TransferTo Eyes Mobile Money Gold As Banks Flee Remittance Market

When the difference between entry to a trillion-dollar market and brutal regulatory punishment hinges on getting a proper copy of a director’s passport from a developing country, TransferTo chief executive Eric Barbier knows exactly where to prioritise compliance.

The company, which primarily operates as an airtime remittance hub enabling migrants to send small amounts home via phones, has celebrated its tenth year by expanding into the mobile money market.

Barbier, who founded the San Francisco company in 2015, told PaymentsCompliance he believes there will be 1bn mobile money accounts around the globe by 2020.

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