Digital money transfer company Xoom and TransferTo, a company specializing in international airtime credit and mobile money transmissions, said Thursday (July 9) that they are collaborating to help Xoom customers recharge their prepaid mobile phones internationally.
The companies said in a press release that the service will let users charge their devices in nearly two dozen countries, spanning India, Mexico and the Philippines, among others. The service allows for instant transfer of airtime credit from the U.S. to international prepaid phones. This is known colloquially as a “top-up.” This type of activity has been prevalent among populations that use mobile devices to communicate, make payments and conduct other activities.
According to the statement by the two companies, the “top-up market “ is a significant one. The pair cited Juniper Research’s estimate from last year that found that of $10 billion sent annually between cellphones, more than half that amount was for sending airtime.
Xoom said the agreement with TransferTo helps the company boost its remittance service portfolio beyond its traditional bulwarks of money transfer and bill payment systems.
“We are delighted to provide Xoom with the capability to offer an additional remittance option to their customers — instant recharge for international prepaid mobile phones,” said Eric Barbier, CEO of TransferTo, in the release on Thursday.
“Through our network of mobile operator relationships across the world, backed by our offices in San Francisco, London, Singapore, Dubai, Miami, Barcelona and El Salvador, TransferTo has the international footprint to deliver this cost-effective and crucially reliable remittance option. Xoom customers can send small amounts of mobile credit to more of their loved ones back home using just their mobile phone number,” added Barbier in the release.Just