Seamless moves into international remittance market

Source: Seamless

It’s now possible to use the SEQR payment solution, from Nasdaq Stockholm-listed Seamless, to make international money transfers between SEQR users.

The service is initially being offered free of charge and will be the simplest and least expensive way of sending money between countries. The service is launched in all countries where SEQR is available as a payment solution.

The market for remittance services was worth about USD 600 billion in 2014. The cost for consumers for remittance services globally is on average 8%. SEQR’s solution lets SEQR users send money free of charge to other SEQR users wherever they’re based. The recipient receives the money in the receiver’s local currency. As well as international transfers between customers, it will now also be possible for SEQR users to buy things in other countries where SEQR is live.

“Demand for international transfers is constantly growing as people’s lives become increasingly global. But established payment agencies charge high fees, making money transfers expensive. SEQR can offer a highly competitive and simple alternative - something we’re convinced many people will appreciate,” says Peter Fredell, CEO of Seamless. “This service is an important part of our international expansion.”

SEQR money transfers will initially be free of charge. The amount to be transferred appears in the currency of the recipient and the money is credited to the recipient account instantly.

The option of transferring money and buying things from other countries is now an standard feature of the SEQR app and is available to all users in Europe from today. This functionality will be launched for users in the US shortly.

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