UK-headquartered Fintech firm TransferWise revealed on January 6 that it has introduced a new service that allows Singapore-based clients to receive money internationally via peer-to-peer (P2P) instant payment service provider, PayNow.
Individuals based in Singapore will now be able to receive funds from overseas locations by sharing their names and mobile phone numbers with the senders, while companies can get money from abroad by providing their names and PayNow unique entity numbers. Users of the new services will not be required to share their banking details with each other in order to engage in cross-border transactions.
Individuals or companies that don’t have a PayNow profile can also receive money via TransferWise’s current payout option by simply providing their bank account information.
In March of last year, the firm had started allowing Singapore-based clients to send funds abroad through PayNow. At present, it reportedly allows Singapore’s residents to receive money from 45 different countries and send funds to 84 countries.
TransferWise, a privately-held international money transfer firm, has its global headquarters in London and its main Asia-Pacific business offices located in Singapore.
The Fintech firm allows private individuals and businesses to send money abroad at affordable and transparent rates. It recently revealed that it is now a community of over 6 million users, which transfers an average of £4 billion (appr. $5.25 billion) every month.
The TransferWise team noted that it’s getting closer to its goal of carrying out instant payments. Sending money should be as fast as sending emails, the company says. At the beginning of last year, 15% of TransferWise transactions were settled instantly (reportedly within 20 seconds). Now, about 24% of payments are instant.