Go beyond remittance: Build cross-border digital wallets
How to provide services beyond remittance to your customer? Every new company that wants to build and launch a cross-border money transfer service has to think about this. The space is so crowded and competitive that companies must build a product with an edge; and one way to that is by offering digital wallets in addition to remittance service.
Most immigrant users who send money back home also need to take care of other expenses for their family; especially if their parents are old, living alone, or struggling to manage finances. Paying a simple utility bill can be challenging.
Paying medical bills, insurance, school fees, internet subscription, and the contractor you want to appoint to renovate or do home maintenance, can be very difficult when someone is living thousands of miles away from their loved ones. Also, one would not want to trust handing money to anyone to make these payments on behalf of their family.
Going beyond remittance is to help your customers make these payments and manage finances for their families. Imagine a service that would allow your customer to pay for their parent's regular health check-ups and can check the reports from a dashboard. Select a biller, to immediately pay for water, electricity, telephone, internet, etc. If only you could create an end-to-end eco-system for your users to pay any individual or business for almost free and instantly.
Building a digital wallet for your users to pay, hold, spend and withdraw funds will create a niche service that can offer a full range of solutions your customer needs. We know it sounds a bit ambitious, however, at Machnet we have figured this out for our clients. With our end-to-end cross-border payment-as-a-service API, our clients can offer digital wallets to their users in the US and build their international money transfer applications to go beyond remittance.
Machnet API enables you to build a web or mobile application to Collect, Store, Transfer, Send and Spend funds for your end users in the US.
For further details, you may contact our team to explore further.