Nasdaq Stockholm-listed Seamless’s mobile SEQR payment solution has announced in early July that it is launches its international remittance service, where transfers from Sweden directly to India and Thailand will be the first deployment of the service. Seqr users can now make international money transfers – or “remittances” – to non-Seqr users.
Seqr customers can already transfer money to one another across the 16 countries where Seqr is available. The new service enables customers to transfer money outside of these countries.
The market for international remittance services is vast with approximately $600bn remitted globally on an annual basis, at an average cost of 7.52% of the transferred amount.
“Demand for international transfers is constantly growing as the movement of people becomes increasingly global. India, one of Seqr’s launch corridors, received 12% of the total remitted volume globally so it makes perfect sense for Seqr to start here, offering a convenient solution to the Swedish market that is considerably cheaper than traditional remittance services,” says Peter Fredell, CEO of Seamless, adding: “Following the launch of India and Thailand we intend to rapidly expand the number of countries to which Seqr’s customers can transfer money.”
For a promotional period, international remittances via the solution will initially be free of charge.
Seqr enables anybody with a smartphone to pay in stores, at restaurants, in parking lots and online, to transfer money at no charge, store receipts digitally, connect loyalty programs, and receive offers and promotions directly through one mobile app. The user simply uses the Seqr app to scan a QR code at the check-out and enters a PIN code to approve payment. Fast, safe and convenient. Seqr is also NFC compatible.
The proprietary technology makes it possible for merchants to half the transaction fees charged by traditional credit-card companies. It is developed by Seamless, one of the world’s leading suppliers of payment systems for mobile phones. Founded in 2001 and active in 26 countries, Seamless handles more than 3.7 billion transactions every year through 575,000 active sales outlets.
Some 6,200 merchants have chosen Seqr. In 2013, it won the Mobile Money Global Award for Best Mobile Money.