International Remittance has grown consistently over the past years. In 2013, more than USD 500 billion was transferred through formal channels and twice the amount through informal channels. The high use of informal channels is a result of the high cost of traditional services, normally around 9%.
Projected growth for International Remittance is more than 10% in 2014 and 2015 respectively, reaching USD 534 billion in 2015.
Sending markets are mostly developed economies, with high smartphone penetration and a demand for instant transactions. In these markets, smart phones are replacing traditional wallets, making digital channels for IR an important part of the ecosystem. According to a research by Juniper, approximately USD 12 billion in mobile remittances occurred in 2011 and the volume is expected to reach $55 billion by 2016.
The Receiving markets are mainly developing economies with low traditional banking service penetration. The number of MMOs rose to 208 in 2013, mostly in developing countries.
The combined demographics provide a great opportunity for mobile operators to offer IR services for unbanked population in developing countries, the top receiving markets for IR.
Target the unbanked in receiving markets
Increase convenience in sending money while reducing dependence on local agents
Increased acquisition and reduced churn through additional OTT services
Geographical Expansion with corridors to existing MMT services (if any) by partnering with MNOs, MTOs on multiple corridors
Increase ARPU as customers use additional funds in wallets to perform downstream transactions
Increased deposits – in mobile money accounts
Convenient send/receive on mobile phones.
In person transfer agents not required
Transfer wherever, whenever with mobile network or via Wi-Fi connection
Flexible transfers to receivers without bank account
More reliable, faster and safer than informal money transfer options
Receive and store money in mobile wallets
Cash out from any locations via partnerships
The people who have trusted us so far
Vopium is a software-based mobile communications and remittance solutions provider offering low cost or free calls capability on white-label basis using VoIP and Wi-Fi technology. Founded in 2006, Vopium has its main offices in Denmark and Luxembourg, with the development team located in Pakistan.
DK-2100 København Ø