Record growth in Q2 driven by strong uptake in mobile wallet transactions, global network expansion and rollout of new tech features
Thunes, a leading cross-border payments network, today announced an 80% increase in transaction volumes for the second quarter of 2020. Thunes also noted that there was a clear shift towards mobile wallets rather than cash transactions, with overall mobile wallet transaction volumes having more than doubled.
Peter De Caluwe, CEO, Thunes said, “COVID-19 has had an impact on cross-border payments but our performance in Q2 and market trends leave us optimistic about achieving further growth for the rest of the year. We have seen an increase in transactions via mobile wallets and banks in countries such as Mexico, Pakistan and the Philippines, which are traditionally dominated by cash transactions. Movement restrictions imposed by countries to mitigate the spread of COVID-19 has led to the shift from cash pick-up transfer to digital payments.”
In Africa, the company noted a significant increase in intra-African payments via mobile phones compared to cash-based transactions. This is largely due to the government increasing transaction limits and allowing greater transaction frequency. To facilitate the adoption of these new services, some African mobile wallet providers have also launched zero-fee transactions, to further incentivize the adoption of cashless transactions.
Headquartered in Singapore, Thunes also took the opportunity during the “circuit-breaker” – a soft lockdown imposed by the Singapore government – to focus on implementing several strategic initiatives. This included developing state-of-the-art onboarding systems for its partners and setting up product and development teams in China.
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“We have established a strong foothold in the cross-border payment sector and we continue to be on track to achieve our strategic priorities and in delivering value to our partners. As a company that strives to be at the forefront of technological advancements, we will continue to innovate and develop new features that enable financial institutions and businesses to extend their reach worldwide, and access new opportunities in emerging markets,” said Mr. De Caluwe.
With the largest partner network in emerging markets, Thunes has developed a growing and unparalleled network to link emerging market players with developed countries within its cross-border platform. The company continues to establish partnerships with leading financial institutions and companies worldwide.
Partners that have recently joined Thunes’ growing payments ecosystem include Commercial Bank of Dubai, TrueMoney, and Lion International Bank. These partnerships will enable Thunes to connect its existing partners to additional markets and customers – including over 400 members in emerging markets and new destinations such as Rwanda, Malawi and UAE.
