiming the No. ONE spot on this widely-esteemed list, for the fourth consecutive year, further fuels the momentum we’re bringing into 2025 and our 20th anniversary,” said Kuba Jewgieniew, CEO and Founder of Realty ONE Group. “And every year, as a result of testimonials like this and from our own raving fans around the world, real estate professionals and entrepreneurs come to us looking to share in the success and be a part of something special and UNique in this industry.”
Entrepreneur named Realty ONE Group International to the list for its network growth, financial strength, and brand power and said in a press release that… “The Franchise 500 is more than a list. It’s really a collection of life-changing opportunities, featuring strong and resilient brands that future franchisees will be proud to be a part of.”
The lifestyle brand continues to evolve all aspects of its full-service offerings, including its proprietary technology zONE, business coaching platforms, ONE University and all aspects of its 6C’s. The UNBrokerage as it is known in the industry has more than 20,000 real estate professionals in more than 450 offices in 49 states, Washington D.C., and 24 more countries, recently expanding into Bonaire and Curacao.
Learn more at www.OwnAOne.com.
About Realty ONE Group International
Realty ONE Group International is one of the fastest growing, modern, purpose-driven lifestyle brands in real estate whose ONE Purpose is to open doors across the globe – ONE home, ONE dream, ONE life at a time. The organization has rapidly grown to more than 20,000 real estate professionals in over 450 locations across 24 countries and territories because of its proven business model, full-service brokerages, dynamic COOLTURE, superior business coaching through ONE University, outstanding support and its proprietary technology, zONE. Realty ONE Group International has been named the number ONE real estate brand by Entrepreneur Magazine for three consecutive years and continues to surge ahead, opening doors, not only for its clients but for real estate professionals and franchise owners. To learn more, visit www.RealtyONEGroup.com.
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View original content:https://www.prnewswire.co.uk/news-releases/realty-one-group-is-the-no-1-real-estate-brand-for-the-fourth-year-in-a-row-302350877.html
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