Southeast Asia’s remittance market is currently dominated by incumbent money transfer operators (MTO) and financial institutions, but many of the economically-vulnerable foreign workers that comprise one of its most active user groups continue to be reliant on unlicensed agents.
Grab’s wallet-to-wallet remittance product will allow both banked and unbanked senders to remit money instantly and securely to receivers in another country using their GrabPay wallets. Moreover, receivers can access transferred funds instantaneously.
In addition, receivers can either choose to cash out the remitted sum via the regular network of cash-out points or use it on everyday transactions. Other features are a simple and one-time onboarding process done in-app and the guaranteed end-to-end transfer of funds from Sender to Receiver as Grab takes ownership of the funds movement.
The remittance product will be launched by Grab in early 2019.
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