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Barclays, the Mastercard Foundation and Ripple have joined in a $1.7 million funding round for overseas remittance startup SendFriend. 
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Samsung Pay users can now wire money intentionally through their mobile phones and save in fees compared to sending money overseas via conventional remittance route. Samsung Electronics Co. said Wednesday that it has begu
Vineet Anand's insight:
Samsung Pay to venture into remittance business including US! I question the strategy as this is a very price sensitive, with speed and transparency playing an important aspect. Western Union, Zoom, MG and other entrenched apps are meeting the needs of current smartphone users for account to account; and agent payouts. Unless proven wrong, believe this strategy will not help build a greater user base for Samsung Pay as other remittance brands are well entrenched, established and competitive.
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The Western Union Company (NYSE: WU), a leader in global payment services, and WeChat, a leading social communication platform owned by Tenc
Vineet Anand's insight:
WUConnect platform now offers money transfer service via WeChat, messaging service owned by Tencent, with ~650 million MAU's. Recipients can receive funds at retail location, mobile wallet or bank account!
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London-based online and mobile money transfer startup Azimo has raised $20 million in funding to support expansion in Europe and to new markets in North America and Asia.
Vineet Anand's insight:
$600 billion remittance market is getting more attention from investors - Azimo $20 million, Transferwise $58 million and WorldRemit $100 million since start of 2015! Digital frontier is becoming competitive for the established players Western Union and MoneyGram.
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Not only do women move half of global remittances, they send a greater percentage of their wages than men. In a press release related to this year's
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Curated by Vineet Anand
Payment Industry leader passionate about Fintech, Innovation in Banking, Product Management & Strategy, driving revenue growth through client management, business development and P&L focus.
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Remittance market now has another start-up SendFriend vying for the $650 billion market that will use XRP as the vessel to move funds. A highly competitive space, with SendFriend looking at US to Philippines corridor as their initial pipe.