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Remitly Sees A Huge Growth In The Mobile Wallet Network

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Remitly is a financial service provider. It is a renowned U.S. based company that allows the users to send money securely with a low transfer fee from the United States. Remitly sells financial service products. The Company allows the immigrants to send money to the recipients in their respective countries. Well, Remitly has recently announced that it has seen a huge growth in the mobile wallet network. The network has become double in size in 2020.

According to a statement, the company, Remitly has said that it has now almost 300 million mobile wallet holders across the globe. Considering the present situation, the company has planned to expand its business. Remitly has partnered with 11 brand new mobile wallet companies. It has these companies to its network and therefore, the total number has become 25.

The new additions are MTN Mobile Monet, bKash, Airtel Mobile Money, Ovo, Go Pay, M-PESA and many more. According to the latest press release, these mobile wallets can be accessed through Thunes that is a renowned payment network.

Matt Oppenheimer, CEO and co-founder of Remitly has said that the popularity of the mobile wallet is increasing day by day. Moreover, people extensively use a mobile wallet in developing countries in Africa and Asia.

Peter Ndegwa is of the opinion that remittances have played an impactful role amid the coronavirus outbreak. It is an efficient way through which people living and working in a foreign country can send money to their home countries. The new partnership with Remitly will definitely help the Kenyans. It will bring them closer to their families. They will be able to send money to their families in the most convenient as well as affordable way.

Amid this situation where people are stuck in foreign countries, many companies are coming up with new offers to help them. Western Union and MoneyGram are some old players in the money transfer sector. They are also trying to grab the market amid this coronavirus outbreak.

However, the fact is that small merchants have closed their retail outlets and consequently, it has increased the number of online mobile wallet transaction. People are preferring to mobile wallet transactions. The company, Remitly understands this situation very well. This is why they are trying their best to help people.

In addition to this, the online payment gateway industry is also flourishing as the number of online transaction is rapidly increased. Merchants are upgrading their payment equipment in order to accept online payment.

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