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Lyca Group Releases Money Transfer Service Dubbed Lycaremit

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Lyca Group, the company behind Lycamobile, has announced the launch of a new product called Lycaremit.  With Lycaremit users are able to transfer money via smartphone, tablet or PC to family and friends in over 50 countries.

Unlike USA based Venmo which is generally free to send money with, Lycaremit users will have to pay to transfer their money to someone and Lyca describes their fees as being "ultra-competitive." Lycaremit will allow no fee money transfers until January 31st, 2016 as well as offer a Lycamobile calling credit on all transfers over £300 made by the end of January.  Currently, to use Lycaremit, you must be a resident in the UK, although the company plans to add more "send and receive countries" in the future.

Lycamobile offers mobile phone service throughout numerous countries in the world.  In the USA it operates as a T-Mobile MVNO.  Lycamobile specializes in providing plans aimed towards those who require international calling and texting.  Given its vast worldwide mobile network, I expect to see Lycaremit eventually rolled out worldwide as well.

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