fastacash – UK social money transfer for Kenya
Foreign money transfer is big business here in the UK, with many Commonwealth citizens working over here wanting to provide for families back home. Banks and services such as Western Union can be expensive, intimidating and inconvenient, so a Singapore based company has launched a new service using social channels like Facebook and Twitter.
The new online social money transfer service fastacash is aimed at the Kenyan community in the UK. Kenya is one of the world’s most mobile-savvy and fastest growing e-payment markets, seeing around $374 Million in global money transfers each year.
Social networks and messaging platforms are global, far more so than any bank, with an estimated 1.73 billion users in 2013, so it made sense for fastacash to use this channel for their innovative new service.
fastacash™ has developed unique patent-pending link generation technology, combining the ease and efficiency of e-payments with the popularity of social networks, allowing users to transfer money to Kenya using a mobile or any other browser-equipped device, through any social network and messaging platform using a secure link. The service gives the user an emotional and personalised touch to their money transfers in the form of photos, audio, videos and messages.
With 64% of the UK internet users choosing to manage their finances online, this market-leading service offered by fastacash™ leverages the growing take up of online banking and money transfer, estimated by the World Bank to be globally around £23 billion.
The service is highly secure, user-friendly with a great user experience providing a seamless one-time registration process. Accessed through a browser, an iOS or Android app, fastacash™ users can send money to any bank account in Kenya and to all 17+million mobile accounts of Kenya’s leading mobile money service.
Security is a vital part of money transfer, fastacash™ has created a fully secure system, not only quick but cost-efficient, too. By using social networks, fastacash™ has stepped out in front of the banks and current transfer methods. It eliminates the drawn-out administration processes typically associated with transferring money, making visits to post offices and retail outlets obsolete – and safer.
Chairman & CEO of fastacash™, Vince Tallent says of the UK launch: “We have taken time to understand our audience and appreciate that the majority of migrant communities have a sense of responsibility and duty as well as a very strong emotional connection to their family and friends back home, whom they support financially. fastacash™ offers a new way of transferring money online and through mobile phones, with just a secure link through any social network of choice. Now people can also share their stories, photos and experiences when sending money. Every action of sharing is accompanied by an emotional sentiment.”
fastacash™ is available as an iOS or Android app, or on-line at www.fastacash.co.uk