This App Allows Users to Exchange Money Without the Added Fees
Katherine Pendrill — September 24, 2015 — Tech
References: itunes.apple & thenextweb
'CurrencyFair' is a new app that allows users to exchange money and transfer funds without paying extra fees. Although there are a number of companies that help users transfer their funds, these services often come at a price. CurrencyFair claims to provide the same level of functionality as other services, but without the added fees.
The app contains a number of smart features that allow users to carry out different transactions. For instance, users can take photos of their ID to facilitate quick and secure money transfers. Users can also exchange funds using live currency exchange rates. The app uses a 'Money Matching' model which allows it to provide lower exchange rates than those available from banks. In total, the company claims that users can save up to 90 percent of the transfer fees that come from using a traditional bank or broker.
The app thus provides an inexpensive way for consumers to exchange money or transfer funds.
The app contains a number of smart features that allow users to carry out different transactions. For instance, users can take photos of their ID to facilitate quick and secure money transfers. Users can also exchange funds using live currency exchange rates. The app uses a 'Money Matching' model which allows it to provide lower exchange rates than those available from banks. In total, the company claims that users can save up to 90 percent of the transfer fees that come from using a traditional bank or broker.
The app thus provides an inexpensive way for consumers to exchange money or transfer funds.
Trend Themes
1. Cash Transfer Apps - Disruptive innovation opportunity: Develop cash transfer apps that provide low or no fees to users.
2. Smart Transaction Features - Disruptive innovation opportunity: Create apps with smart features like ID scanning and live currency exchange rates for seamless money transfers.
3. Money Matching Model - Disruptive innovation opportunity: Implement a money matching model to offer lower exchange rates and save users money.
Industry Implications
1. Finance - Disruptive innovation opportunity: Revolutionize the finance industry by developing cash transfer apps with low fees and smart transaction features.
2. Mobile Apps - Disruptive innovation opportunity: Create innovative mobile apps that offer cost-effective money transfer and currency exchange solutions.
3. Fintech - Disruptive innovation opportunity: Explore fintech solutions that utilize money matching models to provide better exchange rates and reduce fees for users.
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