Our Advantage – Remit Online

The Digital Money Transfer Opportunity

International Remittance has grown consistently over the past years. In 2013, more than USD 500 billion was transferred through formal channels and twice the amount through informal channels. The high use of informal channels is a result of the high cost of traditional services, normally around 9%. Projected growth for International Remittance is more than 10% in 2014 and 2015 respectively, reaching USD 586 billion in 2015.

The legacy remittance industry has been long dominated by cash, which requires physical locations where customers can hand over or pick up money. Building out those retail networks is a huge investment. It’s left just a few players, called Money Transfer Operators (MTOs) and banking\financial institutions controlling a bulk of the industry. But these companies’ comfortable hold on the industry is now being challenged by digital remittance startups. Digital-first remittance companies are competing on fees and usability, and capitalizing on the way people’s expectations have changed with the advent of digital and mobile channels.

How do you benefit?

  • You can launch your own unique state-of-the-art digital money transfer service. Thus prevent your existing user base from defecting to FinTech players growing at a rapid pace.
  • A digital service is much more affordable due to asset-lite, “direct to consumer” model.
  • You can add value to your existing offering and create a differentiator vis-à-vis competition.
  • You can tap a new segment of customers for your existing business.
  • You can increase profits from day one by adding a new revenue stream. It is an easy migration for your existing user base.
  • The flexibility of our remittance solution allows our clients to choose only those modules from the 5 available that they require and the client will bear fees accordingly.
    1. Technology platform
    2. Operations
    3. Compliance and risk mitigation
    4. Customer support
    5. Design & User interface