Money transfer service WorldRemit has launched in New York, with the intent of targeting the state's 4.5 million immigrants with its low-cost remittance product, according to a press release.

Using a smartphone or by going on line, consumers can make international transfers to 147 countries without the need to visit a brick and mortar agent. 

The company said the U.S. will account for 40 percent of WorldRemit's global revenue in the next few years, up from the current 15 percent.

"Millions of customers around the globe send funds to family and friends back home with WorldRemit," Ismail Ahmed, founder and CEO of WorldRemit, said in the release. "New York is truly a melting pot of people and cultures and we are pleased that we can now bring the benefits of our lower-cost, convenient service to all the diverse communities of New York."