AirPocket goes live on iOS
Having announced only last week that its AirPocket app facilitating money transfers to Latin America via Android devices had gone live, DigitalX informed the market on Tuesday that money transfers are now live on iOS via a free download on the App Store.
Furthermore, after the successful rollout of money transfers to Mexico and El Salvador last week, the same services are now being offered to Bolivia, the Dominican Republic and Honduras.
Although it is early stages in this roll-out, so investors considering this stock for their portfolio should seek professional financial advice.
These combined developments have effectively increased the group’s addressable market as the AirPocket app’s remittance service allows users to send money from the US to Latin American destinations for cash pickup or direct bank deposits. Users can also fund their money transfer by credit card, debit card or bank transfer.
Importantly, users can fund their remittances by prepaid debit card, a method which is increasingly used by under-banked individuals in lieu of costly cash agents. The low fees and applicable exchange rates offered by AirPocket deliver value that is particularly material to the immigrant community.
On this note, Chief Executive Leigh Travers said, “AirPocket offers steady foreign exchange premiums in response to dissatisfaction with the ‘casino-like’ experience remittance users face on competitor platforms, which offer Forex premiums that fluctuate significantly throughout the day and across the week”.
Travers also noted that the convenience of having an unchanging premium took a significant step out of remittance users’ calculation of the optimal sending platform.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.