New App Lets Senders, Receivers Communicate During Money Transfer
Oct. 11, 2013
Online remittance service Remitly announced the launch of its new mobile app this week at Money2020 in Las Vegas. The new app, which enables mobile money transfers between the U.S. and the Philippines, lets users communicate before, during or after the transfer takes place.
“That matters a lot to customers,” said Matt Oppenheimer, co-founder and CEO of Remitly. “It’s something that lets people establish trust early on. If you think about using a new digital financial services product, often times for our customers, the first they’ve ever used. It’s a big barrier to get over that trust and part of it is you want to connect with the person you’re sending money to thousands of miles away.”
Oppenheimer said the remittance process traditionally is impersonal and frustrating with the remittance company serving as a barrier, rather than as a facilitator. The company plans to offer money transfer to other markets, but began with the Philippines due to the high percentage of banked consumers that were tech savvy, according to Oppenheimer.