fastacash, a Singapore-based platform enabling payments across social networks and messaging apps, has teamed up with Xpress Money Services to launch XOPO, a money transfer service via social media.
The service allows users to send, request and receive money across borders through social networks and messaging channels, including Facebook, WeChat, WhatsApp and Twitter.
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The service, which will initially be launched in the UK, enables customers to send funds to countries including Nigeria, Pakistan and the Philippines.
The companies are planning to expand the offering to other markets, including the US, Canada, Australia and additional European markets.
Using XOPO, users can also send digital content such as a photo, video, message, along with the money transfer.
fastacash said that every transaction will generate a unique, tokenized link called ‘fastalink’, which consumers can share across the social and messaging channel of their choice.
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By GlobalDatafastacash chairman and CEO Vince Tallent said: "With the launch of XOPO, we are making it possible to share money through social and messaging channels, where people live and breathe."
"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," added Tallent.
Xpress Money COO Sudhesh Giriyan said: "XOPO is an addition to our convenient services; by leveraging on social networks, we are complimenting the traditional ways of cross border money transfers."
