The fight for the customer in remittance: Price, Convenience and pay out flexibility!
The $580 billion remittance market is poised for greater competition, as London based WorldRemit raises $100 million from a leading Silicon Valley investor. WorldRemit offers a cheaper alternative to traditional remittance services like Western Union and MoneyGram, letting customers send funds overseas. Online remittances could become a multibillion dollar opportunity, as internet transfers account for about 5% of the overall remittances market. With a growing penetration of smartphones and other devices, the online remittance business will surely grow in next few years. 90% of WorldRemit payments are received instantly, and users are charged a small percentage of the transaction – the fee could be as little as 95 euro cents.