Seamless said Wednesday (Feb. 3) that it has entered the international money remittance market with a linkup with Xpress Money. The two companies said that remittances would be done across mobile payment solutions, including Seamless’ SEQR, and that they will bring a new set of offerings in the $600 billion marketplace represented by remittances between family members in different countries.
In Q4 2015, the average transfer fee was 7.4 percent, and the fund flows are among the largest to be seen across several developing markets. The Seamless and Xpress Money partnership enables digital payments.
In the release that announced the partnership, the companies said that through SEQR, Xpress Money will offer users “always available” money transfers, with an average cost of 2 percent. The platform also has a channel that can be “easily tracked” according to Seamless. Integration is slated to be completed in 2016.
In a statement alongside the release, Peter Fredell, chief executive officer of Seamless, said: “The partnership with Xpress Money is evidence of the versatility of SEQR as a payment platform and financial ecosystem. We are very excited to be entering the international money transfer market with such an important global player.” The company has said that SEQR is the most oft-used mobile payments solution in Europe, utilizing taps or scans of QR codes.
Xpress Money has said that it has been one of the fastest-growing instant money transfer companies. The company operates across 25 countries, including U.K., U.S., Canada, Australia, Hong Kong, Philippines, United Arab Emirates and India. There are 170,000 agent locations. Through the range of services offered, the platform includes cash payouts, account credits, ATM, door delivery services and mobile wallets.
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