SINGAPORE — Payment platform Smart Transfer on Thursday (Sept 7) launched its mobile payment service that enables users to make international remittances across any social media account, mobile number or email address.
“There is a modern global push towards a digital and cashless society, and we want to fully leverage all digital avenues, such as social media and e-mail addresses, to revolutionise local and cross-border payments,” said Mr Francis Lu, Smart Transfer’s chief executive officer and co-founder.
Smart Transfer leverages peer-to-peer transfers, matching senders with a counterpart sending money in the opposite direction, enabling users to effectively trade currencies with each other. This cuts out the middleman and allows users to send instant, round-the-clock transfers, with better exchange rates and no service fees, said the company in a statement.
The payment platform supports multiple payment channels that allow users to make transfers with just the recipient’s mobile number, email address, bank account or social media contact. Payments can also be made via the scanning of a QR code.
There is no need to know the receiver’s SWIFT codes, bank codes, branch codes or bank account details.
Transfers made through the Smart Transfer application are encrypted and protected by a one-time PIN, enhancing security to provide users with peace of mind.
While traditional overseas money transfers typically take two to five working days, Smart Transfer payments are almost instant.
Through its cross-matching engine and integration with various banks across different countries, the company claims that its transactions to overseas bank accounts can be done within seconds.
By eliminating the middleman, Smart Transfer does not charge administration fees. Smart Transfer’s proprietary currency cross-matching engine also ensures highly competitive exchange rates, passing the savings on to consumers, said the company.
Its multi-currency wallet enables users to send and receive money across seven currencies: The Singapore dollar, Hong Kong dollar, Chinese renminbi, US dollar, British pound, Indonesian rupiah and Australian dollar.
Users’ monies are held with its bank partners such as Hang Seng Bank, Standard Chartered Bank and Bank of China, providing a layer of assurance to users over safety of their funds.
Smart Transfer’s built-in SmartBot is able to execute transactions according to a user’s instructions. It is integrated within Facebook Messenger and Telegram, leveraging artificial intelligence-based processing technology to process four different languages — English, Chinese, Japanese and Indonesian.
Smart Transfer is currently supported across Singapore, Hong Kong, Indonesia, Australia, the United States and the United Kingdom, with plans to expand its offerings to more than 212 countries and up to 30 currencies by the end of the year.