~ New social money transfer service, XOPO, enables cash transfers internationally across social media and messaging apps ~
~ Instant money transfers as effortless as a Facebook post or a Tweet will revolutionise the global remittance industry ~
October, 2015: A new money transfer tool that enables users to transfer money over social channels like Facebook, Twitter, WhatsApp and WeChat, is being announced today at Money20/20, a global conference in Las Vegas. The new service, XOPO, is a collaboration between global money transfer firm Xpress Money and fastacash, a global platform enabling payments across social networks and messaging apps. The UK is set to be the first market in the world from which users can send money internationally, across popular social networks.
Consumers are very active on social and messaging apps - more than 1 billion people use Facebook every day and WhatsApp has in excess of 900 million active users. Most consumers will access these platforms via a mobile device. Social integration of money transfer will enable family and friends to transfer money to anyone from anywhere and at any time of the day, creating a global money transfer service that eclipses the versatility of banks.
XOPO becomes the world’s first service to enable users to send, request and receive money – across borders – through social networks and messaging channels, including Facebook, WeChat, WhatsApp and Twitter.
In a few days, XOPO users in the UK will be able to send money to any country within the Xpress Money network. Users will also be able to send digital content – photos, videos, messages, along with the money transfer – adding emotions and experiences to the money transfer – and making it perfect for any transfer type, especially special occasions. The service gives greater flexibility to the users – no longer does the sender need the receiver’s bank account details – they just need to be connected over a social channel of choice to transfer the funds. Additionally, the receiver can also directly send a request for money through the app to the sender. For every transaction, a unique, tokenized link – called ‘fastalink’ – is generated. Consumers can share this across the social and messaging channel of their choice. XOPO will be available for Android and iOS devices.
Xpress Money currently offers money transfer services through 170,000 locations worldwide. The UK is the fourth largest international ‘send’ market, after the US, Saudi Arabia and the United Arab Emirates, with cash outflows estimated at over US$25 billion a year, including US$3.7 billion to Nigeria and US$3.6 billion to India (Source: World Bank Report 2014).
Xpress Money’s network already includes millions of users across 150 markets globally. The business has established one of the largest remittance networks – and social integration will deliver enormous benefits for users and growth opportunities for the business.
Sudhesh Giriyan, Chief Operating Officer at Xpress Money said, “We are delighted to launch XOPO in partnership with fastacash. This new service will transform the global money transfer market, making money transfer as straightforward as a status update or a tweet. If you’ll forgive the Facebook reference, what’s not to Like?”
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.”
Following the UK launch, XOPO will 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.
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