How they describe themselves: TransferTo is a global mobile money and value remittance hub that interconnects mobile wallets and billing systems worldwide to deliver innovative remittance services.
With a network of over 350+ mobile operators and utility providers in 100+ countries, TransferTo is the industry leader in direct value remittance including mobile airtime, electricity, education, and healthcare. TransferTo also offers real-time international money remittance to mobile wallets that allows users to send and receive money safely to and from even the most remote locations.
TransferTo provides convenient and reliable mobile, web, and POS white label solutions for Mobile Network Operators, Retailers, Financial Institutions, and Money Transfer Operators.
How they describe their product/innovation: Prepaid Electricity Remittance Service:
A major and recurring issue with money remittance is the sender not knowing how their money is spent.
TransferTo has developed a new service to overcome this problem where the sender can remit value for a specific purpose – we call it Value Remittance. TransferTo works directly with service providers to enable remote payment for services such as utilities, petrol, healthcare, school tuition, groceries etc.
A great example of this is the Prepaid Electricity in Indonesia. Indonesian migrant workers in the Middle East send millions of rupees back to their families. Instead of sending money, TransferTo enables them to remotely top up the Prepaid Electricity meter of their loved ones back home.
Product distribution strategy: Direct to Business (B2B)