Xpress Money, fastacash launch XOPO money transfer service via social media

XOPO service allows users to send, request and receive money – across borders – through social networks and messaging channels, including Facebook, WeChat, WhatsApp and Twitter. In its initial roll-out, XOPO users in the UK can send money to any country, including India, Nigeria, Pakistan and the Philippines.

The UK is the fourth largest international send market, after US, Saudi Arabia and the UAE, with cash outflows estimated at over USD 25 billion a year, including USD 3.6 billion to India and USD 3.7 billion to Nigeria. By allowing customers to move funds through any social media network or messaging channel globally, fastacash and Xpress Money are bringing new global money transfers services.

Xpress Money’s network includes millions of users across 150 markets globally. Working with banks and non-banking financial companies, Xpress Money has established one of the largest remittance networks in the industry.

fastacash provides a proprietary platform and tokenization capabilities, through which payment transactions are made social. Consumers can also send digital content – a photo, video, message, along with the money transfer – adding emotions and experiences to the exchange. For every transaction, a unique, tokenized link – called ‘fastalink’ – is generated. Consumers can share this across the social and messaging channel of their choice.

Plans are in place for XOPO to expand to other markets, including the US, Canada, Australia and additional European markets. XOPO will also expand its services to include other forms of value, including international airtime transfers and domestic money transfers. XOPO is an alternative to the traditional cash transfer process, which involves physically queuing and filling out the required sender and receiver information.