Will Venmo replace Western Union?

Most likely not. Venmo is US concentric, whilst Western Union is available pretty much all around the globe. The problem that the two solve are inherently different. It is very unlikely for Venmo to achieve a global status of what WU has. For that to happen, Venmo would have to become a household name like […]

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How can I add multiple payment gateways to my e-commerce, depending on the location the payment will go to the closest branch?

Look at super-aggregators like Adyen, Wirecard and I would highly recommend BlueSnap (Global Payment Processor for eCommerce) (no affiliation to anyone of them). Companies like the above have payment processing facilities (integration) with like all the payment systems worldwide that matter, so if your customer is from Singapore and wants to use a payment system native to […]

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What is the impact of small & medium sized money transmitters on the global remittance industry. Are they completely irrelevant? Any statistics on their combined market share? Most of the discussion is usually around big players in the industry.

They are very much relevant, albeit now facing various hurdles. The number varies. I’ve seen it as low as 5% and as high as 50%. However, they average out between a fifth (20%) to a quarter (25) of the market share. These numbers are now on the the decline due to issues like derisking/access to […]

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Would Transferwise be a good company to send money abroad?

Yes. No doubt TransferWise is a great company to use to send money abroad. Their rates are extremely competitive and they are truly one of the few disruptors in the field of money transfer (many may argue otherwise). It is because of Transferwise’s low fees that many others had to lower their fees to compete. However, Transferwise […]

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I am 14, am I allowed to use PayPal?

No, you are not allowed to use PayPal. You have to be at least 18 years of age. Assuming you’re in the United States, then the Terms of Service of PayPal cites the following: Welcome to PayPal! This user agreement is a contract between you and PayPal, Inc. that governs your use of your PayPal account and the […]

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Payoneer withdrawal to local Pakistani banks is classified as ‘ATM Transfer’ and not ‘Home Remittance’ (which is tax-free), why is it so? How to prove in tax return that it’s a home remittance?

Please write a letter to your bank, requesting a Proceeds Realisation Certificate(PRC) for the transaction mentioned. The bank will check with the counter bank and confirm was indeed an incoming foreign exchange transaction and paid out from the local pre-funded account. The PRC will suffice for tax purposes to treat this as a remittance (if the […]

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