- Aside from debit, credit, and bank transfer, TransferWise now has another remittance option in the form of PayNow
- The partnership between the two firms reached media outlets on Thursday
- TransferWise recently made the decision to move its operations to Brussels but it is only scheduled to do so after or immediately before the UK exits the bloc
London-based financial technology firm TransferWise just signed an agreement with PayNow to allow users to transfer money internationally through the PayNow app. The company added PayNow as another payment option after an initial test of how PayNow performs with its platform. This is in addition to the payment options provided by TransferWise. Before PayNow was added, users were already able to use their debit and credit cards to send money abroad. The company also processes bank transfers.
The new partnership agreement was announced on Thursday with the fintech noting that it added the peer-to-peer funds transfer platform so that its biggest markets can use it. The service in partnership with PayNow was launched in Singapore in 2018 but it was only available to some users, reports note. PayNow is a young company. It only started operations in July of 2017 and has grown quite fast since. Observers say that the platform has the potential to be integrated with other systems soon.
PayNow is being used by several banks in the Asian hub, including Standard Chartered Bank, UOB, OCBC, Maybank, HSBC, Citibank Singapore Limited, Commercial Bank of China, DBS and Bank of China.
To use PayNow on TransferWise’s system, clients need to utilise a unique entity number on their PayNow app. Scanning a QR code is also another way for it to start processing TransferWise transactions. TransferWise says that the service can be accessed via mobile or desktop.
“When our customers told us they like PayNow for its speed and convenience, we added the implementation of PayNow to our engineering plans and worked to launch the feature as quickly as possible”, said Timothee Ledure, the lead product engineer at TransferWise. PayNow reportedly works quickly based on consumer reports. Observers add that the app has huge potential and that it will likely be adopted by more banks outside of Southeast Asia very soon.
TransferWise has been busy with its expansion goals, experts note. The company decided to move its headquarters to Brussels recently. TransferWise made this decision in preparation for the United Kingdom’s exit from the European Union. While it has been preoccupied in getting all of its papers in order, the company was still able to secure deals with new partners. TransferWise is said to be securing new markets while strengthening old ones. The brand launched its Singapore service in the year 2016. Recent numbers show that the company now moves over 1 billion Singaporean dollars annually. Globally, the brand moves £3 billion per month.
TransferWise recently dealt with a staffing problem due to the allegedly inhumane workload it gives to its people. The company has since solved the problem by adding new advisors.
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