Fastacash offers partners a new way to transfer money, airtime and anything else

What if you could send money, coupons or other gifts anywhere in the world, through a mobile device? Fastacash has made that premise a reality with patent-pending social payments technology plus the development of a network of partners in the payments, remittance, consumer products, social and gaming industries. 

Source: fastacash website.

"The idea for fastacash came from needing a simple way to send money, airtime or other monetary value, be it to a friend who is in the same city, or to parents living in another country. By leveraging channels and devices that are actively being used by friends and family to keep in touch and stay connected, fastacash enables secure value transfers via 'fastalinks'," said Vince Tallent, CEO, fastacash. 

"We work with payment solutions from banks, mobile operators, remittance companies and payment providers to socialise their money transfer and payment services."

While many ways exist to transfer money to others, most do not make use of social media or smartphones as part of the payment chain. Fastacash basically works with partners which embed the fastacash technology into their own services or apps, such as mobile wallets. 

The partner decides how to obtain the value from the user and where recipients will redeem that value. The actual information around the social payment, such as how much to be transferred and what is to be transferred, is in the secure fastalink that is included in a message sent to the recipient. Fastalinks basically look like gibberish, but can be deciphered at the point of redemption so the recipient can be provided with the item of the right value.

For example, a consumer in India can download an Oxigen Wallet app, launched August 2014 and available on iOS, Android and Windows, and then send money or airtime to their friends and family across any social network. They can also request money or airtime. "These features are enabled with our technology," Tallent said.

The fastacash platform is already in use in India, Indonesia and two other countries, with other parts of the world including Vietnam expected in the coming months, Tallent said. "In each of these markets we are seeing a very encouraging response to our service. We also have partnered with Skrill, a digital payments company covering 200 countries, and Techcombank of Vietnam, and will be going live with these partners in the coming months," said Tallent. The agreement with Skrill was signed in December 2013, and with Techcombank in June 2014.

Those who would like to try out the fastacash technology can try it with fastacash partners Oxigen Wallet in India and Doku Wallet in Indonesia, which was launched October 2013. "One can experience our technology by using any one of these services - either by downloading the app or accessing the browser based service," said Tallent.