fastacash, a global platform enabling payments across social networks and messaging apps, and Xpress Money, one of the world’s most dependable international money transfer brands, have launched XOPO. XOPO is the world’s first service allowing users to send, request and receive money – across borders – through social networks and messaging channels, including Facebook, WeChat, WhatsApp and Twitter.
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, with cash outflows estimated at over US$25 billion a year, including US$3.6 billion to India and US$3.7 billion to Nigeria. By empowering customers to move funds through any social media network or messaging channel globally in a truly agnostic and seamless way, fastacash and Xpress Money are redefining global money transfers.
Mr. Vince Tallent, Chairman and Chief Executive Officer 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. 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. Working with some of the largest banks and non-banking financial companies, Xpress Money has established one of the largest remittance networks in the industry. The brand is constantly innovating, with the goal of making money transfers convenient, to millions of expatriates residing away from their homes, Xpress Money adheres to stringent compliance processes which has resulted in an unblemished track record for the brand. fastacash provides a proprietary platform and tokenization capabilities, through which payment transactions are made social and secure. Consumers can also send digital content – a photo, video, message, along with the money transfer – adding emotions and experiences to the exchange. For every transaction, a unique, tokenized link – called ‘fastalink’ – is generated. Consumers can share this across the social and messaging channel of their choice.
Mr. Sudhesh Giriyan, Chief Operating Officer at Xpress Money 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 prepaid Remit Cards and Door Delivery. XOPO is an addition to our convenient services; by leveraging on social networks, we are complimenting the traditional ways of cross border money transfers.”
Plans are in place for XOPO to expand to other markets, including the US, Canada, Australia and additional European markets. XOPO will also expand its services to include other forms of value, including international airtime transfers and domestic money transfers. XOPO is a viable alternative to the traditional cash transfer process, which involves physically queuing and filling out the required sender and receiver information.
“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, Social knows no boundaries and with this strategic partnership with Xpress Money, neither will remittances. For the first time, people will be able to transact in the same way as they communicate, with no barriers and no boundaries”, added Tallent.