How Covid-19 affected Exchange Currency and Transfer Money Business and Importance of P2P Apps during coronavirus outbreak.

by Winngie

14 March 2020

Coronavirus

Covid-19

Financial Service

International Money Transfer

Mobile app

Peer to Peer

0 comments

Money changers here are reeling from the impact of the coronavirus outbreak.

Business has been down by about 60% for all currencies, but the South Korean won and Chinese yuan have suffered the most.

The Local Newspaper visited five money changers at Bishan City on Monday (9 March 2020) evening and at Raffles Place yesterday.

While short queues formed at a few shops around noon at The Arcade in Raffles Place, money changers said it was a far cry from the normal crowded scene at lunchtime.

“It has completely stopped,” said Mr. Abdul Haleem, a managing partner of City Money Changers in The Arcade, about the sales in won during the last couple of days.

Another money changer at The Arcade said business in won has dropped by about 80%, while others see just one customer a week for yuan.

A travel advisory issued by the Ministry of Health on Sunday against non-essential travel to Daegu city and Cheongdo county in South Korea has prompted many holidaymakers to cancel or postpone their trips to the country.

Because the Covid-19 Pandemic people don’t want to go out to crowd places and don’t want to touch money which are changed hands several times a day.

Mr Hussein Ahmed, who runs AR Money Exchange in Junction 8 in Bishan, said: “On a normal day, we close the shop between 9pm and 9.30pm.

“Since the virus struck, we close around 8pm on most days. People just stopped coming.”

Precautionary measures taken by establishments housing some of these shops have also affected their business.

At The Arcade, linkways to the adjacent Clifford Centre were closed over two weeks ago, after an employee working in Clifford Centre tested positive for the virus on Feb 6.

The linkways were re-opened on Monday, a move that some tenants of The Arcade said came after feedback they submitted to the management about the adverse impact the closure had on their businesses.

Ms Khor, 25, a money changer for E-Globex Money Changer at The Arcade, said: “The closure affected us badly because our shop is at the end of the building.

“However, we understand why The Arcade’s management had to take these steps to protect its tenants.”

Mr Oli Mohamed, secretary of the Money Changers Association, said: “Initially, it was just the yuan (that saw a drop in sales). Now, the slowdown is fluid and it is happening across the board.”

He said he has received numerous calls and e-mails from members requesting assistance in seeking reduced rentals.

However some other services for money exchange are increasing after the Covid-19 pandemic outbreak. But how and why?

P2P Services like foodpanda, Uber, Airbnb, Gloco provides less contact with crowds during the coronavirus outbreak. So its more healthy and more safe.

Food delivery services was life saving option for the people living in Wuhan during th eoutbreak.

For example Winngie Exchange Currency and Send Money Abroad Mobile App p2p finance service, enables people to match with other ones around you or in cross countries to exchange local currencies or sending money abroad. So the people who wants to exchange money or send money abroad do not have to go out to crowd places like bank or shopping mall or airport exchange offices to change currency or transfer money anymore.

According to official website info here is How it works and What’s Winngie?

Winngie is a social platform for travelers, foreign students, expats, business people, and anyone travelling internationally. We help you transfer money abroad and exchange local money with real people. There are no hidden fees, no commissions, and no differences between the currency exchanges.
You decide the exchange rate and you find a solution that suits your needs.
We connect people with currency needs and help foster a mutually beneficial exchange. By cutting out the middle man, Winngie can help you drastically reduce the amount you pay while exchanging currencies. Say goodbye to your bank!
Thanks to Winngie, you can fully maximize the value of every currency exchange and every money transfer. We work with all currencies – including crypto-currencies – providing a new way to send money abroad. By taking a complex process and making it simple and effective, we help millions of people every day. Whether it’s helping children go to school, helping family members receive medical treatment, or just helping people pay their bills, we believe in helping our customers’ hard work go further.
That’s why Winngie is different: we’re on a mission to make fintech fair.

 

Tags: Coronavirus outbreak, Covid-19, Pandemic, Money Exchange, P2P mobile apps, Winngie, P2P fintech

Read more

Transferring Money Costs!

by Winngie

27 November 2019

General

Mobile app

Peer to Peer

0 comments

The money transfer industry is as old as the banking industry. At the past few years, it has been seen as exponential growth with a relation in rising number of immigrants in the developed countries.

Innovative and advanced technology changes the charge rule of banking industry. The average total cost of transferring money has been declining. According to the World Bank data, the global average plummeted to below 8.4% in the first quarter of 2014 from the 9% recorded a year earlier.

However, with all this growth, why isn’t the process of transferring money as smooth as it should be? Why are some remittance corridors paying negligible amount while others such as Saharan Africa pay is as high as 12% of the amount remitted?

Imagine you are going to transfer your friend $25 from the UAE. How much would he get? It is hard to tell if you have never done it before using the conventional system, all because of a myriad of hidden charges. Unless you are internet savvy, you cannot avoid a multitude of fees in addition to diluted exchange rates that accompany such a transaction. The draining of the lump sum involved is what many customers in this industry decry. The fees charged by Money Transfer Operators (MTOs) and their foreign currency exchange rates reduce the total amount sent. Even in the cases when you fall into the trap of the ‘fee-free rates’, the exchange rate is often too diluted to make up for the lost commissions.

While we may be quick to judge these MTOs as profits connoisseur, there is more to it than what meets the eye. Factors such as technology and infrastructure, and regulation and interoperability all play a role in cost structure and pricing.

For example, leading commercial banks with a global network that operates in this industry are slowly leaving citing the regulatory risks and a high cost of operation that eats on their profits.

Unlike Money Transfer Operators that can handle spoonful transactions, inter-bank systems are suitable for moving large sums of money. But governments are keen on large transfers owing to increased money laundering activities over the past two decades.

What’s more, it is a requirement for the players in this industry to know their customers, which raises serious privacy concern, apart from eating on your time as you fill out the forms to reveal your identity. Banks succeed here by making their money transfer from the customers to their account holders.

Just to remind you, Money Transfer Operators don’t have their independent networks in some regions and just partner with the local banks to reach their customers. Such partnership only means additional expenses, in which the end-consumer has to shoulder.

After putting all these factors into account, the problem rounds down to the government control. The numerous checkpoints initiated by the state agencies to mitigate fraud and money laundering, not only increasing the cost of doing business but also delaying transfers.

While any problem caused by the government is not often easy to overcome, this one is! The answer does not involve engaging in activism or media campaigns but lies on technology. Does Winngie ring a bell?

Winngie is a well-know platform that you transfer your money to anywhere in the world with based on platform that you can find someone who else to transfer same as you do. It is a great capability to find a platform that also eases up your transfer and makes the cost cheaper.

To use Winngie to transfer money, you need to create an account and your recipient needs one too. The rest is as simple as matching like tinder. You fill the amount you want to send , enter the address of the recipient, and click send.

There are lots of benefits that come with embracing Winngie as means of money transfer. However, there are three outstanding reasons namely:

  1. Fast: Unlike the Western Union or Money Gram transfers that take days to be processed, Winngie system is almost instant. The money reflects on the system a few seconds after it is sent but may take up to an hour to be available for withdrawal.
  2. Cheap: Winngie is a peer-to-peer network and, therefore, eliminates the roles played by third parties. You only pay negligible fees, and there are no hidden charges.
  3. Privacy: While using this network, you do not need to worry about somebody snooping around your finances. What’s more, the transactions are protected and devoid of your personal details.

 

Overall, Winngie is an amazing platform that you can find a good way to transfer while you are staying at your home and not going out to find a way to handle your transfer. It gives you possibility to transfer small amount of money that normally costs more than the original amount. Here you go with the Winngie Exchange and Send Money Mobile App to start matching with people around you.

Read more

Uber faces hard time in London. Peer to Peer Mobile App Articles.

by Winngie

20 July 2019

Exchange Currency

Mobile app

Peer to Peer

0 comments

Uber faces hard time in London. Peer to Peer Mobile App Articles.

As we all heard on September 22, 2017, TFL, which regulates transport in the capital, announced that it would not renew Uber’s operating license.

This meant that, as of September 30, Uber would no longer be licensed, but it was able to continue to operate until all appeals were exhausted. However, UberEats, the company’s food delivery service, was not affected by the dispute. Company itself already moved it’s effort on to UberEats which is a secondary substitute business for Uber.

According to TFL (Transport For London), Uber is considered as “not fit and proper” to operate in London. As the city itself is famous with own specific design cab design and with highly appreciated quality of taxi drivers, Uber might sound a tad of losing the taste of the good image of London. It is a new business style and invading conservative way of business.

In London, the firm faced criticism from unions, lawmakers and traditional black cab drivers over working conditions. Overall the existing suppliers in the market are not happy with their new unconservative rival. Many faced this trend in the past, the new one who replaces the old conservative way. Uber is considered as danger for their existing quality and established well developed transportation way.Opponents also claimed it caused gridlocked roads and did not do enough to regulate its drivers.

As expected Uber appealed TFL for licensing decision on October 13, 2017. Uber claimed that the ban would danger 40,000 jobs and affect 3.5million customers. It is a fact that C2C business gets bigger and the consequences of blocking is also substantial.

The newly assigned CEO Dara Khosrowshahi, who replaced former CEO, and co-founder Travis Kalanick, used to work in Expedia which is also affected by C2C development of Airbnb itself, said: “Drivers who use Uber are licensed by Transport for London and have been through the same enhanced DBS background checks as black cab drivers. Our pioneering technology has gone further to enhance safety with every trip tracked and be recorded by GPS.

He mentioned clearly “We have always followed TFL rules on reporting serious incidents and have a dedicated team who works closely with the Metropolitan Police.” However, in the court Chief Magistrate ruled out that TFL had right to refuse a new license in September 2017 because of the reason that as mentioned Uber is not fit and proper to operate taxi in London metropolitan area.

But she concluded that the company had made enough changes to its business practices, allowing it to continue operating.

Uber has been battling with the magistrate decision and claimed it as a serious mistake which has been implemented by the court.

At the end of this battle, Uber agreed to a 15-month “probationary” period with the restrictions agreed with TFL on June 26, 2018. It will give a leverage that Uber will use the probation period as an advantage and classify itself for five-year license which is good enough to revolutionize market and implement its power into London.

Uber is an example of battling with the local market in London meanwhile Airbnb also has hard time back in London. Airbnb has been faced local accommodation law intervention several times. As there is a C2C market shift back in London and thanks to Uber battle which is already started long time ago, Airbnb will face less hard path. Winngie is another C2C stronger player which has been facing dispute and issues back in London. However, with their strong network into system and less established foreign exchange currency trade in London, it is easier to implement power in London market. Many travelers from London use Winngie as a media to exchange their currency to local money before they leave from London. Winngie Exchange Currency and Transfer Money Mobile App has already in the market for a while and not been replaced for a long time. Airbnb and Winngie might be following same path as Uber’s experience, but currently these two big C2C-players have no big concerned as a problem in London.

Keywords: Sharing economy, C2C market, Uber, UberEats, Winngie, AirBnb, Exchange Money, Transport for London

Read more