AirPocket goes live on iOS
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Having announced only last week that its AirPocket app facilitating money transfers to Latin America via Android devices had gone live, DigitalX informed the market on Tuesday that money transfers are now live on iOS via a free download on the App Store.
Furthermore, after the successful rollout of money transfers to Mexico and El Salvador last week, the same services are now being offered to Bolivia, the Dominican Republic and Honduras.
Although it is early stages in this roll-out, so investors considering this stock for their portfolio should seek professional financial advice.
These combined developments have effectively increased the group’s addressable market as the AirPocket app’s remittance service allows users to send money from the US to Latin American destinations for cash pickup or direct bank deposits. Users can also fund their money transfer by credit card, debit card or bank transfer.
Importantly, users can fund their remittances by prepaid debit card, a method which is increasingly used by under-banked individuals in lieu of costly cash agents. The low fees and applicable exchange rates offered by AirPocket deliver value that is particularly material to the immigrant community.
On this note, Chief Executive Leigh Travers said, “AirPocket offers steady foreign exchange premiums in response to dissatisfaction with the ‘casino-like’ experience remittance users face on competitor platforms, which offer Forex premiums that fluctuate significantly throughout the day and across the week”.
Travers also noted that the convenience of having an unchanging premium took a significant step out of remittance users’ calculation of the optimal sending platform.
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