Transferring money has never been easy, all it takes is a click of a button and beneficiaries can get the amount within minutes. However remitting money from abroad faces many hurdles in the form of regulations put in place to prevent money laundering. These regulations while beneficial, slow down the money transfer process. Until some years ago these services would take up to 72 hours to deliver the money to recipients once a transfer is initiated. This has all now changed.
To overcome these problems some startups have harnessed the efficiency of technology to ensure compliance. The cost benefits have been transferred to customers resulting in lower rates and higher profits for companies. Globally the remittance market is a US$ 500 billion market, this is indeed a sector to watch out for. Below we feature some new startups whose fresh look at money transfer is winning customers across the globe.
Azimo – azimo.com
This company offers money transfer rates that are almost 90% lower than what regular banks offer in the United Kingdom. It has more than one million users connected to its platform. Having raised close to US$ 46 million it is already showing strong growth. Azimo has already partnered with tech giants such as Facebook, Apple and Amazon Inc to reach out to new customers.
Allpago – www.allpago.com
One of the leading payment providers in South America, Allpago was founded in 2012 and enables e-commerce merchants to accept local payments through a single platform. Allpago also offers merchants tax advice and legal support to set up shop in Latin America. PayPal is one of the partners that Allpago has been able to rope in as a partner to boost it’s acceptability among foreign merchants.
Alpha Payments Cloud – www.alphapaymentscloud.com
This Singapore based company provides a payment risk management solution to international banks and merchants through its Alpha Hub platform. Alpha Hub serves as a middle-ware that allows different providers to plug in seamlessly. Alpha payments seeks to remove barriers between vendors, banks and merchants by creating a new ecosystem where access is not restricted.
Iyzico – www.iyzico.com
This Turkish payment processor was founded in 2013. It has more than 10,000 live merchants on it’s platform. One of the fastest growing startups in Turkey, it offers much needed access to the Iranian market. Some of it’s features include the ability to offer your customers the option to repay in instalments. This feature coupled with a high success rate for international offerings makes it a competitive offering. Merchants looking to sell goods in the Turkish market will find it’s transaction fees are quite low compared to it’s competitors.
Lydia – lydia-app.com
Popular among French millennial generation , this payment app has close to a million users. The app is a safe and easy way to send and receive money on the iPhone. You can also opt to purchase an Advanced contact-less MasterCard for € 3.99 per month. This year the company plans to being operations in the rest of Europe.