April 8, 2024, Singapore – Leading fintech specialist Tranglo has announced an expansion of its cross-border payment network, enabling instant and direct transfers to more than 30 eWallets.
Tranglo’s direct-to-wallet transfers eliminate the need for intermediaries, making remittances more accessible by ensuring funds are available to recipients immediately. This is especially important for millions of rural recipients, who often lack access to traditional financial institutions. Receiving money through eWallets, which stay open 24/7, is a reliable and convenient alternative.
Tranglo Group CEO Jacky Lee said: “Our data shows that cross-border transactions to eWallets have doubled since 2021. Across the board, eWallet payouts are outpacing banking channels this year, with some corridors, like GCC to Pakistan, experiencing a surge of nearly 400% in transactions.
“It’s all about helping businesses create more value. For example, 1 of our biggest partners in the UAE saw an 8-fold increase in transactions to Pakistan and Indonesia after adding our eWallet payout service. The growth opportunity presented by eWallet cannot be overstated.”
Tranglo’s direct-to-wallet transfers are available in Bangladesh, Cambodia, China, Indonesia, Nepal, Pakistan, the Philippines and Vietnam, with more to follow.
Digital wallets have experienced exponential growth, especially after the pandemic. Valued at USD 9.55 billion in 2023, the global eWallet market is expected to grow at a CAGR of 28%. Asia Pacific has the largest share by region at 32.3%. By 2026, more than 60% of the world’s population will use an eWallet.
Tranglo helps financial institutions and businesses pay through Tranglo Connect, its proprietary cross-border payments solution. It seamlessly integrates payout and partner services, unifying the end-to-end process with direct API access. With Tranglo Connect, companies can make payments to over 80 countries reliably and securely.
About Tranglo
Tranglo is a cross-border payment hub with a proven track record in business payment, foreign remittance and mobile payment solutions. Founded in 2008, we have offices in Kuala Lumpur, Singapore, Jakarta, Dubai and London. Our global network spans 100+ countries, 250+ mobile operators, 1,500+ banks/wallets and 60 cash pickup services with thousands of touchpoints. Tranglo is a proud partner of Ripple, the leading enterprise blockchain solutions for global payments. We offer enhanced cross-border payout services with even broader coverage through Ripple Payments. For more information, visit www.tranglo.com or connect via LinkedIn, Twitter or Facebook.
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