Paysafe Expands Reach on its Skrill Send Direct Mobile Payments Service
The topic of remittances has been surprisingly expansive lately; we only heard about Azimo’s expansion efforts on this topic in the Nordic countries just recently, and now, we’ve received new word that Paysafe is looking to do likewise. Paysafe is stepping up its Skrill Send Direct mobile payments operation and allowing remittances to be sent to nine more countries than it was already found in.
The new countries added to Paysafe’s roster don’t conform to any real pattern; a lot of them are South American, but that’s far from the only entry. South America contributes three countries to the roster—Colombia, Ecuador and Venezuela—but Central America also kicks in three with El Salvador, Guatemala and Honduras. Rounding out the total are India, Morocco, and Vietnam.
Now, Paysafe’s Skrill Send Direct works in 45 different countries, reports note, and the Paysafe system contributes to a market that was already worth $582.4 billion just in 2016. Estimates from the World Bank suggest that number will grow by three to four percent for both 2017 and 2018.
Lorenzo Pellegrino, who serves as CEO of Paysafe’s Skrill, NETELLER and Income Access operations, noted “Skrill Send Direct is fast, low cost and convenient and meets a growing consumer need as more and more people around the world work abroad and send money home to families. This includes the millions of existing Skrill users who not only use their digital wallets to spend money online, but also to send money to family and friends.”
The fact that Paysafe and Azimo tipped us off about both of these developments in the same day, with each citing a swelling market demand as the main reason for expansion, speaks not only to the overall size of the remittance market, but also the phenomenal growth involved. With that in mind, it’s not a surprise to see Skrill Send Direct step up its operations not only as a response to all that growth, but also as a means to pre-emptively cut off the competition.
A market with this kind of opportunity contained within it will no doubt be pursued, and companies like Paysafe—and even Azimo—are clearly poised to take the greatest advantage of that growth.