THE MODEL: A platform
for users to instantly remit money to many countries. A user can select the
country to transfer money to, select or add a recipient and decide the amount
and mode of payment and confirm the transaction.
STARTUP: WorldRemit (British startup)
WHAT I LIKE
Core Idea – Easy
money transfers using technology is a great concept. In this globalized world
where people frequently travel for work, this market is big and growing.
Ease of Use – Transferring
money is easy and transparent. The transfers are instant and the charges are
low as compared to other traditional competitors.
Trust – The startup
uses industry leading privacy and payment security systems.
CONCERNS
Competition – Banks and other financial organizations are already
offering this service to customers, along with a host of other services. Competing
with a standalone service in such a market is going to be tough for the
startup.
Services like world remit made money transfer easy. now that everybody wants to go cashless and everybody wants to make payment online such services will definitely help people to achieve their aim. I used to transfer money to India when I was in USA and i know how important is to transfer money to you loved ones on time.
ReplyDelete