Money transfers to phone numbers? Azimo makes it possible!

Money transfers to phone numbers? Azimo makes it possible!

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Azimo has launched an industry-first service that will revolutionise how money is sent and received. The in-app feature has the chance to fundamentally change the money transfer market as users no longer need to input account details in order to send money.

Azimo users need only choose one of their phone contacts to send them money. Their recipient will then receive an SMS with a link to download the Azimo app and claim the money. Sitting within the current Azimo app, this innovative, one tap technology brings cross-border transfers bang up to date, with the fastest, simplest process yet.
The new feature will allow millions of hard-working migrants to lower the excessive fees and poor exchange rates involved in transferring money abroad. According to the World Bank, international migrants send $601 billion to their families in their home countries every year, with developing countries receiving $441 billion. The top recipients of officially recorded remittances are India, China and the Philippines. As a percentage of GDP, the recipients of remittances, are Tajikistan (36 percent each) or Nepal (30 percent each).
Azimo was established in 2012 and currently offers online money transfers to over 200 countries in 77 currencies, reaching over 5 billion people. In 2015 MCI.TechVentures fund invested in the company, participating in 20-million-USD worth round of financing. Funds associated with MCI have strong exposition on FinTech industry, with stakes in such companies as iZettle, MarketInvoice and Dotpay / eCard.

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