Receiving money from others often remains a complex process. Particularly if one has limited access to financial products and services.
TransferWise acknowledges there is a different market waiting to be tapped. In Singapore, the company now lets customers receive money through their mobile phone number.
A new Venture by TransferWise
Various fintech companies try to disrupt the money transfer industry. One of those companies goes by the name of TransferWise. The company specializes in lowering fees and barriers to entry to send money worldwide.
In recent months, the company has begun looking at other ventures. Making the receiving of money more straightforward is crucial. A percentage of the global population has limited or no access to financial services and products. Catering to those needs is crucial for any fintech company.
In Singapore, TransferWise will offer a unique financial service. Customers can receive money through their mobile phone number. One requirement is how users need a PayNow profile set up on the service. Once completed, they can receive international transfers.
For users and companies receiving money from abroad, this solution provides significant benefits. It is no longer required to share a lot of personal information. Secondly, there are no bank account numbers or codes involved.
Freelancers can also benefit from this new solution. All they need to do is set up a PayNow account and share a mobile phone number linked to it. This can even be a secondary SIM card just for this specific purpose.
Keeping up With Competitors
The idea of receiving money transfers through a mobile phone number may sound novel. In reality, it is a service that other companies have experimented with in the past. None of those firms are on the same level as TransferWise, however. They are the first international money transfer service to provide such a feature to clients.
With this rollout in Singapore, an important first step is taken. It is unclear if similar functionality will be offered to neighboring regions in the future. Late last year, the company began making inroads in Malaysia. That is another region where mobile payment solutions are growing in popularity.