- SiguePay is now available to users in the United States and it has the capability to send international fund transfers
- The service makes it possible for SiguePay users to send to recipients in 18 countries, based on a press release
- SiguePay’s availability in the United States is timely according to analysts as remittances from Mexican workers in the US are expected to grow next year
Remittance company Sigue Corporation announced the launch of its mobile app on Thursday, December 13th. SiguePay makes peer-to-peer money transfers possible through mobile phones and tablets, according to the press release and the service is now available in the United States.
The app is set to make transferring funds to friends and family abroad a lot easier as it was built for cross-border transfers. While there is no mention of overseas transfer rates, analysts say that it is more cost-effective than traditional channels. To transfer money internationally through the app, would-be users only need to download SiguePay.
Like other fintechs, Sigue’s new product has the speed and transparency that consumers can rely on. Sigue Corporation CEO Guillermo de la Viña said that the company is “transforming into a new era of technology” adding that they remain “committed to providing more ways to send money”. He also told reporters that the company’s aim is to serve customers with excellence in mind.
SiguePay currently allows its users to transfer funds to recipients in 18 countries but what sets the app apart is its look and feel. The app has already been integrated in one of Mexico’s largest chains and now connected to Mexican banks. De la Viña said: “The app is really a beautiful way to conveniently send money at a moment's notice.”
Mexico is one of the largest recipients of remittances around the world. Based on World Bank data released over the weekend, the country is predicted to receive USD 33.7 billion this year alone. This was the same case as the year before, according to analysts as many labour migrants from Mexico regularly send money to support their families back home. Mexicans in different parts of the world sent cash to family and friends in record numbers in 2017. A CNN report says that what drove the trend in 2017 is the country's weak currency. Analysts note that the same thing is happening now. Remittances are one of the country's "top sources of foreign income", the report adds, and it even outpaces its oil exports.
SiguePay’s availability in the United States is timely, according to the company because remittances sent from Mexicans in the United States are predicted to grow. Analysts in Mexico City agree considering that Mexican workers are “jittery” when it comes to their remittances being taxed by Trump. The US President threatened the Mexican community back in 2016 to build his proposed wall at the border between Mexico and the United States. While this has not happened yet, it is still lurking in the minds of migrants.
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