Fintech Tranglo has announced an expansion of its cross-border payment network, enabling instant and direct transfers to more than 30 eWallets.

Tranglo’s direct-to-wallet transfers eliminate the need for intermediaries, making remittances more accessible by ensuring funds are available to recipients immediately. This is especially important for millions of rural recipients, who often lack access to traditional financial institutions. Receiving money through eWallets, which stay open 24/7 offers a more a reliable and convenient alternative.

Tranglo Group CEO Jacky Lee said: “Our data shows that cross-border transactions to eWallets have doubled since 2021. Across the board, eWallet payouts are outpacing banking channels this year, with some corridors, like GCC to Pakistan, experiencing a surge of nearly 400% in transactions.”

“It’s all about helping businesses create more value. For example, 1 of our biggest partners in the UAE saw an 8-fold increase in transactions to Pakistan and Indonesia after adding our eWallet payout service. The growth opportunity presented by eWallet cannot be overstated.”

With Tranglo Connect companies can make payments to over 80 countries.

Tranglo’s direct-to-wallet transfers are available in Bangladesh, Cambodia, China, Indonesia, Nepal, Pakistan, the Philippines and Vietnam

Digital wallets have experienced exponential growth, especially after the pandemic. Valued at $9.55bn in 2023, the global eWallet market is expected to grow at a CAGR of 28%. Asia Pacific has the largest share by region at 32.3%. By 2026, more than 60% of the world’s population will use an eWallet.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Digital wallets have been experiencing a particularly successful period in the UK. Projections estimate that digital wallet usage will more than double at UK point-of-sale, rising from 14% to 29% of transaction value over the next three years

Tranglo helps financial institutions and businesses pay through Tranglo Connect, its proprietary cross-border payments solution. It integrates payout and partner services with direct API connectivity.