- Expanded service aims to provide payment solutions for Jamaicans living in New York
- WorldRemit hoping to expand even further into US send market
- Announcement comes shortly after company rolled out services to Filipino diaspora in New York
Global payments provider WorldRemit has just announced expanded services for Jamaicans living in New York. The news comes on the heels of the company's recent bid to provide payment solutions for the city's growing Filipino community.
WorldRemit has been focused on Jamaican remittances since 2012 through partnerships with local agents like VMBS and JMMB. Its online platform connects with local retail agents who offer in-person cash pickup or allow users to transfer money directly to Jamaican bank accounts.
This new alliance positions the US to become WorldRemit's most lucrative send market, according to company officials.
“Currently the US is one of WorldRemit's fastest growing send markets with 200% year on year growth," said WorldRemit Regional Head Erick Schneider. "With the addition of New York, we expect the US market to account for up to 40% of WorldRemit's global revenue in the next few years, up from the current 15%.”
WorldRemit's service provides a faster, cheaper and more convenient alternative to brick-and-mortar money transfer agents to the more than 340,000 Jamaicans living in New York. The service is 100% digital, which means lower transaction fees and safer transfers. Customers no longer have to travel to physical agents carrying large amounts of cash, wait in long lines to send funds, or worry about their recipients having to do the same back home.
Schneider did not disclose WorldRemit's financial investment into its expanded New York City services, but said that new staff dedicated to serving clients in Jamaica and across the Caribbean have been brought on board to facilitate a smooth launch.
