WorldRemit expands into Russia
Digital money transfer service now available for Russians living abroad at 5,000+ locations
London, 15 December 2016: Digital money transfer service WorldRemit is now available for the Russian diaspora. By partnering with the oldest Russian PaymentSystem CONTACT, WorldRemit customers can now send money to be collected as cash at any CONTACT office across Russia in euros or dollars.
With the WorldRemit app or website, people in more than 50 countries can send instant, secure money transfers to more than 125 destinations. Known as the ‘WhatsApp of money’, WorldRemit makes sending a remittance as easy as sending an instant message.
Over 20 million Russians live in the diaspora and remittances play a significant role in Russia’s economy. According to the World Bank, Russia received $6.87bn in remittances in 2015.
Ismail Ahmed, founder and CEO at WorldRemit, comments: “Many Russians living abroad work hard to support family members back home. Until now, they’ve had to endure the inconvenience and high fees from visiting offline money transfer agents. Now with the WorldRemit app, the Russian diaspora has a simple, convenient way to send money back to Russia.”
Elena Gafarova, vice-president for international development at CONTACT system, says:“Money transfers were one of the first financial services that underwent digitalisation through mobile technologies and further consolidated its presence as mobile apps as well as in social networks and messengers. CONTACT’s software was designed to be flexible in integration with advanced digital and mobile technologies like the WorldRemit app. Now, our joint service will let everyone send remittances to Russia faster,easier and with lower costs”.