WorldRemit partners with Varo Money
WorldRemit has formed a partnership with Varo Money.
The partnership will enable Varo customers direct access in the Varo app to the WorldRemit service, making it easy for Varo customers to send money abroad directly from their mobile phones.
The collaboration brings together two fintechs with the shared objective to deliver modern banking and money transfer services to consumers in a secure, convenient and cost-effective way.
“The banking and money transfer industries have been dominated by incumbent and offline providers requiring consumers to fit their lives into the limited opening hours and locations of bank branches, ATMs or money transfer agents,” says Daniel Canning, managing director, Americas, WorldRemit.
“Together Varo and WorldRemit are turning traditional banking and money transfer services on its head and delivering services that customers want via their smartphone 24/7.”
“The partnership with WorldRemit will help Varo customers make international money transfers easily and at a low cost,” says Jaime Jerusalmi, head of partnerships for Varo Money. “This is another step in the direction of helping our customers improve their financial lives.”
Changing customer wants and needs are evidenced by the fact that nine out of 10 mobile banking users in the US prefer to use apps over going into a physical branch, and 68% of millennials said they could see their smartphone replacing their physical wallet.
While typical use of mobile banking apps include checking balances and paying bills, 57% of mobile banking users said they make money transfers via their mobile phone.