Transpay, the cross-border payments platform, today announced the expansion of its service offering to include direct-to-bank deposits in Australia, New Zealand, and South Africa. Transpay clients are now able to send local currency payouts directly into bank accounts in these countries.
According to 2017 data from the World Bank and International Labor Organization, self-employment rates in Australia, New Zealand, and South Africa range between 14.4-17.6 per cent. As professional services continue to globalize with the rise of online marketplaces, the ability to receive mass payments from overseas partners without excessive or unexpected transaction fees presents an economic benefit to individuals, businesses, and their national economies alike.
“As the ‘new’ economy evolves at incredible pace, Transpay is committed to expanding its platform’s reach and capabilities in order to better serve the growing cross-border payment needs of its clients,” Transpay general manager Peter Shore said. “As online marketplaces, travel agencies, and nascent e-commerce businesses continue adapting their digital payments, we enable them to scale, streamline and evolve so they can continue meeting customer demand, no matter where they are in the world.”
Transpay’s extended offering coincides with a sharp rise in tourism across all three countries that signals opportunity for travel agencies based in other nations like the United States. Australia welcomed 8.7 million international visitors in the year ending October 2017, up 7.1 per cent over the year prior according to data from Tourism Australia. Tourism New Zealand also reported a 7.5 per cent rise in visitors in 2017, while South African Tourism forecast a 13 per cent jump in tourist arrivals for 2017 back in July.
Through Transpay, businesses of all sizes are able to send mass payouts to local banks in more than 100 countries without incurring the high fees and inefficiencies associated with wires, e-wallets, and cards.