Transpay Cuts Out the Bank To Help Asia’s Freelancers Get Paid Quickly

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Startup Transpay wishes to help the large population of freelancers get paid in Asia, especially in countries such as India, Philippines and Bangladesh, reports Tech In Asia.

The biggest problem for the majority of freelancers is payment. As Paypal doesn’t work in some Asian countries, freelancers who want cash wired directly to their bank accounts often face slow transfer and hidden fees.

Sending payments cross border is a time consuming and highly regulated process.

Transpay can deliver funds in local currencies directly into a recipient’s bank account in over 120 countries and at more than 200,000 cash pickup locations all over the world.

By eliminating the need for banks in the process, freelancers that use Transpay can get paid within a day or two, as opposed to five days through bank transfer.

The startup owns and operates every link in the chain, and does not rely on traditional bank wires to do payments. It also provides a web based platform for users. As all aspects from compliance and foreign exchange is managed by the firm, the startup is able to offer more cost effective rates.

While e-wallets and pre-paid cards are popular options, they still act as intermediates between a recipient and their money. The extra step of withdrawing funds from those platforms adds time and fees.

Transpay launched its New York head quarter in 2012, and is now looking to capture the growing freelance market in Asia.

A version of this appeared in Tech In Asia on July 13. Read the full version here.