HomeSend launches remittance services for TransferGalaxy
HomeSend, a JV between MasterCard, eServGlobal and BICS, has signed an agreement with Swedish money transfer firm TransferGalaxy.
The deal will enable money transfers to mobile wallets in 14 countries.
TransferGalaxy users will be able to send money transfers to multiple mobile wallet destinations globally through a connection to HomeSend.
HomeSend said that the service is now live with initial corridors to the Philippines, Kenya and Somaliland. The company plans to extend the service to Armenia, Burkina Faso, Fiji, Ghana, Ivory Coast, Indonesia, Nepal, Nigeria, Sri Lanka and Tanzania in coming weeks.
To send money by TransferGalaxy, users can access the service either through the website or an app which can be downloaded.
“Money can be sent from any type of debit or credit card and received directly onto the mobile wallet of the recipient. The recipient does not need to have a bank account or card,” HomeSend said in a statement.
HomeSend CEO Stephen Doyle said: “We have made significant strides towards our goal of building the most extensive network of money transfer providers on the planet. As more and more of these corridors go live, HomeSend will play a crucial role in extending cost-effective money transfer services to those most in need.”
According to a World Bank study, migrants living abroad sent an estimated total remittance of over $75bn to their friends and family in 2014 in the 13 receiving countries serviced by TransferGalaxy.