Over the past decade, we all witnessed how Facebook reinvented the wheel and completely changed the meaning of networking. Suddenly, people were overwhelmed with the idea of connecting with long lost family & friends and constantly staying in touch with them. No matter in which corner of the world you lived in, Facebook ensured that you could instantly connect with your friend who lived miles and miles away from you. Before we knew it, we were all consuming different kinds of content on various social media platforms, just to stay connected.
People started spending more of their time online, giving rise to a new medium, for brands to target their consumers. Soon, these social networking sites evolved and became an important part of a marketers marketing plan, as he could reach out and talk to his customer directly. These social networking sites too, constantly innovated to keep their audience engaged and involved. One such innovation that caught my attention as a marketing head of a money transfer company, was the introduction of money transfer through social networking sites.
Being in the business of money transfers, I thoroughly understand the immense regulatory and compliance approvals that brands require who want to operate in this space. While I see that money transfers through such social networking sites do happen in certain countries, this phenomenon is yet in its nascent stage. The transfers are restricted to small ticket sizes that are domestic in nature, owing to the requirement of stringent regulatory approvals. It will be a while before cross border transfers from one country to another are given a nod by the regulators. Also, most importantly, breaking the stereotype of being an unsafe platform, is the biggest challenge faced by these social networking sites. These brands will need to break all barriers and doubly prove their safety standards, for customers to trust them with their hard – earned money.
On the other hand, money transfer operators like us, have been in the business for years; we understand the intricacies and nuances of the business. We work across various geographies, in different regulatory environments and have the best of sourcing & payout partners on the ‘Send’ as well as ‘Receive’ side of the business. These strengths, coupled with years of rich experience and the ability to constantly innovate, have earned us the trust of our customers – this makes Xpress Money one of the most dependable money transfer brands in the world
Written by – Ashwin Gedam, Vice President – Global Marketing & Communications, Xpress Money