Cross Border Network Expansion Enables Remitly to Reach 300+ Million Potential Mobile Wallet Users Worldwide, Up from 160 Million Prior to March
SEATTLE--(BUSINESS WIRE)--Remitly, the mobile-first provider of remittances and financial services for immigrants, today announced the expansion of its mobile wallet network, which now reaches more than 300 million mobile wallet holders across the world, more than doubling its reach from 160 million earlier this year. Since March, Remitly has added 11 new partners into its mobile wallet network. Now, Remitly customers can send money instantly through nearly 25 mobile wallet brands, including well-known and trusted players such as M-PESA, MTN Mobile Money, bKash, Gcash, Airtel Mobile Money, GoPay and Ovo, many of which are accessible through Remitly's partnership with Thunes, a leading payments network for emerging markets.
The pace of mobile wallet adoption has increased dramatically during the global COVID-19 pandemic with users searching for fast, reliable and cheap digital solutions to make digital purchases, withdraw cash, and send money to loved ones back home. According to Statista data gathered by BuyShare, the global mobile wallet industry is set to jump almost 50 percent amid the COVID-19 outbreak. Remitly alone has seen more than 200 percent growth in its mobile wallet usage since January. Last year, according to the GSMA, there were just over one billion registered mobile money accounts. That number is estimated to reach 1.17 billion during the pandemic. Paying close attention to these trends and the evolving needs of customers, Remitly is committed to expanding its network of payment options to provide essential financial services to as many people as possible during these uncertain times and beyond.
“While mobile wallets have been hyped to some degree in recent years, they are quickly transforming financial services in developing countries, particularly in Asia and Africa, and we’re seeing that transformation happen even more rapidly as a result of the current climate,” said Matt Oppenheimer, Remitly Co-founder and CEO. “The expansion of our mobile wallet offerings over the last several months is a direct reflection of our ongoing commitment to provide our customers with a wide range of innovative, convenient and secure payment options in all the countries we serve. Alongside Thunes and all of our mobile wallet partners, we will continue growing our mobile wallet network to ensure our customers have the most convenient and reliable digital financial solutions to fit their individual needs.”
“Our robust network interconnects payment providers worldwide, and enables interoperability between payment systems. By leveraging our network, Remitly customers will now enjoy greater convenience and choice when sending remittances,” said Peter De Caluwe, Thunes CEO. “We are extremely proud to be selected by Remitly as network provider and participate in driving financial inclusion around the world.”
Through partnerships with thousands of bank brands and more than 200,000 cash up pickup locations, Remitly is constantly expanding its worldwide network and breadth of options for home delivery, cash pickup and bank deposit to provide unmatched access to fast, reliable, and affordable digital money transfer solutions. As part of that growing network, Remitly customers can now access almost all major wallet partners globally, providing even more optionality and convenience for customers.
Remitly’s extensive send regions include the United States, Canada, United Kingdom, Europe, Australia and Singapore. Its primary mobile wallet corridors currently include the United States to Africa (Kenya, Ghana, Uganda, Rwanda, Tanzania, Cameroon and Nigeria) the United States to Asia (Philippines, Bangladesh, India, Sri Lanka, Vietnam and Nepal) and the United States to Latin America (El Salvador and Guatemala).
“Remittances have emerged as a critical economic lifeline for thousands of families and their communities. This partnership with Remitly will bring Kenyans abroad even closer to their families back home providing a safe, fast, affordable and convenient way to send remittances to M-PESA, the most preferred remittance channel in the country,” said Peter Ndegwa, CEO, Safaricom.
“We’re delighted to become part of Remitly’s mobile wallet network. It is an important step forward towards our aim of enabling convenient and affordable cross-border money transfers—particularly for individuals in remote locations and rural communities,” said Serigne Dioume, Head of Mobile Money, MTN Group.
For more information about Remitly and a full list of its mobile wallet partners and corridors, visit here.
Founded initially to disrupt the nearly $600 billion global remittance industry, Remitly is now transforming the lives of millions of immigrants and their families with the most trusted financial services products in the world. The largest independent provider of remittance and transformative financial service products for immigrants, Remitly makes international money transfers faster, easier, more transparent and more affordable through its global network. Remitly’s reliable and easy-to-use mobile app eliminates the long wait times, complexities and fees typical of traditional remittance processes, returning millions of dollars in savings and spending power to immigrants every year. Remitly is also expanding its portfolio to include additional critical financial services for immigrants. The company’s Passbook offering is a modern banking solution that eliminates fees and other common barriers to creating a bank account, and introduces new cross-border money transfer benefits. Established in 2011 and headquartered in Seattle, Remitly is backed by more than a dozen industry-leading investors, including Generation Investment Management, Naspers PayU and Bezos Expeditions. The company operates from numerous offices around the world, in cities including London, Kraków, Manila and Managua. For more information, visit Remitly.com.
Thunes is a B2B cross-border payments network that enables corporates and financial institutions to move funds and provide financial services in emerging markets. Our global platform connects mobile wallet providers, banks, technology companies and money transfer operators in more than 100 countries and 60 currencies. Thunes is headquartered in Singapore with regional offices in London, Shanghai and New York.
For more information, visit www.thunes.com.