The WiPay Group yesterday announced that it has officially launched its newest subsidiary, WiPay Remittance, marking a significant expansion into T&T’s remittance market.

In a news release, WiPay said the remittance company would focus on delivering modern, accessible, and customer-driven solutions and would challenges legacy systems while offering greater flexibility for individuals, families, and businesses.

The payment service provider said through its innovative approach to international peer-to-peer payments, WiPay Remittance is redefining how money is received and contributing to vital foreign exchange (FX) inflows into the local economy.

WiPay Remittance service delivers a versatile and user-centric platform tailored to meet the evolving needs of consumers and businesses.

Its key features include transfers directly to bank accounts, convenient nationwide cash pickup options, and instant payments to digital wallets.“By integrating these capabilities, the service bridges the gap between traditional remittance systems and cutting-edge financial technologies, providing a robust solution for families, freelancers, and businesses across the Caribbean,” according to the WiPay Group’s press release.

The company said the remittance service “promises to go beyond personal transactions, offering a powerful solution for the entrepreneurial community.

Freelancers, gig workers, and small businesses now benefit from an efficient and affordable platform “designed to simplify international payments.

WiPay said that by minimising transaction fees, shortening processing times, and removing barriers, “the service supports the expansion of the gig economy and e-commerce sector, creating opportunities for professionals and businesses to succeed in an increasingly interconnected global marketplace.”

With this technology-forward approach that streamlines financial transactions for individuals and businesses alike.

Partnering with industry leaders such as RIA MoneyTransfer, XOOM, PayPal, and Remitly, WiPay Remittance is ushering in a new era of financial accessibility.

Funds from any of these services can be collected through:

• Direct-to-Bank Transfers: Deposits straight to local bank accounts.

• Cash Pickup Locations: Con-venient cash collection at Miguel Moses stores in Arima, Port-of- Spain, and Chaguanas, with plans for expansion across T&T and the wider Caribbean.

WiPay Remittance is not just another entry into the market; it represents a shift in the remittance landscape. By combining innovative technology, global partnerships, and a clear vision to solve financial challenges, The WiPay Group is redefining what’s possible for families, businesses, and the financial sector in T&T.

Last month, the Inter-American Development Bank (IDB) issued a report in which it estimated that the remittance market in the Caribbean would be worth an estimated US$18.4 billion in 2024.

The IDB estimated that the remittance market in Latin America and the Caribbean would total US$160.9 million.

Of the US$18.4 billion sent to the Caribbean, Jamaica receives US$3.37 billion, while T&T receives US$345 million.

WiPay was founded by Point Fortin-born entrepreneur Aldwyn Wayne in 2017.