Xendpay’s Nepalese ‘money on a mission’ initiative has also been designed so that funds that are transferred can be paid out through both a bank account and via a mobile wallet.
World Bank data indicates that direct remittances continue to account for a significant portion of Nepal’s GDP - this accounted for 28.8% in 2013, equivalent to USD 19 billion. In 2013 the personal remittances received by Nepal accounted for USD5.5billion, an increase from USD 2.9 billion in 2009.
However, statistics also show that in 2014, people sending money to Nepal lost USD 277 million dollars, based on an average of 5% fees and markups on exchanging currencies. In Nepal, where 56% of people earn less than USD2 per day this is a significant decrease in the end value of the funds received.
Xendpay is a privately held company established in 2005. Xendpay is authorised by FCA (as a Payments Institution and is a member of SWIFT.
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