International money transfer app Fin.do announced a new feature. Fin.do users will be able to make transactions using the 16 digits of the recipient’s card, regardless of whether the recipient is a Fin.do user or not. The new service, available starting March 2020 in the MasterCard network.
With the release of a new feature and lower transaction costs, the company aims to make money transfers ubiquitous and to empower people to benefit from the most recent financial innovations.
Fin.do CEO and founder Zhana Dar said: “In the past, people had to provide their complete bank details to receive international transfers. Today’s high-security standards enable us to use the 16 digits of the card to instant money transactions. We are happy to provide this new feature to our customers, understanding how crucial quick money transfers can be at times. Nothing should stand in the way of our users supporting their family and friends.”
Fin.do reduces costs by eliminating double currency conversion costs and high bank fees. Transfer through the Fin.do application is especially cost-effective on lower-value transactions. Often transfers of €500 or less, with other service providers cost users up to 10% of the transfer amount. With Fin.do, this percentage is significantly lower.
About Fin.do Created in 2017 by Lithuanian-based software company UAB Findo Finansai, Fin.do enables instant international transfers to 50+ countries and in 180 currencies. The app is available on iOS and Android devices for users in the MasterCard network (Visa is launching soon).
Fin.do aims to transform the card to card money transfer industry by enabling seamless low cost, real-time transfers.
In 2019, Fin.do payments grew 500% yoy in terms of volume, and the company expects more accelerated growth in 2020. In the first weeks of launching the “transfer to the card number” feature, the company’s daily records went up to a 20% increase.
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