After the popularity of AI (Artificial Intelligence); the fintech sector is turning towards cryptocurrencies and their underlying blockchain technology. Blockchain, a type of distributed ledger technology (DLT), has the potential to completely transform any established financial institutions with lower expenses, faster payment execution, enhanced transparency, and verifiability of transactions.

In today's financial world, the word remittance is frequently used across the globe. Cross-border payment transactions between an immigrant and his or her native country are referred to as the remittance economy. In many developing countries, it is the source of economic growth and an important part of the nation's Gross Domestic Product (GDP). By 2026, the size of the global digital transfer market is expected to reach $33.9 billion, which is estimated to increase by CAGR of 17.2% in the predicted period.