Traditionally, sending and receiving remittance payments has been a tedious process. With services only being available at certain times during the day, accessibility is very limited; for those living in rural areas with a lack of financial services, this process is made even more difficult. Tackling this issue, fintech specialist Tranglo has expanded its cross-border payments network.
Following the expansion, Tranglo will offer instant and direct transfers to more than 30 e-wallets. These e-wallets stay open 24/7, meaning that those who have wanted to transfer money outside of the traditional business hours now have the flexibility to do so.
The service will build upon Tranglo’s existing offering Tranglo Connect. Financial institutions and businesses can pay using its proprietary cross-border payments solution. It integrates payout and partner services with direct API connectivity. Furthermore, with Tranglo Connect, companies can make payments to over 80 countries reliably and securely.
The new offering will be made available in:
- Bangladesh
- Cambodia
- China
- Indonesia
- Nepal
- Pakistan
- The Philippines
- Vietnam
More countries to be announced.
Perks of digital wallets
Tranglo Group CEO, Jacky Lee said: “Our data shows that cross-border transactions to e-wallets have doubled since 2021. Across the board, eWallet payouts are outpacing banking channels this year, with some corridors, like GCC to Pakistan, experiencing a surge of nearly 400 per cent in transactions.”
“It’s all about helping businesses create more value. For example, one of our biggest partners in the UAE saw an eight-fold increase in transactions to Pakistan and Indonesia after adding our eWallet payout service. The growth opportunity presented by eWallet cannot be overstated.”
Digital wallets have experienced exponential growth, especially after the pandemic. Valued at $9.55billion in 2023, the global e-wallet market is expected to grow at a CAGR of 28 per cent. Asia Pacific has the largest share by region at 32.3 per cent. By 2026, more than 60 per cent of the world’s population will use an e-wallet.
