Thunes launches instant cross border payments in Columbia with MOVii
By Edlyn Cardoza
Thunes, a Singapore-based global payments company, recently announced a partnership with MOVii, a leading digital challenger bank and mobile payments platform in Colombia, to launch the country’s first instant cross-border payments using MOVii mobile wallets. This trailblazing move transforms how people send and receive money worldwide, enabling businesses and consumers in Colombia and the global Colombian diaspora to benefit from simple, faster, and transparent transfers.
Fast-growing FinTech MOVii currently has more than 3.0 million mobile wallet users. Colombians have used its digital platform extensively during COVID-19 lockdowns to efficiently transfer money to family and friends from the safety of their homes.
Money sent home by Colombians working and studying overseas has a significant impact on the local economy. Received remittances in Colombia have climbed to over $8 billion, contributing to almost 3% of the country’s GDP.
“We are excited to partner with MOVii to strengthen our fast-growing network in Latin America. Previously, a cross-border payment to Colombia using traditional corresponding banking networks could take several days and involve hidden fees and a lack of transparency. Now MOVii’s with more than 3.0 million users can receive money across the world in any currency as quickly and cost-effectively as a local transaction. This convenience brings significant benefits to consumers, entrepreneurs and businesses,” said Gabriel Carvajalino, VP of Network Development at Thunes.
This latest partnership shows Thunes responding to rapidly growing demand for Latin America, building on recent expansion elsewhere in the region. In recent years, rapid improvements in Internet penetration and surging mobile phone adoption – predicted to climb from 59% in 2019 to 82% by 2025 – have transformed the lives of Colombians and led to increased take-up of online banking. Mobile wallets like MOVii are helping to meet Colombians’ demand for faster and more efficient financial services.
“Our partnership with Thunes will enable us to empower our existing mobile wallet users further to send and receive money instantly from all around the world. Thunes’ global network covers 127 countries, so this means that Colombia residents will now be able to receive money transfers from their family and friends residing globally,” said Hernando Rubio, CEO and Co-founder MOVii.