Mexican wise launch to tap the $ 28 billion market to remittance

Cross-border payment owner wise Continues to expand American Americans by launching Mexico.

London-based company Office has partnered In a news release Thursday (January 30) that today users can send money from Mexico to more than 160 countries upwards of 40 currencies. It also allowed Mexican nationals living in the US to send money back home.

It is wise to say these types of account transfer for “third largest corridor” for US customers, with the number of transfers to this route that doubles in the past two years.

“The launch of our Mexican services is a continuation of our strong, steady growth of North and Latin America,” technology officials Serred Sinha said to release. “Mexico, a region where consumers have been loaded by unreasonable fees, providing a strategic opportunity to change our mission and open a major currency route to prevent our business.”

Releasing says that while Mexican consumers are expected to send nearly $ 28 billion remittances this year, consumers have lost 346 million last year because of hidden fees.

“These fees can be buried in good printing, add to the last minute, or compounded by other expenses such as exchange rate marks, which is in line with it,” in addition to release.

The company records that this launch marks the continuity of America, following the progress of Brazil wise and saw the number of Brazil’s individual customers growing 94% of the final fiscal year.

It is also wise beginning to collaborate with the Giant Digital Banking Nubank In Brazil, with that company using the smart infrastructure to issue multi-currency accounts and debit cards.

As Pymts writes last year, Latin America (Latam) proves to be a Main target For the fintechs, the population is given the youth of young men, digitally-savvy consumers, unknown populations and a “regulatory environment in accordance with digital change.”

“Brazil stands here as an example of Appealing to the latrineGiven two-thirds of self-consumers, the average sample age is 42, under nearly 118 countries, compared to the total average of 29%, “that report said.