Singapore-based Fastacash is partnering with money transfer company Xpress Money Services to makeinternational payments cheaper by using a platform most people interact with on a daily basis: social media.
The two companies announced Tuesday (Oct. 27) that they are teaming up to launch a service that will enable users to send money internationally through social media networks.
“People don’t use one communication channel; on average, they use five,” Vince Tallent, chairman and CEO of Fastacash, told The Wall Street Journal. “Our advantage is that we are agnostic.”
The World Bank estimates the money transfer market will reach $685 billion in 2015, which could explain why so many players are looking to capitalize on the opportunity by taking a social networking approach.
“Our vision is to make the act of money transfer as simple and immersive as possible,” Tallent stated in the company release. “With the launch of XOPO, we are making it possible to share money through social and messaging channels, where people live and breathe. Fastacash is leading this charge – bringing transaction capability to exactly where and how people communicate with their family and friends.”
By using the XOPO app Fastacash and Xpress Money Services have developed, customers can alert contacts about remittances using a range of social media networks and messaging apps, such as Facebook, WeChat and WhatsApp.
After receiving an alert, the recipient will have the ability to decide how the payment will be credited to them.
The service will be made available in the U.K., with plans to expand the offering to the U.S. in the near future. Customers will be allowed to send funds to numerous countries, including Nigeria, Pakistan and the Philippines.