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Is Traditional Money Transfer Being Overthrown By Innovative FinTech Apps?

Key Takeaways:

  • Innovative FinTech Apps like Xcoop provide a departure from traditional money transfer methods
  • Xcoop’s business model provides not only peer to peer transfers but also allows bill payments and mobile recharges
  • Founded by finance industry veterans, regulated, and backed by institutional investors
  • The future potential of FinTech applications in the era of digital economies

Massive strides in technology have fuelled major changes in the financial sector across the globe, leading to the birth of what is now known as Financial Technology, or ‘FinTech’. Over the past few years, the money transfer industry has been stirred up by a new breed of money transfer services. One of the emerging winners of this sector is Xcoop, an Argentina-based start-up that sets out to redefine the way individuals and businesses move money globally.

Xcoop’s key selling point is its innovative and efficient approach to money transfer that poses a direct challenge to traditional methods. With its services not restricted to money transfers alone, Xcoop presents itself as a go-to provider for private parties and businesses to perform various financial functions. The firm allows expedient peer-to-peer transfers, bill payments, and mobile phone top-ups.

Founded by Alejandro Romay, Alex Torriglia, and Ana Chaher in 2019, Xcoop brings new-age solutions powered by deep-rooted finance industry experience and modern tech sensibilities. The team’s background is steeped in finance and tech start-up culture, having been involved in new ventures and investment models. Remarkably, Xcoop’s business model departs from standard practice in the global money transfer sector, giving customers a cheaper and faster alternative to these traditional methods.

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A noteworthy point about Xcoop is it’s a fully regulated and licensed enterprise, reassuring customers of their funds’ safety and security. Its robust operations are underscored by the faith shown by institutional investors like Credencial Processing. Thus, Xcoop illustrates the new-age trend in the FinTech world, where innovative procedures are steadily showing the prowess to overthrow traditional money transfer methods.

As we look towards the future, it’s easy to see how the increasing digitization of the world and the advent of digital economies will only continue to facilitate the growth of innovative FinTech apps such as Xcoop. By developing quicker, more secure, and user-friendly transaction interfaces, these platforms are progressively closing the gap between technological innovation and financial services.

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