Singapore-based TransferTo is partnering with Stellar to enable low-cost blockchain-based cross-border remittances for underbanked populations in emerging markets, with plans to send regular payments across the Stellar network by Q4 2018 using Lumens as the settlement currency.
TransferTo, a Singapore-based cross-border mobile payments platform, is collaborating with the Stellar Development Foundation to facilitate low-cost blockchain-based remittances targeting underbanked and unbanked consumers in emerging markets. The partnership leverages Lumens (XLM), Stellar's native asset, as the primary settlement currency to enable real-time settlement and eliminate pre-funded accounts. TransferTo expects to send regular payments across Stellar by Q4 2018. The company operates a network interconnecting financial institutions and digital service providers, with Q1 2018 showing 18.6 million mobile airtime transactions and projected 2018 money transfer gross sales volume exceeding $2 billion. TransferTo has also invested in OXIO, a blockchain-based mobile Internet exchange, to deliver more cost-effective services across its digital value portfolio.