Azimo, the U. K. money transfer startup backed by Rakuten, is rolling out a neat new feature that makes it a lot easier to send money through the app and..
Azimo , the U. K. money transfer startup backed by Rakuten , is rolling out a neat new feature that makes it a lot easier to send money through the app and should add additional network effects to help the London-based fintech company grow. Specifically, the new functionality enables Azimo users to request, send and receive cash internationally using a mobile phone number.
The new feature is similar to something like PayPal’s Venmo mobile app for sending money to friends or Barclays Pingit, both of which let you send money with just a phone number, but in Azimo’s case it is targeting international/remittence payments.
The way it works is as follows: The sender chooses one of their phone contacts via the Azimo app to whom they want to send money. The recipient will then receive an SMS text message with a link to download and register with the Azimo app, if they haven’t already, and claim the money.
Crucially, the onus is on the receiver not the sender to input recipient bank account details or IBAN numbers, which, when you think about, is how it should be and will cut down significantly on the likelihood of a mistake being made.
