Wise expands to Pacific
A GLOBAL technology company known as Wise is an entirely new cross-border payments network that has broadened its Pacific coverage by launching transfers to Fiji.
The company was co-founded by Taavet Hinrikus and Kristo Käärmann, and launched in 2011 under its original name TransferWise.
It was stated to be one of the world’s fastest-growing tech companies as it had raised over $1 billion in primary and secondary transactions from world-leading investors.
The company also boasts that 10 million people and businesses use Wise, which processed over £5 billion in cross-border transactions every month.
Wise customers could now send Fijian dollars from 56 currencies, including NZD as the company stated that money remittance service was fast, convenient, cheap and completely transparent compared with competing banks and service providers.
The company had enabled international transfers to Fiji today, as over 222,000 Fijians who live abroad, including 95 per cent of those in New Zealand, Australia, the USA, Canada and the UK could now send up to $10,000 per transaction via the Wise app or on the web, to anyone in Fiji who holds a Vodafone M-PAiSA mobile money account.
Tristan Dakin, Wise ANZ country manager said they were excited to offer their customers a new remittance route to Fiji.
“Wise is the only company in the market to use the real exchange rate - the one you see on Google,” he said.
“Banks and other providers around the world hide their fees in exchange rate markups, making it very hard for customers to calculate exactly how much they are paying for the transfer.
“It is an opaque and outmoded practice that Wise opposes in every country we serve.”
Mr Dakin added they were getting a very high number of requests from potential Fijian customers.
“By allowing and encouraging more nonbanks to provide financial services in Fiji, we are ensuring there is a cheap and fast remittance product within the market, as its economy heavily relies on it, tying back into our mission of ensuring consumers benefit from better and more affordable services.”
The company stated the Vodafone MPAiSA wallet was a mobile wallet that would allow Wise customers to transfer money online to friends and family safely and easily at the Google mid-market exchange rate, and Wise’s transparent low fees.
The recipient was stated not to need a bank account to receive money, only their Vodafone Fiji mobile and customers could hold up to $10,000 in their wallet, as well as spend in Fijian dollars for all services available on M-PAiSA such as; paying directly with M-PAiSA QR for shopping, making bill payments, business payments, transferring money to friends and family, and withdrawing from allowed agents.
The company stated financial inclusion in the Pacific Islands had been recognised by the Group of Twenty (G20) as important for promoting development and reducing poverty, as well as enhancing financial stability and integrity.
“More than 5 per cent of Fiji’s GDP can be attributed to remittance payments, a number that’s likely to increase as the country battles the recent influx of COVID-19 and the ongoing decline of international tourism.
“The G20 and the New Zealand Government are committed to supporting accessible and affordable remittance flows.
“They are pursuing this through increasing market competitiveness, harnessing new and emerging technologies, enhancing transparency, and encouraging supportive regulatory environments.
“Wise’s movement into the region aligns with these goals,” it stated.
Wise’s entrance into Fiji offers customers a service that was transparent, fast, convenient and cheap.
The company stated the service used the real mid-market exchange rate seen on Google.
It added that 100 per cent of transfers to Vodafone M-PAiSA were instant (in less than 20 seconds) when using Credit Card and PoLI.
It also had 100 per cent online experience from verification to the setting up and completion of transfers, with no need for recipients to leave their homes as all recipients needed was an active Vodafone mobile number.
It was stated Wise was cheaper compared with standard banks and other service providers.