Ripple Partner Tranglo Teams Up with Esewa Money Transfer to Transform Cross-Border Payouts in Nepal
August 03, 2023: In a significant move to enhance cross-border payment services, Ripple’s partner, Tranglo, has formed a new alliance with Esewa Money Transfer, a leading remittance business in Nepal. The collaboration aims to bring omnichannel, digital payments for remittances to Nepal, making it easier and more efficient for individuals and companies to send money internationally.
Tranglo, a trusted partner of Ripple, has expanded its partnership with Esewa Money Transfer to provide fortified cross-border payout services. This partnership allows Tranglo’s global partners to dispatch transactions directly through the eSewa digital wallet to beneficiaries in Nepal. By leveraging Tranglo’s cutting-edge cross-border payment technology, Esewa Money Transfer aims to revolutionize the financial landscape in Nepal and create a cashless economy.
The move comes as Nepal’s remittance industry experiences remarkable growth, with the country receiving over $8 billion in remittances in the first 11 months of the current fiscal year, marking a significant 13% increase from the previous year. With remittances accounting for over 20% of Nepal’s GDP, improvements in cross-border payment processes have become a top priority.
Tranglo’s CEO, Jacky Lee, is enthusiastic about the company’s global payment architecture and real-time processing, which is expected to expedite and economize money transfers to Nepal significantly. On the other hand, F1Soft Group President, Biswas Dhakal, expresses delight in the collaboration, emphasizing their shared goal of creating a cashless economy. Dhakal believes that Tranglo’s technology will enable them to continually enhance their services and remain sustainable in a rapidly evolving financial landscape.
Actionable Takeaways:
- Tranglo, in partnership with Esewa Money Transfer, aims to bring omnichannel, digital payments for remittances to Nepal, making cross-border transactions more efficient.
- Nepal’s remittance industry has seen remarkable growth, with over $8 billion received in the first 11 months of the current fiscal year.
- Tranglo’s cross-border payment technology will create a cashless economy in Nepal, benefiting businesses and individuals.
With this alliance, Tranglo and Esewa Money Transfer are set to transform cross-border payments, providing individuals and businesses in Nepal with seamless and efficient payment solutions. As Ripple continues to secure its position among the world’s top fintech companies, this collaboration adds another milestone to its global momentum and recognition in the financial industry.
