[BRISBANE, QLD, August 2018-] In the last 30 years, Australia has seen the widespread adoption of credit cards and online banking. Chris Dwyer, the founder of one of Australia’s first credit card gateways, recently founded Instant Global Payments and believes that Australia is on the cusp of the next financial sector revolution.
In early 2018, the New Payment Platform was introduced and it is set to revolutionise domestic payments. Consumers will be able to send money between Australian banks 24/7 and the funds will be settled in a matter of seconds. However, this leaves international payments lagging behind. Chris Dwyer and his team are working on bringing international payments up to standard.
Dwyer commented, “Sending money overseas should be as easy as sending an email and it should cost be cost effective. Here at Instant Global Payments, we are leading the charge and working on making this a reality.”
Currently, international payments take up to 5 business days to arrive and come with extremely high fees. Instant Global Payments allows customers to settle transactions to high volume regions in under 48 hours and can be up to 8 times cheap than the banks.
“The biggest problem we face is that people do not know how much it truly costs to send money overseas. Banks apply a mark-up when exchanging your currencies, this can result in you losing up to 5% of your money. ” said Dwyer recently.
Instant Global Payments had a successful pre-launch in late 2017 and is now opening its doors to the public. Instant Global Payments is designed to be an alternative way to send money overseas, so people can avoid getting hit with exorbitant hidden bank charges. Instant Global Payments began operations out of Brisbane CBD’s tech start-up hub, Fishburners, and during 2018, is set to raise capital to fuel their expansion.
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