Last week on the 20th of August, TransferWise and Mastercard disclosed their latest partnership through a press release. According to the partnership, TransferWise debit cards will be able to operate in any country where Mastercard is actively doing business. It is a move that will see TransferWise easen the burden of international remittance.
This is a big achievement for TransferWise because it will see more users subscribe for the service especially those dealing in international money transfer. It is not the first time that these companies have come together as they first partnered in 2018 in Europe when the first TransferWise debit card was released. According to The CEO of TransferWise Kristo Käärmann, millions of their debit cards have been distributed across the world.
With this new collaboration, TransferWise users are expected to enjoy better and faster services and will no longer have to wait to access their money. To date, the TransferWise debit card is available in European Countries but it is expected to be available in any country with master card services.
According to Kristo Käärmann, the companies are working to ensure that their users don’t get any challenge to access the card regardless of which country they are in. The partnership between TransferWise and Master card comes weeks after TransferWise was evaluated at 5 billion dollars and became a secondary share sale.
Today, TransferWise is a 9 year old multibillion firm in London with over 8 million users globally
Transacting over $5billion every month. This international remittance giant is promising to double up these figures in the near future by offering users what they demand most -instant payouts.
What it means to TransferWise users
If you have ever used a Master card then it is exactly how the TransferWise debit card is expected to operate. That means, there will be no need for a third party agent required to make money available for users. Understand that in some countries, TransferWise account holders need to deposit money from their accounts to a bank before they can access the money which is expensive in the long run.
With the TransferWise debit card now becoming globally recognised, it should be able to be used in making payments like in a store. This is not only convenient but will reduce cost since withdrawals are not likely to be free. Freelancers and people who have family or friends who send money occasionally are expected to be the biggest beneficiaries followed by firms that conduct international businesses.