Methods of cross-border money transfer
Allow your users to send money in different countries using various methods. These methods are explained in detail below.
Mobile-to-Mobile transfer (M2M):
In this type of international money transfer, the customers can simply send money to their family members and friends from their mobile phones. Similarly, the receivers can receive remittance directly into their mobile wallet account. The money thus received can be used for future financial transactions.
In this scenario, the amount sent is debited from the sender’s account and is credited to the receiver’s account after applying the applicable charges.
Mobile-to-Bank transfer (M2B):
This type of international remittance enables its users to directly send money from their mobile phone to their friends and family’s bank account. In this scenario, the amount debited from the sender’s account is credited directly to their friends’ and family’s bank account after applying the applicable charges.
You can achieve this by two ways. First, by direct API integration of receiver’s bank as per the technology support and allowed regulations. Secondly, by a 3rd party switch that allows all the international transfers.
Mobile-to-Cash transfer (M2C):
In this type, the customers can send money to their family members and friends via their mobile phones. The receivers on the other hand, can collect the money from IMT (International Money Transfer) partner agent in the form of cash.
For this, the receiver receives a code which he needs to produce at the IMT partner agent for cash collection. Once the transaction is completed, the sender receives a confirmation SMS of the same.
Critical features of
Transferring funds abroad becomes easy with Digipay’s international remittance. It offers a variety of features that makes the transfer quick, simple, and secure.
Multiple pricing models
Collect KYC data
International remittance flow
The diagram is of the international remittance flow which shows all the major stages and elements involved in the whole process.
What can you achieve with Digipay?
With Digipay, you can offer simple, fast, and secure international remittance services to your users. These services immensely benefit your users as well as your own business.
Monitor your business performance with the help of comprehensive reporting provided by our solution.
Carry out flexible operations effectively through forex management, fees and rates.
Integrate MVNOs and MNOs
Carry out easy integration of MVNOs, MVOs, and banks in order to use their accounts.
Achieve regulatory compliance with the local regulatory requirements for international remittance.
Offer secure remittance services to your users with the help of an OTP based model.
Our whole system is online which reduces paper work and increases process and delivery speed.
DigiPay’s success over the years
Over the years, DigiPay has successfully delivered several customized and top-notch digital wallet solutions for its clients. You can get a glimpse of a few of those works here.
We recently helped one of our clients which is a FinTech start-up company that was established in early 2019 in BGC, Taguig. They wanted to start their business in e-money, electronic payment, financial services, and all other related businesses.
DigiPay helped its client based in South Africa to come up with their own digital payment application. In recent years, the mobile payment industry in South Africa has boomed.