Azimo created an industry first when the London-based Fintech startup launched an in-app function that allows users to send money abroad using only the recipients mobile phone number.
According to Finextra Azimo has a global footprint of 793 million people, and by introducing this new feature the company are making it easier than ever before to send money abroad.
Azimo’s users can input their contacts’ mobile phone number to send money – without adding Iban’s and bank routing numbers, says Michael Kent, Azimo’s co-founder and CEO.
“Our new feature has been designed to be as intuitive and simple as possible, enabling a more frictionless experience for customers when transferring money abroad. We feel very strongly about the importance of an innovative, fast and cheap service for our customers. Finance has been truly digital, now it’s truly mobile.”
The recipient receives a text message alert when money has been sent to them, and can simply click on a link within the text to download the app and collect their cash.
Azimo, who are present in more than 190 countries around the world, are rolling out the service across the Eurozone, and in the US and Canada, before making the service available across the majority of their global network later in the year.
The new feature can also be used domestically.
The Azimo app can be downloaded from the App Store or Google Play, and to celebrate the launch, the startup are making all international and domestic transfers sent to phone numbers free of charge.
It’s another step in the right direction for the Fintech disruptor brigade, who are striving to gain a bigger slice of the market for overseas transfers market from the big banks by offering cheaper rates, and a more efficient and hassle free service.
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