The world is evolving and constantly in progress. Digital technology never ceases to amaze humanity, while making the end user’s life more practical. It is past time for a peaceful revolution in the cash remittance industry.
There are two billion underbanked, cash dominant people in the world.
Most of those underbanked people are migrants residing in developed countries.
In the United States, some 30 million people transfer money to their families abroad. They often move and lack a clear enough digital data footprint to be trusted by financial institutions and thus do not trust those very same financial institutions.
The Remittance Industry
The remittance services industry is fragmented. Primarily consumers use regionally known industry brands they are familiar with that offer the best service known to them. However, many of these service providers do not offer advanced online services if at all.
For instance, money transfer brands such as Pontual and Prabhu, focus on servicing Brazil and Nepal. They transfer millions of dollars each year while they continue seeking greater presence online. They utilize opportunities to expand and offer their service to other communities.
Offline money transfer agents can be compared to the relic travel agents when, as early as the 2000s, budget aware travelers began to book their own trips online, causing the travel agents to close shop.
Some 200 US based cash transfer companies do not activate funds transfer online due to the fact that they cannot identify and/or underwrite the end consumer. These companies comprise the remittance industry, sending $715 billion globally, in 2019, of which $150 billion is sent from the United States to the rest of the world. With every million dollars sent yielding $1.6 million dollars in value-added output locally, remittances carry a multiplier economic impact.
WireCash is the only online agent for 26 of the 200 companies that offer money transfer efficiency to anywhere in the world, with best end results, while offering more transparency. Most important, driving the cost of the transfer down to around 3%. These cost savings enable hardworking money senders to save and/or send more money to their family back home.
The Remittance Options Available Today
Now, most cash remittance transactions take place at an agent’s physical location but come with risk of carrying cash, paying high fees, a lack of transparency and high manual error rates, while recipients could wait for days for the money to be transferred.
The industry is shifting its business online, albeit not as fast as other industries. Legacy cash remittance providers have been struggling to make the transition into the digital era. Only 6 out of the 200 (97%) licensed money transmitters possess a significant digital presence. Additionally, these early entrants to the online space are frequently hindered by limited payout locations, a lack of proprietary global distribution, high fees and poor customer experience.
Nearly one trillion dollars of the international money remittance industry is yet to be digitized. It lacks the ability to develop the required technological infrastructure to facilitate meaningful business scaling.
Despite being our society’s hard working people, the money industry’s consumers are often overlooked. Many have chosen to uproot from their homeland and seek a better life in the United States, filling many job gaps, selflessly and disregarding their own tenuous finances. They send upward of 50% of their paycheck back home to help support their family’s needs of food, medical care, education and housing expenses.
The proverbial money transfer industry, on which hardworking, mostly immigrants, rely, that has been providing a necessary service for years, has experienced transition period difficulties.
Making an impact on the lives of consumers is what motivated Ran Grushkowsky (CEO and Co-Founder) to start WireCash. Mr. Grushkowsky, possesses technology development, cybersecurity and payment expertise. He recognized the lack of transparency, exploitive rates, and structural inefficiencies present in the industry. He saw it was the right and ripe time for improvements; to build a technology-anchored business designed to serve the best interests of money transfer companies and their hardworking customers.
With an initial focus on global money transfers, one can say that what WireCash began doing for cash remittances equates to what Expedia did for travel. It has built the only online ‘aggregator marketplace,’ giving all money transfer companies the opportunity to expand their services digitally, while underbanked consumers can compare options and complete transfers from their work or home, in real time, to anywhere around the world with significant savings on fees.
WireCash is the cash remittance destination of all those who employ the migrant workforce, helping them save money with much flexibility.
As the minimum wage increases, cash remittances will proportionally increase.
In the early 21st century, there are 250 million migrants worldwide.
The migration forecast for the next ten years indicates that 500 million people will come to a working age and no one will be able to stop them from seeking better and/or steadier work opportunities in other than their homeland. One of the first things they will be doing after getting their first paycheck will be to figure out the best way to send money home to help their struggling family. Here WireCash comes in for consideration with efficiency, convenience and savings.
Growth Potential With Wirecash
By using WireCash technology, regulatory and banking, legacy and new money transfer company services can enhance competition at a fraction of the current cost.
WireCash has the potential to aggregate multiple money remittance companies into one online marketplace, the ability to approve customers others reject; while following state and federal regulations.
This unique business model invites business development pacts, integrating and upcoming collaborations with immigrant populations, churches, payroll companies, payday lenders/check cashers, healthcare, and travel industries.
Maintaining Steady US Growth, International Expansion
While sustaining and accelerating growth in the USA, with attractive financial expectations in 2019 and 2020, WireCash is already looking at potential international markets targeting 2 billion consumers worldwide.
WireCash entered the cash remittance industry equation with the most sophisticated technology. They were able to identify the cash user while abiding by state and federal deregulatory authorities demands. That means avoiding money laundering and terrorism funding, also evading fraudulent transactions and scam artist operations.
In 2017 the UN and World Bank awarded WireCash the innovative remittance REM TECH Award.
The propitious WireCash proprietary is now the cash remittance industry’s best risk free technology and service.