WorldRemit partners with Xpress Money to deliver wider service offering to diaspora communities
Digital money transfer service WorldRemit has partnered with international money transfer brand Xpress Money to open up new remittance routes to 11 countries – including Bangladesh, Pakistan, Indonesia, Malaysia, Thailand, Vietnam, Jordan, Ethiopia, Uganda, Algeria and Lebanon.
The partnership has extended WorldRemit’s footprint into new territories, and is expected to further support the growing demand for instant remittances in these countries.
According to the World Bank, remittances play an important role in these economies, contributing significantly to GDP. For example, Pakistan received almost $20 billion in remittances in 2015, while Indonesia received almost $10 billion, and Bangladesh received $15 billion, or almost 10% of its GDP.
WorldRemit has been serving international diaspora communities in Australia and New Zealand since 2012. WorldRemit customers in Australia send more than 65,000 money transfers, totalling over AU$26.7million, per month. Meanwhile, WorldRemit customers in New Zealand send around 15,000 money transfers, totalling NZD $8.5 million, per month.
With the WorldRemit app or website, customers send more than 500,000 transfers every month to more than 125 destinations. WorldRemit, known as the ‘WhatsApp of money’, makes sending a remittance as easy as sending an instant message.
Through Xpress Money’s extensive agent partner network, WorldRemit customers will be able to make secure, instant money transfers to be collected at cash pick up locations all over receiving countries, including major banks. There are now over 11,000 cash-pick up locations in Indonesia, 9,500 in Pakistan, 3,000 in Vietnam, 3,000 in Ethiopia and over 130 in Lebanon.
Ismail Ahmed, founder and CEO at WorldRemit, comments: “We want to give people the power to share money anytime, anywhere. Gone are the days of queuing in line at a high-street transfer shop and waiting several days for a money transfer to arrive – now WorldRemit customers can send money with just a few taps on their smartphone.
Our new cash pick up services in these countries will allow people in these diasporas to send money to be collected as cash at trusted, dependable financial brands back home.”
Sudhesh Giriyan, COO at Xpress Money added, “Customer convenience ranks high on our list of priorities; through this partnership with WorldRemit we are elevating that level of our customers’ convenience as they can now send money at their fingertips, whenever they want, through the WorldRemit app or website. It is ideal to have partnered with a like- minded brand as WorldRemit, that is also working towards a similar objective that benefits the end customer. The remittance industry is at a juncture where it is necessary for brands to collaborate for the sake of the industry at large. We are happy to be setting the right example and hope for other brands to follow suit.”
