A new study from Juniper Research has found that international remittances — including airtime top-ups — via mobile phone will exceed $25 billion by 2018, up 67 percent from an estimated $15 billion in 2015, according to a press release about the report.
The research found a significant upsurge in international remittance activity in the past two years with a number of cross-border mobile remittance services being deployed. For example, PayPal-owned Xoom announced in April 2016 that it will expand its services to 13 new recipient countries.Read more
A study of five countries in Sub-Saharan Africa reveals 63 per cent of respondents are unbanked, and 52 per cent use mobile money through agents.Twenty per cent of the population use mobile money services on a mobile phone, and half of these people are unbanked.Read more
It’s not a converted industrial warehouse in Brooklyn. Or a stately, century-old building in the Flatiron.
But YC-backed Regalii’s atypical office location up in the Dominican-heavy Washington Heights neighborhood of Manhattan has given it plenty of insights into its working-class immigrant customer base.
The startup, co-founded by several Latino founders who personally knew the hassles of sending money home, focuses on remittances.
Terra, which dubs itself as a mobile-first international network for low-value remittances, launched Terra Connect, an API suite to enable mobile wallet providers to offer what the company calls affordable, accessible international remittance products to maximize global reach.Read more
Remittances – money sent home by people working abroad – are hugely important in developing countries. In Burundi, they are vital.
Two thirds of this small African nation’s population live on less than $190 a year, so this cash plays a significant role in smoothing volatile, often vulnerable, incomes. The average remittance-receiving family relies on funds from relatives abroad for 61% of household expenditures.
As previously revealed by Mobile World Live, TransferTo officially launched its mobile money hub, enabling consumers to send cash to friends and family with mobile money accounts in developing countries.
The firm is not offering the hub service directly to consumers but to banks and operators who will offer the service to their users.
East Africa has emerged at the leader in mobile payment over the years, with countries like Kenya having more than two-third of its adult population using mobile phones to transact.
With the mobile money market in sub-Saharan Africa expected to double by 2019, lack of interoperability between telecoms operators and cross-border restrictions has stood out as one of the key challenges that face the growth of the revolution.