The app Plingpay, which was launched by the Malmö-based startup Bit4M Payments in 2016, has grown thanks to opening up block-chain based transfers of money between Sweden and Vietnam. It is not looking to expand further.
“[We] need agreements with partners who know about legislation and customer base in each country. We have a lot of marketing going forward and hope to receive revenue during the year”, says CEO Martin Dalsenius to Rapidus.
The next step is to open the services in Brazil, Chile and Mexico. The company claims to have developed a low-cost solution for algorithms that can determine the best prices in different markets. They can find transfer options that, for example, utilize several cash flows so that they do not have to cross borders between banks and countries, which often results in higher costs.
“There are many who have similar services, such as the Örebro startup Transfer Galaxy, which is aimed at African countries. But most are built on top of traditional systems that started before the computers, which becomes more expensive. It is a technology shift in progress”, says Martin.
According to Plingpay their costs are in single percentage areas, which is a lot lower then the 10-20 percentage that other services can charge.
The current plans are also to develop the service further for both private individuals and companies, including being able to offer cash withdrawals at delivery points.