Money 20/20: Azimo to Run Money Transfers in Scandinavia
- 05.04.2016 01:00 pm
Today at the inaugural European Money 20/20 in Copenhagen, Azimo, the digital money transfer company, announced the launch of its service in Denmark and Sweden, increasing the countries it serves to 22. Through a strategic partnership with European online payments service provider Trustly, hard-working migrants can now send Danish Krone (DKK) and Swedish Krona (SEK) from their mobile or desktops to family and friends in over 190 countries worldwide.
Scandinavia is rapidly becoming a cashless society where digital banking and electronic payments are commonplace. Bills and coins represent only 2 per cent of Sweden’s currency*, and Denmark has a goal to “eradicate cash” by 2030. Despite this high level of digital adoption, the 2 million economic migrants living** in Denmark and Sweden have traditionally had to send money home from high cost, high street operators. According to the World Bank, migrants are sending upwards of $4 billion dollars in remittance abroad every year. *** With the launch of Azimo they now have a better alternative.
“Sweden and Denmark are two of the most vibrant and cosmopolitan countries in Europe, where digital payment innovation is ahead of the global curve. But despite having large migrant populations, these customers have been largely under-served. We’re looking to change that, with partners like Trustly,” said Michael Kent, CEO and Founder of Azimo. “We already send money from every country in the Eurozone, and now we want to offer our fast and low-cost service in every country in Europe.”
With Trustly, Azimo customers will be able to transfer money through their bank account instantly and safely across all devices including mobile.
“Today’s online customer expects payments to be instant and without any hassle. Trustly’s payment solution improves the customer experience and, in the end, customer satisfaction. Thanks to our market leading settlement times, the time recipients have to wait to gain access to their money is significantly reduced,” said Johan Nord, COO at Trustly. Our collaboration with Azimo simply originates from a perfect match with regards to geographic presence and customer payment preferences.”
In addition to bank transfers, Azimo enables its customers to transfer money to mobile wallets, mobile air time top-up and for cash pick-up and home delivery in over 70 currencies. The company plans to continue expanding its footprint across Europe by rolling out its service to additional European countries before the end of the year.