Leading remittance provider WorldRemit launches Android Pay
Image source: WorldRemit
WorldRemit is the only money transfer provider offering international payments through Android Pay around the globe.
WorldRemit has launched Android Pay, allowing users to safely send money to over 112 million mobile money accounts around the globe. It is currently the only remittance provider to offer international payments through Android Pay in the world.
The new offering will allow users with Android Pay to instantly transfer money to over 140 countries directly from their mobile phones in just a few taps. Users can now pay for school fees, utility bills and even groceries using mobile money directly from their mobile phone, and without the need for 3G or wifi.
Speaking with finder.com.au, WorldRemit’s Australia head Michael Liu said the launch of Android Pay was a response to increased consumer demand.
“The ability to send money internationally to someone’s mobile even in a remote area is increasingly in demand and has proved transformational for millions of people in the developing world. In just a decade the number of registered mobile money accounts has grown to over half a billion,” said Liu.
“Some of the most notable innovations (in the sector) have evolved from mobile money. It is revolutionising financial services in developing markets, where access to bricks and mortar outlets can be limited or even non-existent outside major cities.”
Liu said the rise of fintech is acting as a key driver for innovation and growth in the remittance sector.
“Digital players are improving transparency and making money transfer easier for customers. By supporting the transition from costly offline remittances to faster, safer and lower cost online transfer methods, fintech becomes a powerful driver of development and growth,” said Liu.
Liu said this new partnership with Android Pay is just the beginning of a changing remittance sector, and they expect this digital revolution in money transfers to continue and intensify.
“Currently 90% of remittances are still sent offline. As an online remittance service, digitising cross-border money transfers is something WorldRemit is very much championing and by 2021 we expect the market to have shifted from being over 90% cash-based to around 60% digital,” said Liu.
“With the rise of collaboration between developed financial institutions and mobile money providers, we will continue to see further democratisation of financial services. By supporting the transition from costly offline remittances to faster, safer and lower cost online transfer methods, fintech becomes a powerful driver of development and growth.”
The remittance industry worth over $600 billion a year. WorldRemit users make around 600,000 transactions every month, sending from over 50 countries to more than 140 destinations.