The technology allows users to pay international bills including utilities and phone recharges, in real-time and with efficiency. BlueKite has developed proprietary technology that provides more options to millions of consumers who emigrated and still support friends and families back in their home countries. According to official World Bank data, more than 215 million people today have emigrated from their homelands. In 2011, these wage earning emigrants with responsibilities for family members transferred more than USD500bn to their home countries. According to World Bank estimates these money transfers are growing at an 8% annual rate. In the Unites States alone, it is estimated that more than USD60bn is remitted annually.
BlueKite already offers cross-border bill payment for services in countries including Mexico, Guatemala, Honduras and El Salvador and is currently developing integrations into other emerging market countries in South America, Africa and South East Asia. Bill-payment services available include electricity, gas, water, internet, cable, fixed and mobile phone and financial services. The BlueKite payment platform is expected to be available to consumers via internet, mobile devices, as well as through a clerk-assisted in-store version.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.
Payments for digital and physical goods made mobile operating system-based payments platforms like Apple Pay and Android Pay are expected to boom in the next few years according to new analysis from Juniper.