{"id":1259,"date":"2020-11-17T09:27:23","date_gmt":"2020-11-17T09:27:23","guid":{"rendered":"https:\/\/www.reloadly.com\/blog\/?p=1259"},"modified":"2021-10-05T10:58:29","modified_gmt":"2021-10-05T10:58:29","slug":"international-money-transfer-solutions","status":"publish","type":"post","link":"https:\/\/blog.reloadly.com\/blog\/international-money-transfer-solutions\/","title":{"rendered":"Remittances Are Broken. Top-Ups Can Improve International Money Transfer Solutions"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_46 ez-toc-wrap-left counter-hierarchy ez-toc-counter ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69e8efe72d6c9\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69e8efe72d6c9\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-visibility-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/blog.reloadly.com\/blog\/international-money-transfer-solutions\/#How_mobile_phones_became_the_new_banks\" title=\"How mobile phones became the new banks\u00a0\">How mobile phones became the new banks\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/blog.reloadly.com\/blog\/international-money-transfer-solutions\/#Setbacks_of_modern_remittance_platforms\" title=\"Setbacks of modern remittance platforms\u00a0\">Setbacks of modern remittance platforms\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/blog.reloadly.com\/blog\/international-money-transfer-solutions\/#Top-up_As_a_Service_Unlocking_new_international_money_transfer_solutions_with_mobile_airtime_and_data\" title=\"Top-up As a Service: Unlocking new international money transfer solutions with mobile airtime and data\">Top-up As a Service: Unlocking new international money transfer solutions with mobile airtime and data<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/blog.reloadly.com\/blog\/international-money-transfer-solutions\/#Inexpensive_micropayments\" title=\"Inexpensive micropayments\">Inexpensive micropayments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/blog.reloadly.com\/blog\/international-money-transfer-solutions\/#Accessible_and_inclusive_payments\" title=\"Accessible and inclusive payments\">Accessible and inclusive payments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/blog.reloadly.com\/blog\/international-money-transfer-solutions\/#Speedy_cash_exchanges\" title=\"Speedy cash exchanges\">Speedy cash exchanges<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/blog.reloadly.com\/blog\/international-money-transfer-solutions\/#E-commerce_and_NGO_payments\" title=\"E-commerce and NGO payments\">E-commerce and NGO payments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/blog.reloadly.com\/blog\/international-money-transfer-solutions\/#Pandemic-_and_disaster-proof_payments\" title=\"Pandemic- and disaster-proof payments\u00a0\">Pandemic- and disaster-proof payments\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/blog.reloadly.com\/blog\/international-money-transfer-solutions\/#Ease_of_use\" title=\"Ease of use\">Ease of use<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/blog.reloadly.com\/blog\/international-money-transfer-solutions\/#Safe_Store_of_Value\" title=\"Safe Store of Value\">Safe Store of Value<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/blog.reloadly.com\/blog\/international-money-transfer-solutions\/#Final_thoughts_on_top-ups_as_international_money_transfer_solutions\" title=\"Final thoughts on top-ups as international money transfer solutions\">Final thoughts on top-ups as international money transfer solutions<\/a><\/li><\/ul><\/nav><\/div>\n<p><span style=\"font-weight: 400;\">While over 1.6 billion people remain <\/span><a href=\"http:\/\/www.globalfindex.worldbank.org\/\"><span style=\"font-weight: 400;\">unbanked<\/span><\/a><span style=\"font-weight: 400;\"> across the world today, most of them own mobile phones &#8212; a still widely underutilized conduit for international money transfer solutions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Today, thanks to the ubiquity of mobile phones, money can be sent to and received by more people in more destinations than ever before.\u00a0<\/span><\/p>\n<p><b>And not only in cash.<\/b><span style=\"font-weight: 400;\"> Mobile airtime and data top-ups are increasingly being transferred across borders, where the <\/span><b>phone credits are then exchanged for money <\/b><span style=\"font-weight: 400;\">through <\/span><a href=\"https:\/\/investinganswers.com\/dictionary\/p\/person-person-payments-p2p\"><span style=\"font-weight: 400;\">peer-to-peer transactions<\/span><\/a><span style=\"font-weight: 400;\">. This has proven to be a fast, convenient, inclusive and reliable solution for global remittances.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Up until now, businesses have used a variety of stand-alone payments solutions, including:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Mobile-to-Mobile transfer (M2M)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Mobile-to-Bank transfer (M2B)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Mobile-to-Cash transfer (M2C)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">While M2M, M2B and M2C solutions have created countless popular services for international money transactions to date, they have various inherent shortcomings. These solutions tend to be:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Very expensive<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Difficult to use for the unbanked<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Reliant on exclusive financial infrastructure (namely for M2B)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Inaccessible to many people in emerging markets<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">However, Airtime-to-Cash transfers have now been able to solve these long-standing industry challenges.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Using mobile top-ups as international money transfer solutions provide several benefits. Top-ups make international transfers:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Affordable &#8212; there are no fees<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Easy to send and receive<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Flexible &#8212; no need to visit a physical pickup location\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Inclusive &#8212; values as small as $0.50 can be sent<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">International money transfers can, through the medium of top-ups, be powered by the ubiquity of mobile phones.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This conduit provides new opportunities in the global remittances industry, which can now use an <\/span><a href=\"https:\/\/www.reloadly.com\/blog\/airtime-api\/\"><span style=\"font-weight: 400;\">airtime API<\/span><\/a><span style=\"font-weight: 400;\"> to piggyback on the global telco network to enable a money transfer system as intuitive as recharging a mobile phone.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By integrating mobile airtime top-up APIs into websites and apps, forward-thinking entrepreneurs and <\/span><a href=\"https:\/\/www.reloadly.com\/blog\/recharge-developer\/\"><span style=\"font-weight: 400;\">recharge developer<\/span><\/a><span style=\"font-weight: 400;\"> teams are already playing an increasingly important role in creating a more financially inclusive world that can address remote populations, including the unbanked.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But before we see how this revolution in mobile remittances is playing out, let&#8217;s look at how we got here.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Below, we\u2019ll first review how mobile phones are merging with the powerful global remittances industry.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_mobile_phones_became_the_new_banks\"><\/span><span style=\"font-weight: 400;\">How mobile phones became the new banks\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The global remittance sector is a multi-billion dollar industry. In 2019 alone, $554 billion was <\/span><a href=\"https:\/\/migrationdataportal.org\/themes\/remittances\"><span style=\"font-weight: 400;\">transferred<\/span><\/a><span style=\"font-weight: 400;\"> to countries in Asia, Africa and Latin America. While the <\/span><a href=\"https:\/\/www.worldbank.org\/en\/news\/press-release\/2020\/04\/22\/world-bank-predicts-sharpest-decline-of-remittances-in-recent-history\"><span style=\"font-weight: 400;\">World Bank<\/span><\/a><span style=\"font-weight: 400;\"> projects this volume to decline by 13% in 2020 due to the Covid-19 pandemic, the industry is expected to recover by 7% in 2021.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, despite the size and influence of the industry, current remittance services are inefficient and inadequate for serving such vast global demand. This reality opens up the sector to innovation that utilizes nimble and inclusive alternatives.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the information and digital age, mobile phones are the most veritable alternative to existing international money transfer solutions. Simultaneously, new technology has enabled developer teams to build improved mobile transfer solutions with more ease and flexibility.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Together, mobile phones and advanced API technology have coincided in a serendipitous moment for the global remittances industry\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The result: <\/span><b>Mobile phones have become mobile banks that trade in top-ups as international money transfer solutions.\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">This form of remittance has created the most universal reach for money transfers history. Because mobile phones are ubiquitous, it is thus easier for many people in emerging countries to now receive transfer through a mobile phone than a bank account.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s look at some figures to further illustrate where we stand.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Today, there are <\/span><a href=\"https:\/\/www.bankmycell.com\/blog\/how-many-phones-are-in-the-world\"><span style=\"font-weight: 400;\">more mobile phones than humans<\/span><\/a><span style=\"font-weight: 400;\"> &#8212; 104.32 mobile phones to every 100 people.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, about <\/span><a href=\"https:\/\/www.7billionworld.com\/\"><span style=\"font-weight: 400;\">1.7 billion people<\/span><\/a><span style=\"font-weight: 400;\"> around the world remain unbanked. Half of them live in China, India, Pakistan, Indonesia, Bangladesh, Nigeria and Mexico.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Using top-ups to fund people in these countries makes logical sense. In many emerging markets, <\/span><b>the effort of maintaining a mobile phone is cheaper and more convenient than opening a bank account.\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Furthermore, top remittance recipient countries already have built-in infrastructure &#8212; <\/span><b>these nations are home to the highest number of mobile phones in use in the world. <\/b><span style=\"font-weight: 400;\">China and India, the top two remittance recipient countries, double as countries with the <\/span><a href=\"https:\/\/www.statista.com\/statistics\/748053\/worldwide-top-countries-smartphone-users\/\"><span style=\"font-weight: 400;\">highest mobile phone users<\/span><\/a><span style=\"font-weight: 400;\">. Other top remittance recipients like the Philippines, Nigeria, Mexico and Egypt also have high mobile phone ownership.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Undoubtedly, mobile phone top-ups can play a logical role in remittance services for a large part of the world that is currently under or poorly served.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Setbacks_of_modern_remittance_platforms\"><\/span><span style=\"font-weight: 400;\">Setbacks of modern remittance platforms\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Remittance platforms help move money globally, but not without hassle. There are several major challenges the current status quo presents, including:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Expensive transfer charges<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Remittance platforms charge extremely high prices. Some of them take cuts from both the sender and the recipient.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As of 2020, the <\/span><a href=\"https:\/\/www.worldbank.org\/en\/news\/press-release\/2020\/04\/22\/world-bank-predicts-sharpest-decline-of-remittances-in-recent-history\"><span style=\"font-weight: 400;\">World Bank<\/span><\/a><span style=\"font-weight: 400;\"> reported that the average cost of sending $200 to a recipient country could be as high as 6.8%, more than double the target of 3% of the UN\u2019s Sustainable Development Goals.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Remittance costs to Sub-Saharan Africa are the highest, averaging an incredible 9%.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Exclusionary services<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Some remittance platforms exclude users from some top remittance recipient countries, while others do not have a supportive model for these excluded areas.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">They are reliant on existing financial institutions and intermediaries that cannot provide remittance services for people who usually need it most. Besides, their heavy financial intermediation makes the process more expensive and complex as it passes through different channels.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Slow transfers<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Remittance services were once considered fast, but times and technology have changed.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Remittance models such as M2B and M2C are now particularly slow. These solutions require traveling to a physical facility, presenting some form of identification, and then waiting in queues for long hours. This passes on a heavy inconvenience for the recipient.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Lack of transparency<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">It&#8217;s hard to trust many remittance platforms.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The rate of exchange offered can be outrageously high and these platforms work overtime to conceal this. Recipients are then forced to receive money much lower than the exchange rates because they have limited options.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Furthermore, accounts can be closed or restricted arbitrarily &#8212; even with money in them. Users are then faced with the challenge of contacting customer care agents who could be unresponsive or unhelpful.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Security issues<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">There is, unfortunately, a high amount of theft and robberies that occur at cash pickup locations in receiving countries. Remittance platforms cannot guarantee the security situation of these pickup locations, and if the recipient falls prey to a robbery there is nothing that can be done.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sending money via top-ups no longer makes it necessary to visit physical pickup locations, completely avoiding any potential for robbery.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Top-up_As_a_Service_Unlocking_new_international_money_transfer_solutions_with_mobile_airtime_and_data\"><\/span><span style=\"font-weight: 400;\">Top-up As a Service: Unlocking new international money transfer solutions with mobile airtime and data<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There are numerous ways that mobile airtime and data top-ups are enabling new on-the-ground solutions for remittances across the world.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Below, we have highlighted some of the most common benefits.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Inexpensive_micropayments\"><\/span><span style=\"font-weight: 400;\">Inexpensive micropayments<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The cost and transactional limits of conventional remittance services make micropayments expensive, slow and financially unviable. However, airtime top-ups allow<\/span><b> values as low as $0.50<\/b><span style=\"font-weight: 400;\"> to be sent within five seconds.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With that, users can help send small payments for low-cost goods and services that would otherwise make no sense sending via traditional remittance platforms &#8212; transferring the money would simply be too expensive to rationalize the remittance fees.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Accessible_and_inclusive_payments\"><\/span><span style=\"font-weight: 400;\">Accessible and inclusive payments<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Mobile phone penetration is accelerating by the day. With more than 5 billion prepaid users predominantly in financially excluded countries (which often double as high remittance recipient countries), <\/span><b>airtime top-ups as a remittance provide a wider reach than any other international money transfer solutions <\/b><span style=\"font-weight: 400;\">out there.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now, through a mobile device, people can simultaneously access fundamental banking services. This includes receiving, sending and saving money at the click of a few buttons.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A user&#8217;s registration with a telco service will suffice; they don&#8217;t have to go through exhausting processes to register for receiving their money.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Speedy_cash_exchanges\"><\/span><span style=\"font-weight: 400;\">Speedy cash exchanges<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Airtime top-ups get sent in seconds.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Recipients can then easily exchange their top-ups for cash through available peer-to-peer exchanges, such as mypatricia.co or Cheetahpay.com.ng in Nigeria.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"E-commerce_and_NGO_payments\"><\/span><span style=\"font-weight: 400;\">E-commerce and NGO payments<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Airtime top-ups can be collected as payments by physical and online stores. <\/span><b>Websites and e-commerce platforms can easily integrate airtime top-ups as a payment method <\/b><span style=\"font-weight: 400;\">in their check-out system infrastructure.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nonprofit and charitable organizations can also integrate airtime top-ups into their donation payment pipeline.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Pandemic-_and_disaster-proof_payments\"><\/span><span style=\"font-weight: 400;\">Pandemic- and disaster-proof payments\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The coronavirus pandemic altered the state of affairs globally &#8212; especially the remittance sector.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Many immigrants lost their jobs and were no longer able to afford to send money home.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition, the forced closure of businesses and physical stores due to lockdowns meant that money could not be sent or received; existing channels were not dynamic enough to respond to the exodus to online services.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With the remittance sector <\/span><a href=\"https:\/\/www.fitchratings.com\/research\/sovereigns\/apac-remittances-and-coronavirus-shock-08-09-2020\"><span style=\"font-weight: 400;\">projected<\/span><\/a><span style=\"font-weight: 400;\"> to recover in 2021, airtime top-ups can establish a new conduit for international transfers that enables users to send and receive money without any barriers.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Because of top-up transfers completely digital infrastructure, users can continue to conduct transactions in challenging conditions, be it a pandemic or natural disaster.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Ease_of_use\"><\/span><span style=\"font-weight: 400;\">Ease of use<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Recipients don&#8217;t need to understand banking terminology before making a transaction. If they can make and receive calls on their phones, they can manage airtime top-ups and exchange them for cash.\u00a0<\/span><\/p>\n<p><b>All users need to do is to set up a password for airtime sharing via USSD; they don&#8217;t even need the internet.<\/b><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Safe_Store_of_Value\"><\/span><span style=\"font-weight: 400;\">Safe Store of Value<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">One complaint users of remittances platforms have is the excess control wielded over them. Some users get blocked abruptly, and others are required to provide means of documentation they might not possess.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, with a registered SIM card from a telecommunications company, the possibility of such occurrences is almost zero.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, a user has complete control over the airtime they have. They can set up passwords, fingerprint scanners, face scans and other mobile security settings to further safeguard their airtime and data.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Final_thoughts_on_top-ups_as_international_money_transfer_solutions\"><\/span><span style=\"font-weight: 400;\">Final thoughts on top-ups as international money transfer solutions<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The international remittance market faces numerous challenges, including expensive services, slow transfers and a lack of inclusivity.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Reloadly\u2019s mobile airtime and data top-up API enables our users to easily serve financially excluded areas in emerging countries.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Developers can build a scalable business providing Airtime-to-Cash remittances with our easy-to-integrate airtime top-up API, SDK or widget.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Set up is intuitive, and you\u2019ll be connected to over 900 mobile operators in more than 145 countries within minutes. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Top-ups are an inexpensive, reliable and safe international money transfer solution. <\/p>\n","protected":false},"author":13,"featured_media":1261,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[216],"tags":[218,217,219],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.7 - 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