- International payments provider announces nine countries added to its Skrill Send Direct coverage area
- Company focusing on underserved, primarily cash-based economies in Latin America and Asia
- Skrill users can transfer remittances in dozens of currencies to bank accounts or mobile wallets in 45 countries
International payments platform Paysafe has just announced a significant expansion of its popular Skrill Send Direct money transfer product.
Skrill, launched earlier this year, will add nine countries to its coverage area: Colombia, Ecuador, El Salvador, Guatemala, Honduras and Venezuela in Latin America, as well as India, Morocco and Vietnam. Customers in those countries can now send and receive international money transfers using Paysafe's Skrill Send Direct service.
The expansion brings Skrill's global accessibility to a total of 45 countries.
Skrill Send Direct is designed to make it easier for expats and overseas workers to send money home to family and friends. The mobile payment app processes remittances faster, more securely and with lower fees than conventional banks. As people migrate and work overseas to help provide support to their families and friends, services such as Skrill become increasingly important.
Like a growing number of mobile remittance services, Skrill does not require recipients to have a bank account in order to collect funds sent through the platform. Skrill users can send cross-border payments in any one of 40 supported currencies directly to a recipient's bank account, mobile wallet or other local payment source, like a brick-and-mortar cash agent.
According to the latest data from the World Bank, roughly 250 million people, more than 3% of the world's population, live abroad. Most of these overseas workers regularly send money home to help family and friends pay bills, purchase food and other necessities, cover school fees and more.
The global remittance market is worth billions; the total amount sent in remittances exceeded $582bn in 2016 and the World Bank estimates that number will continue to grow significantly over the next several years.
India currently leads the world in remittances. Indians living and working overseas sent about $69bn in international money transfers last year.
Speaking of the Skrill expansion, Paysafe CEO of Skrill, Neteller and Income Access Lorenzo Pellegrino said extending the international payments service will allow the company to provide necessary financial access to underserved populations in primarily cash-based economies.
Many people living in these areas either choose not to have traditional bank accounts or simply do not have access to conventional banks because of their remote or rural location. Paysafe hopes its Skrill expansion will help address that deficit so more people can take advantage of the ease and convenience of mobile remittances and local economies can benefit from a steadier cash inflow.
"Ultimately, money remittance is about people looking after their families. The less it costs and the sooner it arrives, the faster the family – and the local economy – can benefit," Pellegrino said.
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