Tranglo, a Singapore-based fintech specialist, announced that it will expand its cross-border payment network for instant and direct transfers to over 30 e-wallets.
Tranglo is headquartered in Kuala Lumpur, Malaysia, and was established in 2008. It also has offices in Kuala Lumpur, Singapore, Jakarta, Dubai, and London. This cross-border payment hub has a unique specialty in foreign remittance, business payment, and mobile payment solutions. Tranglo’s coverage is available in over 100 countries, with 1,500+ banks/wallets, 60 pickup services, and 250+ mobile operators. Also, its Ripple proud partner is known as a leading enterprise blockchain solutions provider for global payments, so Tranglo has cross-border payout services through Ripple Payments.
The benefits of Tranglo’s direct-to-wallet transfers include the elimination of intermediaries, allowing access to funds instantly to recipients and remittances. These are functional for rural recipients with no access to banks, and e-wallets are reliable alternatives available day and night.
Tranglo Group representatives claim that, based on data, cross-border transactions to e-wallets have doubled since 2021. In specific corridors like GCC Pakistan, e-wallet payouts surpassed traditional banking with an almost 400% increase in transactions. Also, they have a goal of creating additional value for business. Also, they have a goal of creating additional value for helping businesses. A good example is the eightfold increase in transactions to Pakistan and Indonesia of an important partner in the UAE after using Tranglo’s e-wallet payout service. It shows the growth potential of e-wallets. Currently, users in Bangladesh, Cambodia, China, Indonesia, Nepal, Pakistan, the Philippines, and Vietnam have access to Tranglo’s direct-to-wallet transfers, and more countries will be added soon.
After the pandemic, the e-wallet market experienced significant growth, and It’s expected the global e-wallet market, with USD 9.55 billion in 2023 value, will witness a CAGR of 28% growth. The largest market share belongs to the Asia Pacific region at 32.3%, and it is predicted that more than 60% of the global population will use an e-wallet by 2026.
Financial institutions and businesses can use Tranglo Connect to make payments with ease. Tranglo Connect uses a direct API connectivity to integrate payout and partner services to enable companies to have safe and reliable transactions in over 80 countries.
