WorldRemit, based in UK, is an online platform for sending money overseas just in minutes and at a low cost by employing online and mobile technology. To compete directly with Western Union, MoneyGram, it offers low transaction fees, no minimum transfer amounts, and better exchange rates.
WorldRemit offers users in 50 countries to remit money by paying into bank accounts or into mobile wallets which can be used for airtime top-ups, or even cash pick-up points; and let people in more than 100 countries to receive remitted money.
The company is also thinking to integrate its services with messaging platforms like Facebook, Viber, Skype but it has not publicly disclosed any plans yet. I believe this integration, if any, will be very successful because it does provide a fast solution of international communication and remittance at low cost.
I think this service is particularly helpful for people who want to transfer money with good causes as it is more timely, convenient and cheaper than Western Union or MoneyGram. However, as WorldRemit allows transactions to be processed immediately and transfers can be received instantly depending on the transfer method, it opens door for frauds or money laundering activities. Thus, the company should do background check for every client when they register and set the limit of maximum transfer amounts in order to prevent frauds.
Source:
WorldRemit Raises $100M To Take On Western Union In Money Transfers
https://www.compareremit.com/money-transfer-companies/world-remit/