Social money transfer service entitled as Azimo has added facebook integration to squeeze the western union « iPhone Application Reviews | iPhone Latest News | iPhone Latest Reviews

Social money transfer service entitled as Azimo has added facebook integration to squeeze the western union

Mark

Azimo is the UK based social money transfer service provider. The company is aiming to dominate the industry be beating players like Moneygram and Western Union by integrating with Facebook. This will make easier for the users to send the money to one another by employing social network. This will be the first company in the industry that will help transfer closet to PayPal to PayPal transfer.
The mechanism of Azimo to transfer money via Facebook works in the following manner. Sender of money will invite receiver by sending Facebook message to join Azimo. Receiver will require to fill up the form to sign up in the Azimo’s Facebook app. He or she has to provide details about where they have to send amount from the 150,000 payout desks settled in 125 counters and to top up from which account. This crucial information will not be shared with the sender as Azimo has promised less mistakes in transferring money.Azimo also use Facebook profile of the user to ensure that they are genuine. They monitor that from what time duration they are having their account, how active they are on Facebook, how many friends they have in their account and in affiliated email id and who is the owner of the account. Many other companies usually utilize this data for meeting their requirements.

Azimo can even use Android and iOS devices for money transfer, however it has selected Facebook app because of the survey done in UK who frequently transfer money. It has been found that almost three quarters of these people use Facebook on regular basis and almost 60% of them remain in touch with the receiver. These figures have been shared by the cofounder of Azimo, Mr. Michael Kent. Thus it is the good way to utilize the figures and reach the customer like they want. Also the biggest competitor, Western Union fees are too much high in the industry and thus gap is there for others to come in.

Azimo is aiming to charge the fees between 1 to 2% of the transaction, with quick delivery overseas. On the other hand, competition is charging almost double amount for just few clicks to transfer the money.

The direct competition of Azimo is TransferWise which usually work on the transfer of money trough banks and particularly work for the businesses.

Azimo is been founded in August 2012 and in January 2013, they have managed to secure almost £300,000.