IMT provider WorldRemit to offer Android Pay for mobile transfers
The popularity of mobile payment platforms is set to spread into the international money transfer market with the announcement of a partnership between IMT provider WorldRemit and Google’s Android Pay system.
WorldRemit, which currently operates in over 140 countries, will soon allow its customers to send money to relatives and friends overseas on their mobiles using the popular Android Pay function.
Alice Newton-Rex, VP of Product at WorldRemit, suggested that the integration of Android Pay as part of its mobile payment system was an important step in providing transfer options for people all over the world.
“Currently 60% of WorldRemit app users are on Android, which is also by far the most popular mobile operating system in the developing world, where 2 billion people are still unbanked, but critically half a billion use their mobiles as a bank account,” she said.
The benefit of transferring through an IMT specialist like WorldRemit is the generally lower exchange rates on offer compared to what you'd get with one of the big banks in Australia.
For example, at the time of writing for a person looking to transfer $5,000 to the US, the best deal they they would get with a big bank is $3,613 at the other end through ANZ, whereas if they went with the FX provider offering the best exchange rate in our database they would receive $3,781.
The partnership, a first between an IMT provider and Android Pay, opens the door for Android users to make international transfers with just five taps of their smartphone for anything from school fees to bills.
Payments made via Android Pay are sent with a virtual account number, so customers wanting to use the platform to send money overseas will be provided with an additional layer of security.
If you’re looking for an easy way to send money overseas to family or friends make sure you head over to the Mozo international money transfer hub to compare the most recent rates and offers.