Thunes launches instant cross-border payments in Columbia with MOVii

Friday 27 May 2022 09:04 CET | News

Singapore-based fintech Thunes has partnered with MOVii to deliver instant cross-border payments to Colombia through the latter’s mobile wallets.

The recent development enables businesses and consumers in Colombia, and the global Colombian diaspora to benefit from cross-border transfers. MOVii currently has more than 3.0 million mobile wallet users and Colombians have used its digital platform to transfer money to family and friends.

According to the press release, money sent home by Colombians working and studying overseas has a significant impact on the local economy. Received remittances in Colombia have climbed to over USD 8 billion, contributing to almost 3% of the country’s GDP.

This partnership shows Thunes responding to demand for Latin America, building on recent expansion elsewhere in the region. In recent years, improvements in Internet penetration and surging mobile phone adoption, predicted to climb from 59% in 2019 to 82% by 2025, have transformed the lives of Colombians and led to increased take-up of online banking, the company says. Mobile wallets like MOVii are helping to meet Colombians’ demand for financial services.

Representatives from MOVii stated that their partnership with Thunes will enable them to facilitate their existing mobile wallet users further to send and receive money instantly from all around the world. Thunes’ global network covers 127 countries, so this means that Colombia residents will now be able to receive money transfers from their family and friends residing globally.

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Keywords: cross-border payments, money transfer, remittance, instant payments, partnership, digital wallet
Categories: Payments & Commerce
Companies: MOVIi, Thunes
Countries: Colombia
This article is part of category

Payments & Commerce




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