- First UK fintech firm to integrate WhatsApp Business solution
- Overcomes SMS coverage problems in emerging countries
- Delivers instant real-time notifications on the progress of money transfer transactions
The leading cross-border payments innovator WorldRemit, the London-headquartered service that makes it easy and inexpensive for people living away from their home country to send money abroad to friends and loved ones, has become the first UK fintech company to integrate with the WhatsApp Business Solution.
Customers in more than 145 countries will now be able to use WhatsApp not only to chat with friends and family, but to get instant, real-time notifications on the status of their WorldRemit international money transfers.
Many markets face formidable challenges with SMS delivery, meaning that customers living in these regions will often have no access to real-time information about any international payments they’ve sent. WhatsApp’s internet-based messaging capabilities, by contrast, offer far greater reliability and sustainability than conventional SMS messaging. This means that now, WorldRemit customers wanting to keep track of their transactions will get the notifications they want as they unfold, without having to worry about lack of SMS coverage.
No other UK-based fintech company has to date integrated with the WhatsApp Business solution, so WorldRemit is adding to its reputation as an innovator with this initiative. The company can claim bragging rights over pioneering the mobile-first approach within the remittance industry, which is currently estimated to be worth around USD$600 billion a year. The new integration with WhatsApp advances WorldRemit’s aim to serve no fewer than 10 million customers connected to emerging markets by the year 2020.
Commenting on the new development, the company’s Chief Product Officer, Alice Newton-Rex, said: “WorldRemit is delighted to add the WhatsApp Business solution to its platform to further improve its service by enabling our customers to receive instant updates on transactions.”
“This integration will make our safe, fast and low-cost remittance service even more convenient for millions of WorldRemit customers around the world.”
The development comes hot on the heels of another major initiative for the remittance service. As we reported yesterday, World Remit has just inked a deal with a major Nigerian financial institution, Access Bank – a move that will simplify the business of transferring funds directly to bank accounts under Access Bank.
Access Bank is used by millions of Nigerians and is one of the biggest financial corporations in the country, boasting 340 branches domestically. The new partnership will enable WorldRemit to connect with over 15 million of the bank’s account holders based not only in Nigeria itself but a raft of other African nations, including Gambia, Sierra Leone, Rwanda and the Democratic Republic of Congo.
World Bank data compiled last year shows that Nigeria has a rapidly expanding immigrant population amounting to more than 15 million people, distributed across Australia, Canada, the United States and the United Kingdom. For WorldRemit, this amounts to a rich seam to mine. Last year, Nigerians received remittances totally USD$22 billion, making the country the biggest remittance receiver on the planet.
As noted earlier, WorldRemit’s distinguishing feature is enabling migrants to use their smartphones to send money home to loved ones and friends. The services cover more than 145 countries and its customers currently make 1.2 million cross-border payments each month via the WorldRemit website or app.
If you’d like to read more about WorldRemit, you might enjoy our company review here.
