Singapore-based payments platform fastacash, which enables payments across social networks and via messaging apps, has partnered with international money transfer brand Xpress Money Services,to launch the XOPO service.
The XOPO service is claimed to be the first services allowing users perform international transactions through social networks and messaging channels, including Facebook, WeChat, WhatsApp and Twitter. According to fastacash, this initiative is designed to help move funds through social media networks or messaging channels globally in a platform-agnostic manner.
Consumers can also send digital content, such as a photo, video or message, along with the money transfer. Beyond the addition of context in addition to the financial content, fastacash says that a unique, tokenised link – called ‘fastalink’ – is generated. Consumers can share this across the social and messaging channel of their choice.
In its initial roll-out, XOPO users in the United Kingdom (UK) can send money to any country, including the top international money transfer corridors such as India, Nigeria, Pakistan and the Philippines.
The UK is the fourth largest international send market, behind the USA, Saudi Arabia and the United Arab Emirates (UAE), with cash outflows estimated at over US$25 billion annually.This includes $3.6 billion to India and $3.7 billion to Nigeria. By empowering customers to , fastacash and Xpress Money are redefining global money transfers.
Commenting on the partnership, Vince Tallent, chairman and CEO of fastacash, said, “The two companies have come together to leverage our strengths and expertise to deliver this disruptive service into the market. Our vision is to make the act of money transfer as simple and immersive as possible.”
Tallent added, “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.”
Xpress Money’s network includes millions of users across 150 markets globally, as well as strategic working relationships with major banks and non-banking financial companies (NBFCs) and what Xpress Money claims to be amongst the largest remittance networks in the industry. The partnership with fastacash provides a proprietary platform and tokenisation capabilities, through which payment transactions are made social and secure.
Sudhesh Giriyan, COO at Xpress Money Services, said, “We are pleased to work with fastacash, with whom we share a common vision of continuous innovation, offering services that provide real benefits to people. Xpress Money offers a bouquet of services, including Cash Payouts, Account Credits, Cash to ATM, Mobile Wallet Credits, Credits to pre-paid Remit Cards and Door Delivery.
Giriyan added, “XOPO is an addition to our convenient services; by leveraging on social networks, we are complimenting the traditional ways of cross border money transfers.”
Eventually, XOPO will be expanded to other markets, including the US, Canada, Australia and additional European markets, as well as the expansion of its offerings to include the transfer of international airtime and domestic money.
“The World Bank estimates that USD 685 billion worth of international money transfers will take place this year. By making international transfers a social activity, not only are we disrupting how billions of dollars is moved across-borders, but – together with Xpress Money – we are also innovating to bring an invaluable convenience to end-users, letting them decide how they want to send and receive money” added Tallent.