WorldRemit links up with Android Pay for global money transfers
Sending money around the world costs some money. And if you sent some cash around the corner or around the world, you helped make the wire transfer industry an estimated $442 billion last year, according to The World Bank.
While the user base for remittances remains largely in immigrant populations that are sending back funds to dependents in their home countries, smartphones have well and truly saturated even this population. Many may be unbanked, but all do have means of digitizing their income.
This prospect is what has spawned web-based transfer companies like WorldRemit and what led to it linking with Android Pay, providing the mobile payments system with its first international peer-to-peer medium. TechCrunch reports that in the case of WorldRemit, users may fund a transfer from an Android Pay source, but will have to receive cash with mobile banking accounts.
Besides having Google Wallet as a digital peer-to-peer money movement system, Google has also been working with PayPal and Facebook to implement Android Pay as a payment method for commercial and interpersonal transactions. Alas, for Google Wallet and Facebook, those realms only span the United States while PayPal funds only address sourcing, not transferring.