First Global Data (“First Global” or the “Company”) is pleased to confirm that the world’s first and only bona fide social messaging remittance solution has been launched.
The first phase of the service enables North American WeChat users to send money directly to a recipient in China. Funds are disbursed directly to the recipient’s bank card/bank account at any bank in China.
The inaugural launch is taking place in the State of Illinois first where 5% of the total population is of the Asian demographic.
According to Wikipedia, “Illinois is a state in the Midwestern region of the United States, achieving statehood in 1818. It is the 6th-most populous state and 25th-largest state in terms of land area, and is noted as a microcosm of the entire country.”
The social remittance solution aptly named “Happy Transfer” is all about the user experience as it relates to convenience, speed of send, ease of use, and pricing . All of the foregoing is intended to create happy users.
One of the notable features of the remittance solution is the comparison pricing engine that shows in a transparent fashion the cost savings as compared with peer companies in the cross-border space.
Following the launch in Illinois, other States are expected to be rolled out within 10 days, with a phased approach to encompass all 50 States. LianLian will be strategically marketing to Chinese communities within the WeChat platform as well as localized in-State marketing and employing targeted social media techniques. The companies are working toward a full USA rollout within a 120 day timeframe.
LianLian and First Global are contemplating expanding the social messaging remittance solution beyond the North American market in order to capture a wider geographic distribution base of WeChat users.
First Global is also pleased to announce that user growth continues to accelerate in India and the VPayqwik app has over 500,000 downloads.
Other actions are being taken for further deployments in India and we will apprise our investors in due course.
“LianLian is heavily committed to marketing this initiative given the first mover advantage and compelling pricing model. We expect immediate user traction and accelerated ramping as we move through State to State coverage. The global Chinese remittance market is in excess of $60 billion dollars annually and is second only to India. We look forward to amplifying our fundamentals as we execute on the LianLian US deployment and continue to drive user adoption in India. We are also very pleased to have crossed this milestone in India and look forward to deeper and wider penetration of our services in India“, commentedAndre Itwaru, Chairman and CEO of First Global.