UK-based Fintech Wise (LSE:WISE) has shared key updates from January-March 2024.
The Wise Q1 2024 update has released important highlights for the Fintech platform.
Here’s a few highlights:
Wise says it helped customers “save an estimated £447,518, 882 in Q1.”
Wise further claims that it got faster. Again. 62% of transfers “are now instant (arriving in less than 20 seconds).”
Wise also mentioned that customers and businesses holding their money with them also earned $87.7m (£71.2m) thanks “to governments and central banks paying high interest rates.”
Wise further notes that their average fee didn’t budge: in Q1 it “remained at 0.67% and we’ve been busy reviewing our prices to make them as accurate as possible.”
So it’s now cheaper to send money “from currencies like Swiss francs and New Zealand dollars as well as to currencies like Australian dollars, Euros and US dollars.”
Plus, with global account details, customers and businesses can now “receive Swift payments in 13 more currencies including AUD, NZD, SGD, SEK, NOK, DKK, PLN, HKD, CHF, CZK, JPY, HUF and BGN from bank accounts across the world.”
Wise further reveals that it also “made it possible for you to pay for your Chinese Yuan transfers outside of China with Alipay.”
Wise halved the steps it takes “to add money — and they’ll save your payment method to make it even quicker in the future so you can now top up your Wise balance with just a tap.”
The Fintech firm adds that Wise Platform is their payments infrastructure solution for banks and global enterprises. They announced new strategic partnerships “with Mox Bank in Hong Kong, MOIN, Inc. in South Korea, Swan in France and Nubank in Brazil.”
Wise also expanded their existing integrations with N26 and Tiger Brokers Singapore.
Given these developments, it’s clear that the digital payments and more specifically the cross-border transfer ecosystems are expected to get a lot more competitive and efficient. Fintech startups like Atlantic Money are also entering the market with more affordable international payments options so the space is expected to become a lot more crowded but could be good for the end-consumers who will have better overall options.
You may review the full update here.