Remittances are a source of funds. eMoney wallets need access to all sources of funds. Cash at the street, bank account to wallet and remittances to wallet.
eMoney wallets have the advantage of having a real time digital relationship with the consumer whether that’s the sender of funds or the recipient of funds. The eWallet app provides convenient KYC and AML data capture for both the sender and the receiver.
eMoney wallets reduce the friction of queues, KYC processes, reduction of leakage, reduction of fees and the human risk in cash collections and pickup. The recipient of remittances into the eWallet can cash out whenever they want at their own personal convenience.
Payroll and government disbursements can be directly loaded or sent to the eMoney wallet.
Some consumers may not have a bank account to receive remittance, an eWallet takes care of that. Key international and local regulatory requirements for KYC and AML data capture on the sender and receiver are handled nearly instantaneously. The eWallet Consumer App enables the consumer to do in-store payments, online payments and money transfer. Remittance companies are utilising feature rich, downloadable consumer apps to stay relevant and not be disintermediated.
A consumer needs convenience, security and freedom to “tap” and “snap”.
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