TransferGo: We will come to a point where money transfers will be dominated by app usage
Cash will become obsolete and this will be the result of digital finance advancement, Marius Nedelcu, Country Manager at TransferGo told The Diplomat-Bucharest.
2018-03-29 13:19:12 - From the Print Edition
In his opinion, faster and cheaper borderless money transfers already take place and now it is just a matter of financial education for people who still use cash and decide to take a trip to the bank in order to process a transfer.
According to Nedelcu, the challenge is to convince people to trust online transfers and conquer their fear of digital.
"We hear too often words like "I am not technical", but every digital company has solid customer support that is available to help at any point in time," he explained. "The advantages of sending money online, whether it's via the internet or via mobile, are multiple. For example, the fact that the transfer is much faster (in a matter of minutes), much cheaper (because of its smart system), safer - especially when you deal with larger sums of money where cash would be very inconvenient to carry and that all this process takes place in the comfort of your own home or office."
Nedelcu said TransferGo started a few years ago with Lithuanians: "The idea came to life because of a need we identified correctly. Since then, we have seen our business grow across other corridors like Poland and Romania. Particularly our Romanian migrants in UK helped us secure 30 per cent market share and today, they make 50 per cent of their transfers through our app. Romania became a blueprint for our entire business and we are very happy to see how fast Romanians transition from cash/traditional to digital."
At this point, TransferGo wants to grow their brand awareness and expand their effort into countries such as Germany, Spain and Italy, where migrant communities are large and send a lot of money back home. "Of course, we also put a lot of effort in developing our app experience and customer journey so it all becomes even simpler, with always faster and faster delivery," said Nedelcu. "We forecast that we will come to a point where money transfers will be dominated by app usage, at the same time seeing a radical speed of delivery - maybe even switching from a matter of minutes to one of seconds. We do not exclude the possibility of cryptocurrency taking over."
* Part of the Digital Finance feature from the print edition
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