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How Upercart is Aiming To Build A Better Bridge For Jamaica’s Us$3.4 Billion in Remittances

Remittance is money that is sent from one party to another. Broadly speaking, any payment of an invoice or a bill can be called a remittance. However, the term is most often used nowadays to describe a sum of money sent by someone working abroad to their family back home. The term is derived from the word remit, which means to send back.

Remittances have been growing rapidly in the past few years and now represent the largest source of foreign income for many developing economies. Remittance flows to Latin America and the Caribbean grew an estimated 6.5% to US$103 billion in 2020, supported by a recovering economy and a moderately improving labor market in the USA.

Jamaica is the second largest remittance earner in the Caribbean (behind Haiti) at US$3.3 Billion in 2021, representing about 25% of Jamaica’s GDP. It is estimated that about 70% of this is spent on food and personal care items, i.e. Groceries.

Traditional Remittance Process

A typical remittance transaction takes place in three steps:

The migrant sender pays the remittance to the sending agent using cash, check, money order, credit card, debit card, or a debit instruction sent by e-mail, phone, or through the Internet.

The sending agency instructs its agent in the recipient’s country to deliver the remittance.

The paying agent makes the payment to the beneficiary.

For settlement between agents, in most cases, there is no real-time funds transfer; the balance owed by the sending agent to the paying agent is settled periodically through a commercial bank. Informal remittances are sometimes settled through goods trade. The costs of a remittance transaction include a fee charged by the sending agent, typically paid by the sender.

Remittance 2.0

Banks have traditionally been the most common – and, in many cases, the only – means of sending money across borders. In turn, remittances constitute a significant revenue stream for many banks, which typically charge at least 7% of the sum transferred, although this figure can rise to as high as 20% in smaller migration corridors.

Since the global pandemic of 2020, there has been a massive expansion of fintech solutions and many fintech start-ups are keen to move into the remittances space, which is seen as having significant potential.

The market is increasingly characterized by intense competition on fees, with different apps striving to outdo each other in terms of price reductions. Some have even cut remittance fees altogether.

Grocery Remittances

It is estimated that over 70% of remittance earnings in Jamaica or US$2.3 billion is spent on food and personal care items, ie groceries. This means, by allowing senders to be able to pay directly for grocery deliveries for the recipients, solves quite a few problems.

The Problems:

Transparency: The money being sent back home is done largely without transparency on how it is being used.

Unsafe: Recipients have to travel to remittance agencies to receive their money and then travel back home with the money.

No Delivery: Recipients then travel to grocery stores on the way home from receiving the money or periodically to spend said money.

The Solutions:

Delivery: Solving island-wide same-day Grocery delivery in all 14 parishes.

eGrocery: An online storefront of grocery items, enabling online purchases from anywhere.

Social: Social Commerce tools that enable recipients to more easily request help from family, friends, and even followers in buying groceries.


Upercart is a Jamaica-based Same-Day Grocery Delivery service aiming to solve the above problems, targeting Jamaica’s over US$2 billion in Grocery Remittances. Four months ago they started their Pilot in Manchester, and now they’re delivering in four of Jamaica’s largest parishes, they’re plans are to expand across Jamaica in 2023 and beyond.

Visit to place your Same Day Grocery order in Jamaica.

The post How Upercart is Aiming To Build A Better Bridge For Jamaica’s Us$3.4 Billion in Remittances appeared first on News and Events.



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