Remittances

The London neobank, which has applied for a banking charter in California, is working to undercut banks on pricing for consumer payments to Mexico.

The money transfer company is working with Coinme to provide a way for bitcoin users to access their profits — or cut their losses.

Now that Western Union has begun its deployment at the big-box retailer, where MoneyGram has long had a presence, the incumbent is watching for signs of pricing pressure.

The company hopes to someday return to 2019 levels of in-person money transfer activity, and its recent pact with Walmart is a big part of that strategy.

Visa has expanded its push payments platform to enable businesses and their customers to make real-time domestic and cross-border payments.

The UAE-Israeli consortium that acquired UAE Exchange is in merger talks with Bahrain’s BFC Group Holdings to create a Middle Eastern remittances and currency firm with more than 24 million customers in 30 countries.

The London-based firm chose a new name as it prepares to go public this year.

With the SEC probing Ripple, MoneyGram sidelines its partner to nurture online operations, which hit a milestone by surpassing in-store Walmart remittances in December.

The amount of money repatriated by Filipinos abroad fell last year for the first time since 2001 as the pandemic upended the global job market.

More people are coming to WU.com to pay bills or send P2P transfers, and the company is focused on making this audience more lucrative.

The pandemic has made for strange bedfellows. Case in point: Western Union and MoneyGram will soon share Walmart as a landlord.

The pandemic has made for strange bedfellows. Case in point: Western Union and MoneyGram will soon share Walmart as a landlord.

Michael Moeser, senior analyst at PaymentsSource, talks to Matt Oppenheimer, co-founder and CEO of Remitly, about how the remittance market has handled the coronavirus pandemic, and what will happen going forward.

Homeis, an internet platform that creates social immigrant communities, has partnered with money transfer fintechs Remitly, TransferWise and Afriex as it registers its millionth user.

When the pandemic hit full-force and lockdowns closed many agent locations, the industry’s shift to digital accelerated quickly. Even as job losses rose among those sending money overseas, the demand from recipients kept money moving, including among legacy companies like Western Union and MoneyGram.

Xoom, PayPal’s international remittance unit, has launched a direct money transfer feature for its U.S. customers to send funds domestically to bank accounts and debit cards.

The companies looking to bolster their presence and offer more services are hoping it will lead to greater sustainability and longevity of their platform, says Ding's Rupert Shaw.

Many of the changes on the horizon were inevitable, but the pandemic has accelerated the shift to digital payments and finance, forcing banks to reevaluate their models and pivot toward faster technology adoption.

Digital remittance provider WorldRemit has agreed to acquire Sendwave, a mobile app-based remittance company focused on servicing the African money transfer corridors.

Remitly has added 11 new mobile wallets to its network, almost doubling its reach to 300 million consumers, to meet demands for cash alternatives amid the COVID-19 pandemic.