Cross-Country Money Transfer At Users’ Fingertips on all Social Media Channelsby Fintech News Hong Kong September 21, 2017
Smart Transfer announced the official launch of the world’s first person-to-person mobile payment platform that enables international social payments across multiple currencies at no charge to users. Aside from bank accounts, Smart Transfer allows international money transactions to be made to any phone number, email address, or social media platform.
Person-to-person payment services offered by existing platforms are typically restricted to a single country, currency, or proprietary platform, and may involve service fees ranging up to 8% of the transaction amount. As payments become increasingly digital and mobile based, Smart Transfer is envisioned to play a vital role in enabling person-to-person payments via a platform designed to transcend these limitations.
Smart Transfer App Features
- Convenience – Overseas money transfer methods are typically restricted to bank and wire services. Smart Transfer changes everything by allowing users to send money to recipients via all social media platforms, mobile numbers, email addresses or conduct cashless payments through QR code at partner merchants. There is no need to know the receiver’s SWIFT codes, bank codes, branch codes or account numbers.
- Speed – Overseas money transfers typically take two to five working days. Through its cross matching engine and integration with various banks across different countries, Smart Transfer moves your money to overseas bank accounts within seconds.
- Competitive FX Rates and no admin fees – Smart Transfer’s peer-to-peer model eliminates the numerous middlemen and excessive fees involved in conventional international money transfers, streamlining the traditionally lengthy process and saving users significant time and money. Smart Transfer’s proprietary currency cross- matching engine also ensures highly favourable exchange rates, passing the savings on to the consumers.
- Multi-currency wallet – Smart Transfer features a multi-currency wallet, enabling users to send and receive money across seven currencies (HKD, CNY, SGD, USD, GBP, IDR, and AUD). User monies are held with trusted bank partners such as Hang Seng Bank, Standard Chartered Bank, and Bank of China, providing a layer of assurance to users over safety of their funds.
- Smart Chatbot – Unlike traditional chatbots, Smart Transfer’s built-in SmartBot is able to execute transactions according to a user’s instructions. It is integrated within Facebook Messenger and Telegram to break down language barriers, leveraging AI- based natural language processing technology to process four different languages (English, Chinese, Japanese and Indonesian).
“There is a modern global push towards a digital and cashless society, and we want to fully leverage all digital avenues, such as social media and e-mail addresses, to revolutionize local and cross-border payments,”
enthused Francis Lu, Smart Transfer’s Chief Executive Officer and Co Founder.
“Smart Transfer makes smart use of technology to cut through the clutter and allow consumers to transfer money to any recipient using just a phone number, social media account, or e-mail address.”
Smart Transfer is currently supported across the United States, United Kingdom, Hong Kong, Australia, Singapore, and Indonesia, with plans to expand its offerings to more than 212 countries and up to 30 currencies by end of 2017.
Featured image via SmartTransfer facebook