moneyHOP, a cross-border neobank on Wednesday launched ‘HOPRemit’.”It’s an instant, cost-effective and contactless international remittance service, custom made for Indian millennials,” the company said.
The service provider joined hands with SBM Bank India to introduce the facility. The users can remit in four easy steps — 1) Select the destination, currency, and the amount, 2) You have to complete a digital KYC, 3) Then, you need to add recipient’s details, 4) Then you pay online.
“After receiving the funds, transfer instructions get processed immediately and money gets credited to the recipient’s account within 24 hours,” the company said. There were no hidden charges, moneyHOP said.
On the launch of HOPRemit, Mayank Goyal, CEO, moneyHOP, said, “Even though domestic mobile payments rose by 163% to $287 billion in 2019 in India, international money transfer is still an extensively paper-driven and expensive procedure. One of the UN’s sustainable development goals is to reduce the global cross-border remittance fee to under 3% by 2030 and from 7% where it currently stands. Therefore, moneyHOP has come up with a digital and affordable model for international money transfers.”
“As the current health crisis continues to pose challenges towards branch-based and paper-driven banking services, a remittance platform that enables its users to send money abroad from their homes is the need of the hour,” he said.
moneyHOP is also building One Global Card, One Global Account — a multi-currency mobile banking platform to augment its cross-border offering. The HOP app is in its final test stage and will be ready for launch soon, the company said.
It is a mobile app-based digital banking solution offering a multi-currency bank account and a card. One can apply for an account through the app, and the user gets onboarded using digital KYC. The user is instantly issued with a multi-currency account and a card. The app enables the user to deploy banking activities such as save, invest, borrow and spend. The on-demand 0% mark-up currency exchange is available. “The user can use either the virtual card on the app to transact using NFC or a contactless physical card to pay at POS, withdraw money or use for online transactions,” moneyHOP said.