Tranglo's direct-to-wallet transfers remove intermediaries, making remittances more accessible by ensuring funds are immediately available to recipients. This is particularly beneficial for millions of rural recipients without access to traditional banks. Receiving money through e-wallets, which operate round-the-clock, provides a reliable and convenient alternative.
Representatives of Tranglo Group mentioned that their data shows a doubling of cross-border transactions to e-wallets since 2021. They observed that e-wallet payouts are now surpassing traditional banking transactions this year, especially in specific corridors like GCC to Pakistan, where there was a nearly 400% increase in transactions.
They also highlighted the aim of assisting businesses in creating additional value. For example, a significant partner based in the UAE experienced a substantial eightfold increase in transactions to Pakistan and Indonesia following the adoption of Tranglo's e-wallet payout service. It underscores the significant growth potential associated with e-wallets.
Tranglo's direct-to-wallet transfers are currently available in Bangladesh, Cambodia, China, Indonesia, Nepal, Pakistan, the Philippines, and Vietnam, with more countries to be added soon.
The e-wallet market has seen remarkable growth, particularly post-pandemic. Valued at USD 9.55 billion in 2023, the global e-wallet market is projected to grow at a CAGR of 28%. The Asia Pacific region holds the largest market share at 32.3%. By 2026, over 60% of the global population is expected to use an e-wallet.
Tranglo facilitates financial institutions and businesses to make payments through Tranglo Connect, its proprietary cross-border payments solution. Tranglo Connect integrates payout and partner services through direct API connectivity, enabling companies to make reliable and secure payments to over 80 countries.
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