KoronaPay, one of the largest international money transfer services, announced that it has reached $1 billion in monthly remittances after a strong performance in 2021 and continued expansion in Europe. The company now has 13 million users and is acquiring over 10,000 new users every week as it makes further in-roads into the remittance market in Europe.
KoronaPay is on a mission to reduce cross-border payment fees for the lifeline of migrant cash that is sent back home from former residents of low-income countries. It offers zero-commission money transfers as well as a market-beating exchange rate margin. Having built the largest money transfer service in the CIS region - where money transfer fees are among the lowest in the world - the company is now looking to win over the migrant population in Europe.
KoronaPay was awarded its EMI (Electronic Money Institution) license in Europe in 2018 and now offers payments across 79 countries in Europe, CIS, Middle East, and Asia. The company is targeting €300 million of remittances per month in Europe by the end of 2022.
Thanks to its proprietary infrastructure - it has built its own payment network rather than relying on a third party - it is able to offer the lowest fees as well as the fastest, most reliable and most convenient service. The company offers instant ‘card-to-card’ and ‘card-to-cash’ money transfers. Its payment network includes 550 banks and major retailers, as well as over 54,500 high street agents where recipients can receive remittances as cash.
“Despite considerable innovation in the payments industry, money transfer fees remain stubbornly high in Europe and we see considerable opportunity for growth,” said Gleb Kozlov, CEO at KoronaPay Europe. “We are winning over the migrant population thanks to our highly competitive fees and our fast and convenient service. While digital payments have soared during the pandemic, the migrant population is still heavily reliant on cash and the majority of transfers made through our app are received as cash.”
Migrants from low- and middle-income countries sent almost £600bn to support friends and family last year as global economic growth spurred a rebound in remittances. KoronaPay has one of the highest user ratings with 4.7/5 on Google Play, 4.6/5 on AppStore and 4.8 on TrustPilot. Furthermore, 76% of KoronaPay’s users are repeat customers.
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