Mobile person-to-person (P2P) transfers are increasingly replacing cash and checks for informal transactions, particularly among millennials. Convenient, easy-to-use mobile P2P apps such as Moneymailme have been enabling users to send money to each other without visiting ATMs to get cash, or banks to cash checks.

This whitepaper, published by Mobile Payments Today in partnership with Moneymailme, details the growing market of mobile social media money transfers. With the global adoption of social media and particularly with the growing use of P2P for international remittances to emerging markets, there is a need to be able to embed international money transfers within social media communications.

London, U.K.-based Moneymailme has developed the Moneymailme app which can be downloaded from the Google Play Store and the Apple iPhone App Store. The app lets consumers chat with each other, receive news feeds and send free money transfers across the world, including 33 African nations where the historically lucrative remittance flow is larger than foreign aid packages. Moneymailme’s business model offers free sending and receiving of funds, in US dollars, British pounds, or EU euros with minimal charges (2.5 percent) for topping up and withdrawing into bank accounts and onto credit cards from Moneymailme accounts.

Highest known industry standards for security and financial safely are ensured by Moneymailme’s use of PINs/passwords for each transaction and the fact that its app can only be used on one smartphone, not multiple devices.

The company has employed some of the most advanced security programmers. Opportunity for FIs FIs and payment companies have an opportunity to collaborate with FinTech start-ups such as Moneymailme to capitalize on the fast-growing market for domestic and international social media money transfers.

Millennial consumers, in particular, want to be able to carry out free or very low-cost money transfers while engaging in social communications. According to “Innovation in Retail Banking,” a November 2015 report by financial IT firm Infosys Finacle, a subsidiary of India-based Infosys and Paris, France-based banking industry association EFMA, 72 percent of banks surveyed perceive that the threat of industry disruption in retail banking is high or very high.

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