💰Cross-border transaction is inefficient

Traditional remittance or cross-border transaction services, such as wire transfers and money orders, have several problems that can make them inconvenient and expensive for users.

1. High fees: Traditional remittance services often charge high fees for sending and receiving money, which can eat into the amount of money being sent and received.

2. Slow processing times: Traditional remittance services can take several days or even weeks to process transactions, which can be inconvenient for people who need to send or receive money quickly.

3. Limited accessibility: Traditional remittance services often require people to visit physical locations, such as banks or post offices, to send or receive money, which can be difficult or impossible for people who live in remote or underserved areas.

4. Lack of transparency: Traditional remittance services can be opaque about their fees and exchange rates, making it difficult for users to understand how much they are really paying for the service.

5. Security risks: Traditional remittance services can be vulnerable to fraud and theft, as well as issues with identity verification and authentication.