Editor's Choice Latest News

Is an all-in-one SOCIAL MONEY TRANSFERRING APP the future?

2016 demonstrated the continued maturity and growth of the mobile app market. The mobile money transferring apps maintained strong momentum last year as publishers continued to develop apps that transform how we interact with the world and each other. Moneymailme is surely one of them.

“These are the facts: using mobile money is, on average, more than 50% cheaper than using global money transfer operators. Moreover, mobile money facilitates competition and drives down the price of remittance services.”, explains Mihai Ivascu, Moneymailme Founder and CEO.

“Over 240 million. That’s how many international migrants currently there are, according to figures from the UN. When it comes to sending money back home to their loved ones, Moneymailme is the perfect tool to do that.” Ivascu added:

“Sending e-money to your friends, colleagues or loved ones should be as easy as chatting with them. We’ve created Moneymailme to allow users to share images and videos and to transfer money – even during a video call, which is a unique innovation we have recently implemented in our product.

According to our research, nearly half (49%) give friends up to £10 at least once a month but more than one in five (22%) wouldn’t use a bank transfer for less than £10.” According to recent World Bank, an estimated 90 percent of fund transfers are sent to family members, who are normally connected via social media sites. This link between senders and recipients gives chat apps like Moneymailme a huge potential to replace and disrupt the traditional remittance market.

Messaging is unlocking more powerful and personal connections between people and businesses than ever. Embracing digital economy and moving towards a “lesscash” society has also been on the agenda at this month’s World Economic Forum in Davos. Joseph Stiglitz, Nobel Prize-winning economist and Columbia University professor, advocated that phasing out currency and moving towards a digital economy would, in the long term, have “benefits that outweigh the cost”.

The innovation Moneymailme brings is its extended coverage in 130 countries and the added social element: transactions occur within the context of online chats or exchanges of data files, texts, videos and photos. Value transfers now move with the same fluidity as text, meaning dollars and pounds and euros travel as fast as words.

“People want to be able to move their money as easily as they chat and share their feelings on social media,” says Mihai Ivascu, Moneymailme CEO. “The informal movement of cash is almost always emotional. We see sending and moving money as being at the heart of on-going conversations, and always within a social context – like buying flowers, repaying a debt or helping the family with their rent. It’s our money to send and receive at will, and it shouldn’t be expensive to do so.” That’s exactly the idea behind Moneymailme, a social money transfer app that lets consumers move cash digitally across borders and currencies.

Free download from the App Store and Google Play, the app marks a breakthrough in social money transfers which to date have largely been restricted to domesticonly P2P transactions. Moneymailme helps to “democratize” access to money and deepen economic integration, accessible to smartphone users in 130 countries, including 33 African nations for the first time.

Moneymailme is also the first app in the world to offer video calls with cash transfer capabilities. Consistent with Moneymailme’s signature features, the new function is seamless and comes precisely as video calling in messaging apps is on a dramatic rise. “Just imagine how meaningful a video call to your family members, friends or colleagues are accompanied by ten dollars,” states CEO Mihai Ivascu. “We tend to think that money is an impersonal gift. That is false. A video message with a bit of cash is about as personal as it gets. Young people need cash more than anything else,” he adds. Currently, Moneymailme allows money transfer in euros, dollars and pounds, with more currencies to be added in the near future. Also, the app has a currency exchange function, useful especially for frequent travelers. Registration is easy – takes less than one minute – and the movement of e-money, file sharing and chatting is instantaneous.

Moneymailme also harnesses its community of users to create greater awareness and actions for causes, while aggregating users’ e-money and using it for good. By introducing a Causes feature, the app presents different humanitarian causes by categories, and donations are made in real time, with zero fees.

Using mobile money is, on average, more than 50% cheaper than using global money transfer operators. Moreover, mobile money facilitates competition and drives down the price of remittance services.


Related posts

Altia-ABM Software Helps Bust Major Fraud in Cumbria

Manisha Patel

Santander Launches the First Blockchain-based International Money Transfer Service Across Four Countries

Manisha Patel

Slow-Moving UK Organisations Risk Falling Behind the Rest of the World on AI

Mark Walker