SYDNEY, March 30, 2023 /PRNewswire/ -- Zepz Group, the parent company behind two market-leading brands (WorldRemit and Sendwave), today announced remittances sent by Australian customers have surpassed $2billion AUD in 2022, a company first. This represents a 25% increase from 2021, a significant jump from the five percent growth that the global remittance market experienced in 2022.
As part of Zepz Group, WorldRemit provides customers in Australia with low fee global money transfer. In addition, it offers a wide range of convenient payout methods for recipients, including bank deposits, payments to mobile wallets, cash pick-ups and mobile airtime top-ups to almost 100 countries. The most popular countries for WorldRemit customers in Australia to send money are the Philippines, Nepal, Zimbabwe, Colombia, Fiji and India.
Mark Lenhard, Group CEO of Zepz said, "At WorldRemit, our goal is to help migrants bridge the financial gap between their native land and new home. The growth we've seen in the Australian market illustrates the resilience of migrants and their willingness to support family and friends overseas. With many reliant on the services we provide in Australia, we are pleased to continue serving the needs of our customers with a reliable and secure transaction process, bringing greater financial empowerment to cross-border communities."
As developing countries continued to recover economically from the pandemic, and a resurgence of migration flowed into Australia, remittances acted as a financial lifeline for both migrants' family members and communities abroad while also benefiting the receiving country's GDP.
Despite the current cost-of-living crisis, a high volume of remittances continue to be sent via WorldRemit globally every day, supporting family members abroad with daily expenses including utility bills, groceries and rent, education, and medical needs.
Lenhard concluded, "Australia is a key market for WorldRemit. This is a significant milestone for us and we will look forward to continuing on our trajectory of growth to facilitate the safe transfer of remittances in the region."
To learn more about WorldRemit, visit our website.
Zepz is powering two leading global remittance brands: WorldRemit and Sendwave. We represent brands that disrupted an industry previously dominated by offline legacy players by taking international money transfers online - making global digital payments fairer, faster, and more flexible. Our brands currently send from 50 to 130 countries, operate in more than 5,000 money transfer corridors worldwide and employ around 1,500 people globally.
On the sending side our brands are 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, our brands offer a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.
Zepz' headquarters are in London, United Kingdom with regional offices around the globe.
We are a leading global payments company and, along with Sendwave, part of Zepz, a group powering two global remittance brands.
We disrupted an industry previously dominated by offline legacy players by taking international money transfers online - making them safer, faster and lower cost. We currently operate in more than 5,000 money transfer corridors worldwide and employ over 1,200 people globally.