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Tranglo, Esewa Money Transfer to boost Nepal remittance

Thursday 3 August 2023 09:51 CET | News

Cross-border payment hub Tranglo has expanded its partnership with Nepal-based digital remittance company Esewa Money Transfer to boost Nepal’s remittances.

 

According to the official release, Tranglo’s global partners can now send transactions via Tranglo to eSewa digital wallets. This is anticipated to facilitate digital transfers to millions of recipients in Nepal.

As part of the partnership with Esewa Money Transfer, a subsidiary of F1Soft Group, the cross-border payment hub will additionally enhance F1Soft’s core remittance solution through direct API access and intelligent integration.

The eSewa mobile wallet reportedly provides customers with the capability to receive remittances, make domestic money transfers, and settle utility bills via a network of 10,000 billers. Its acceptance extends to more than 1.3 million nationwide merchants equipped with QR code payment capabilities.

As outlined in the official statement, Esewa Money Transfer’s network and the access to the over 7.5 million eSewa mobile wallet users are expected to further extend access for both senders and recipients of remittances.

The news of the extension of this joint venture that seeks to boost Nepal’s remittances comes at a strategic moment, as the country’s remittance flows are reportedly surging. According to data shared in the press release, in the first 11 months of the current fiscal year, Nepal received over USD 8.5 billion in remittances. This marks a 13% increase compared to the same period in the previous year.

When commenting on the latest announcement, a representative from Tranglo mentioned that, with remittance constituting more than 20% of the country's GDP, enhancing the cross-border payment process in Nepal stands as a primary objective for the company.

Cross-border payment hub Tranglo has expanded its partnership with Nepal-based digital remittance company Esewa Money Transfer to boost Nepal’s remittances.

 

What do Tranglo and Esewa Money Transfer bring to the table?

Tranglo is a cross-border payment hub that extends services such as business payments, foreign remittance, and mobile payment solutions. Its global network includes over 150 countries, 5,800 mobile operators, 2,200 banks and wallets, and 140,000 cash pickup points.

Since integrating Ripple's cross-border payments in 2020, the payment hub extended its cross-border payout services with a wider coverage through RippleNet, Ripple’s global payment network.

Esewa Money Transfer is a digital remittance company that provides remittance services to Nepal citizens around the world. Its ecosystem features over 13,800 dedicated remit agents, and more than 100,000 cash pick-up enabled wallet agent locations, banks, financial institutions, and their branches. 

What is more, the digital remittance provider reportedly has access to more than 7.5 million eSewa mobile wallet users.

The Esewa Money Transfer is also licensed by the Nepal Rastra Bank under foreign exchange regulation.

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Keywords: partnership, remittances, cross-border payments, payments , digital wallet, merchants, fintech, paytech
Categories: Payments & Commerce
Companies: eSewa Money Transfer, Tranglo
Countries: Nepal
This article is part of category

Payments & Commerce

eSewa Money Transfer

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Tranglo

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