VIDEO INTERVIEW: Marcelo Licht, TransferTo’s EVP for the Americas, said billions are sent across the region via remittances every year but it is not the only payments market that interests the mobile money hub.
“We know how big the opportunity is in Latin America,” he said, giving the example of the $26 billion coming into Mexico every year and how 16 per cent of El Salvador’s GDP comes from remittance payments.
TransferTo is a wholesale provider filling a gap between money transfer firms and the wallet on user’s mobile phones.
Back in March, the firm signed an agreement spanning all the markets where Millicom offers its Tigo mobile money service in Central and South America: El Salvador, Honduras, Guatemala, Honduras, Bolivia, Colombia and Paraguay.
It also works with operators globally, for instance Vodafone and Millicom in Africa.
Licht also revealed that TransferTo sees a market in handling other payments, such as those at the point-of-sale.
Watch the full video here.