Cost of Remittances

Currently the average cost of remitting money to Serbia is around 8% and there is no transparency on how and where the money is spent. In Serbia, UNDP and AID:Tech are using blockchain technologies to issue a Digital Identity to beneficiaries and thereby enable them to receive remittances directly. This is expected to reduce the cost of individual transfers by more than 2%. Instead of sending cash, the diaspora will be able to purchase vouchers for items such as food, electricity and more. These vouchers will be sent directly to the beneficiaries Digital Identity, which they can use at the point of sale or on a mobile app to pay for their electricity, gas, groceries etc.

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