WorldRemit now moves 74% of all international remittances sent to mobile money accounts.
The global money transfer service is connected to one-fifth of all mobile money accounts across the world. Starting today, the company will also start facilitating remittances from the U.S. to more than 112 million (potential) receivers in developing countries via mobile money services (as opposed to wire transfers, for example). The company is also prepping an Android Pay integration soon.
“We want to simplify the remittance process, make it as seamless as possible for the migrant and for the receiver,” Ismail Ahmed, CEO of WorldRemit told Bank Innovation.
The $135 billion U.S. remittance market is on its way to becoming WorldRemit’s largest send market, according to the company, especially as its customers will now be able to send through mobile accounts (think M-PESA or like services).
These types of services rely solely on the cell phone—no Internet connectivity or bank account needed—making it much easier for users to send funds back to one of the 140 countries where WorldRemit is present.
The company currently processes about 600,000 transactions per month, with funds sent from more than 50 countries. Opening the access to mobile money for U.S. senders draws on services these migrants are already familiar with using, according to Ahmed.
Approximately 30% of the world’s population lacks access to a bank account or bank services, according to company statements—however, a full two-thirds of the global population now has a mobile phone or has access to a mobile phone. The company is now partnered with about 6,000 individual money transfer providers, and will continue to expand its services this year, with coming integrations with services like Android Pay.
“Shifting the account from traditional to digital—having this kind of instant communication with smartphone is changing the world of remittance,” Ahmed said. “You can get the money instantly, and the more up to date [a service], the more likely people are to share money.”2 - Readers Like This Post