Alternative Payment Solution: TransferWise

Alternative Payment Solution: TransferWise

Summary

TransferWise is a global cross-border money transfer solution. Founded in the UK in March 2010, the solution now enables users to transfer money globally in 49 currencies to recipients’ bank accounts.

TransferWise operates on a P2P money transfer model with a network of international accounts around the world. Instead of transferring the sender's money directly to the recipient in the foreign country, TransferWise redirects them to the recipient of another transfer going in the opposite direction, thereby eliminating the need for currency conversion and for funds to actually cross borders. This means TransferWise can offer lower transaction fees than its competitors.

To diversify its portfolio, in May 2017 TransferWise introduced the multi-currency Borderless account for businesses, which was later extended to individual customers. Account holders are offered a Mastercard-branded contactless debit card that can be used for in-store and online payments as well as cash withdrawals at ATMs in multiple currencies.

The report provides information and insights into alternative payment solution TransferWise, including -
- Detailed insight into its business and geographical presence
- Comprehensive coverage of its products and services
- Comparative assessment with key alternative payment solutions
- Information on its performance, including its revenue model
- The company's important events and milestones.

Scope

- In March 2010, TransferWise was founded in the UK.
- TransferWise operates on a P2P money transfer model with a network of international accounts around the world.
- TransferWise enables users to send or receive money in 47 currencies through their online website and mobile app.
- To diversify its portfolio, in May 2017 TransferWise introduced the multi-currency Borderless account for businesses, which was later extended to individual customers.

Reasons to buy

- Gain insights into TransferWise's business operations, and key events.
- Gain insights into its product portfolio and revenue model.
- Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.