Transfast
IndustryFinancial services
Founded1988
HeadquartersNew York
Area served
New York
India
UAE
Philippines
Websitewww.transfast.com

Transfast is an international money transfer and cross-border payments company headquartered in New York, with additional offices in India (Kochi, Pune, Jalandhar, and Hoshiarpur), the UAE, and the Philippines. Transfast is owned by Mastercard.

The company is a provider of multi-currency, cross-border payments services for consumers and businesses around the world. Remittances are processed through its wholly owned direct-to-bank network, and the company offers 200,000 cash payout points across 120 countries.[1][2][3]

History

The company was founded in 1988, as Trans-Fast, and focused on money transfers from the U.S. to Latin America. In 2007, the company received a private-equity investment from Greenhill Capital Partners, LLC and changed its name to Transfast Remittance LLC.[4]

In July 2019, Mastercard acquired Transfast.[5]

Transfast shuttered their online money transfer service on February 14, 2020.[6]

Products

Transpay

Transpay is a B2B/B2P cross-border payments platform. The company's platform uses robust end-to-end technology to enable instant transfers across its global proprietary network. Customers include Google and Upwork.[7]

Agent business

Transfast has 200,000 payment points worldwide, with agents representing the company around the globe. Customers can send money in person to be received in cash or directly into a bank account.[8]

Transfast.com

The company offers customers the ability to send online, from a desktop, or from a mobile device.[9]

In the first quarter of 2016, Transfast was listed by World Bank at the top of the World Remittance Prices database for providing the lowest-cost remittances to the Philippines, Nigeria, Egypt and Ghana.[10]

Coverage

Transfast's network covers 120 countries across the Americas, Asia, Africa and Europe, and the company holds licenses in more than 70 jurisdictions globally.[7]

In Africa, Transfast operates in 23 nations; the company's bank network covers up to 90 percent of adult bank account holders in those nations.[11] Transfast customers in U.S. and Canada can send online or via mobile to recipients’ bank accounts at nearly 600 banks or to 6,000 cash pick-up locations inside banks in Africa.[12] Transfast is also connected to M-Pesa in Kenya and teamed up with three major Kenyan banks, allowing customers worldwide to make instant money transfers to the country.[13]

Transfast has crossed the 45,000-location mark in India, and almost four million customers globally.[3][14]

Awards and recognition

  • Kalahari Awards - Best Remittance Service Award - Transfast.com

References

  1. ↑ "Samish Kumar - The NRI who built a multi-million dollar business across 120 countries!". www.yahoo.com. Retrieved 2016-06-14.
  2. ↑ "Transfast targets $100m Egyptian remittances by March 2017". Daily News Egypt. 2016-04-03. Retrieved 2016-06-14.
  3. 1 2 D'Mello, Sandhya. "UAE diversification policy promising - Khaleej Times". www.khaleejtimes.com. Retrieved 2016-06-14.
  4. ↑ "Transfast Remittance LLC: Private Company Information - Businessweek". www.bloomberg.com. Retrieved 2016-06-14.
  5. ↑ "Mastercard Further Extends Payment Network with Acquisition of Transfast". MasterCard Social Newsroom. Retrieved 2019-12-17.
  6. ↑ "Frequently Asked Questions with Transfast". Transfast. Retrieved 2020-03-15.
  7. 1 2 "Transpay's Take On Cross-Border Disruption | PYMNTS.com". PYMNTS.com. 2015-11-19. Retrieved 2016-06-14.
  8. ↑ "How to Convert Money from One Currency to Another". Simify. Retrieved 2023-12-14.
  9. ↑ "TRANSFAST launches iOS mobile application - The Economic Times". The Economic Times. Retrieved 2016-06-14.
  10. ↑ "Remittance Prices Worldwide | MAKING MARKETS MORE TRANSPARENT". remittanceprices.worldbank.org. Retrieved 2016-06-14.
  11. ↑ "Pan African Blockchain currency for Payment and Trading". Retrieved 2023-10-10.
  12. ↑ "Transfast expands proprietary bank network into 23 African nations". BiztechAfrica. Retrieved 2016-06-14.
  13. ↑ "TRANSFAST Enables Instant Money Transfer to Kenya | Payment Week". Payment Week. 2015-03-06. Retrieved 2016-06-14.
  14. ↑ "Transfast targets to capture 7 per cent of remittances to India". timesofindia-economictimes. Retrieved 2016-06-14.
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