UK-headquartered Fintech firm Wise, previously doing business as TransferWise, has introduced a feature allowing Hong Kong residents to receive money from overseas by simply using their cell phone number (through the Faster Payments System or FPS).
With this new feature from the cross-border Fintech Wise, recipients are able to share their name and either their cell phone number, email address or a unique FPS ID with the sender so that the transaction can be completed. This makes the payments process easier because users need not exchange complicated bank account details and codes.
The sender just needs to have a Wise account in order to carry out the transaction.
Hong Kong residents who have registered for FPS can take advantage of this new cross-border payments option. This may include people who need to receive funds from friends and family members living and working abroad.
Wise has also revealed that this new service enhancement comes as the Fintech firm drops its transaction fees by as much as 18%.
As covered recently, Thought Machine, a company that builds Cloud-native technology for banks, has reportedly integrated Wise‘s global money transfer platform into its core banking engine, Vault.
The integration should allow Thought Machine‘s banking and Fintech clients the option to use Wise’s fast and affordable global transfers service more quickly and in a more efficient manner.
As reported in April 2021, Wise announced that it’s giving away shares in itself.
According to the private company, it had gifted 2000 customers a single share of the firm that has emerged as a popular global payments and transfer platform.
In a blog post, Wise had noted that currently there are 2400 employees in 15 offices working at Wise. All of the employees are said to have shares in the company that has indicated in the past it will seek to remain private as long as possible. Of course, if and when, Wise goes public, early shareholders may benefit from their confidence in the company’s mission.