The London-based financial technology startup will enable customers in the United States to transfer money via its platform using Apple Pay.
TransferWise has announced a new capability to allow users send funds abroad using Apple Pay. The move is aimed at making international money transfers more secure and safe.
iPhone and iPad users will now be able to quickly send funds via Apple Pay without having to add payments card or bank account data. So far, the option has been limited only to users in the UK.
“It’s much more convenient to do it this way,” Gregory Talon, consumer product lead at TransferWise, told Reuters. “Because you don’t have to type any of your card details it limits the risk of having somebody watching what you are doing.”
According to TransferWise, since adding Apple Pay support in the UK, more than 10% of iOS transactions have been realized via the app.
Launched in 2011, TransferWise is one of the largest and well-funded fintech companies in Europe. It is supported by venture capital firm Andreessen Horowitz, British billionaire Sir Richard Branson, and PayPal founder Max Levchin.
TransferWise aims to make it easier for businesses and customers to conduct cross-border payments. The company now processes over $1.2 billion each month in 40 different currencies and 750 currency routes.
TransferWise plans to launch Apple Pay integration in other countries during the year, including France, Italy, Spain, Ireland, and Australia.
A week ago, the company announced that its two co-founders, Taavet Hinrikus and Kristo Kaarmann, have swapped their positions as chairman and chief executive officer. Hinrikus will take the role of chairman, while Kaarmann will serve as CEO of the money transfer startup.
TransferWise’s previous partners include Germany-based startup Number26. The companies teamed up in 2016 to enable users of the banking app to make international money transfers via TransferWise platform.
Earlier this year, the company introduced “Borderless accounts” to let businesses to have a local bank account in up to 15 countries, accept and send money transfers, without having to step foot there.
A couple of days ago, Apple Pay’s main competitor, Android Pay, announced the roll out of the platform in Spain. The payment system will allow customers to use their Visa and MasterCard debit or credit card with BBVA in order to pay with their mobile phones. At first, the payment option will become available only to BBVA customers, but Google claims that more partners will be added to the network in the coming months. Prior to launching the service in Spain, Google made it available in Japan, the US, Russia, Canada, and Taiwan.
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