And they’re growing quickly: more than 7x since 2000 2. Why it matters - remittances are the primary source of capital for low income countriesĬross-border payments are not only a large market - $540B through formal channels alone, with the informal sector estimated to be almost as large - but are also the central source of capital for low and middle income countries: remittance inflows exceeded foreign direct investment plus official development assistance in 2020. Building that infrastructure, and translating it into a better experience for customers, was a challenge we wanted solved- especially now, in an era of anti-immigrant backlash. This may sound surprisingly obvious, commonplace and even easy, but in the markets we’re working it requires significant behind-the-scenes financial and technical infrastructure to make it possible, along with an expansive network of international partners. More specifically, it has allowed us to offer a simple, rapid, no-fee 1, mobile-to-mobile remittance service focused on those from underserved markets. The mobile money revolution, by which more than a billion people have gone from no financial access to a digital bank in their pockets, has made this possible. GiveDirectly first did this for philanthropic capital Segovia for businesses, and now, Taptap Send for individuals. With lucrative rates and no additional charge, Taptap Send is on its way to becoming the go-to remittance choice among foreign Bangladeshi nationals.Simply put, Taptap Send is the next chapter in a journey with co-founder Paul Niehaus to make it as cheap, fast and convenient to transfer money into the emerging markets as possible. Many of these events cater exclusively to Bangladeshis living in the US, with the latest one called Eid Bazaar held in New Jersey on the occasion of the upcoming Eid-ul-Adha. It is also known for hosting community projects across the regions. The company was founded by two Harvard alumni and currently has head offices in London and New York City. Launched in the summer of 2018, Taptap Send is currently serving over 500,000 users worldwide. The customer care service is also quite prompt at answering requests. The information of both the sender and the receiver is stored exclusively in the app's database and not shared with any other parties. Taptap Send also features a secure transaction system, with in-built fraud protection and a money-back guarantee in case of accidental transfers. If you are sending 50$, you are sending the exact amount of taka that the 50$ would be worth: that too, at a generally higher exchange rate. While other remittance apps will include conditional fees such as additional charges in transfers over 50$, Taptap Send emphasises giving money back to the users by adding no extra cost. In addition to that, there are no hidden charges or fees involved when sending money via Taptap Send. This rate is decided after a cost comparison analysis by the Taptap Send team, offering better rates than competitors such as Western Union and Sendwave. However, Taptap Send offered 93 taka per US$, so anyone sending money from the US to Bangladesh would be sending more than the international rate thanks to the incentivised rate of the app. For example, earlier last month, the rate of the US$ was 87 taka. The internal team of Taptap Send manually selects the best conversation rate for a given day and offers the most competitive prices to their users. The best features of Taptap Send can be summarised into two main points: its great remittance rate and its free service cost. Taptap Send is free to download and use in both the Google and Android app stores, though currently, it doesn't support sending money outside the US, UK, EU and Canada. As long as the correct bank account or bKash number information was provided by the sender, the receiver will receive the money instantly, along with a verification message notifying the transfer. The receiver also doesn't need to have the app installed on their phone to receive the money. Taptap Send has no minimum or maximum limit on how much money can be sent. The entire process takes a few seconds and can be performed in a maximum of two taps - hence, tap tap send. After you hit send, a loading screen will pop up, alongside a confirmation code verifying that your money has been sent. The next screen will ask who you want to send it to and verify the information.
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