Transfast

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.

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

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.

Transfast.com

The company offers customers the ability to send online, from a desktop, or from a mobile device.[8]

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.[9]

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.[10] 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.[11] 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.[12]

Transfast has crossed the 45,000-location mark in India and almost four million customers globally.[3][13]

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. 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. "Transpay's Take On Cross-Border Disruption | PYMNTS.com". PYMNTS.com. 2015-11-19. Retrieved 2016-06-14.
  8. "TRANSFAST launches iOS mobile application - The Economic Times". The Economic Times. Retrieved 2016-06-14.
  9. "Remittance Prices Worldwide | MAKING MARKETS MORE TRANSPARENT". remittanceprices.worldbank.org. Retrieved 2016-06-14.
  10. "Pan African Blockchain currency for Payment and Trading". Retrieved 2023-10-10.
  11. "Transfast expands proprietary bank network into 23 African nations". BiztechAfrica. Retrieved 2016-06-14.
  12. "TRANSFAST Enables Instant Money Transfer to Kenya | Payment Week". Payment Week. 2015-03-06. Retrieved 2016-06-14.
  13. "Transfast targets to capture 7 per cent of remittances to India". timesofindia-economictimes. Retrieved 2016-06-14.
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