The Weekly Money Movers: Why Cheap Transfer Apps Are Taking Over Your Wallet

Episode Description 

Exploring the rapidly evolving world of financial technology (fintech) and how new platforms are revolutionizing money transfers with innovative pricing models and AI-driven efficiency. 

Key Topics Covered 

• Fintech Industry Overview
  • Financial technology creating new platforms and transaction methods daily
  • Applications include money transfers, insurance, lending, and mortgages
  • AI and technology enabling more efficient workflows at lower costs
• SendSprint Money Transfer Platform
  • New international money transfer service with $5 flat fee structure
  • Represents shift from traditional sliding scale pricing based on transfer value
  • Currently operates in limited markets but expanding
  • Features fast, simple, and hassle-free international transfers
• Technology Evolution in Money Transfers
  • Traditional platforms like Zelle, PayPal, and Venmo being challenged by newcomers
  • New platforms emerging 2-3 times per week in the market
  • Technology-driven solutions offering reduced friction and lower costs
• Safety and Security Considerations
  • Importance of verifying platform legitimacy before use
  • Research backing companies and security measures
  • Understanding protection against money loss
  • Investigating security footprints of new platforms
• Best Practices for New Platforms
  • Send small test amounts first to verify successful delivery
  • Confirm recipient receives funds before sending larger amounts
  • Similar to traditional banking verification methods (small deposit confirmations)
  • Ensures money reaches intended destination safely
• Industry Impact
  • AI-driven platforms reducing costs significantly
  • Technology eliminating traditional banking friction
  • Rapid pace of innovation changing financial services landscape
  • Consumer benefits through improved efficiency and lower fees

Note: This episode provides informational content only and does not constitute financial advice or endorsement of any specific platform.

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The Expert Podcast brings you firsthand narratives from experts across diverse industries, including private investigators, general contractors and builders, insurance agencies, vehicle specialists, lawyers, and many others.

Financial technology or fintech is an area of industry that is creating almost daily new platforms and new methods of performing financial transactions. It could be money transfers, it can be insurance, it might be lending mortgages. The fact that technology and artificial intelligence is creating new capabilities at a rapidly increasing pace, it allows for work that used to be done by humans or that needed more expense to be shrunk down into much more efficient workflows work processes. One of those is money transfer.

This company SendSprint that had an executive moved over from another firm has introduced an international money transfer platform and they're starting with a five dollar flat fee. It's a pretty big deal usually it's a sliding scale based on value and you know to be fair this particular company has right now limited markets. This Sprint company fast simple hassle-free international money transfers has a flat fee. We're not associated with them, we don't get paid from them, this is just an observation of the types of technology systems that are coming out every day. We see news like this you know these two three times a week.

So if you have the need to do money transfers or wire transfers or get money from A to B, be aware that the technologies that you have used in the past may become outdated very quickly. Even things like Zelle or PayPal or Venmo have advantages but there are new platforms that come out regularly. Now it's a balance right, you want to make sure that any new technology that you use is legitimate, it's not a scam, they're not just taking your money. You want to know who's backing it, if you send over large amounts of money is the recipient really going to get it, something to investigate with these. Also what is the security footprint of these platforms, do they have protection against you losing your money.

As we talked about in other videos, one of the methods you can use when sending money through a new platform for the first time or to a new recipient is to send a small amount first as a test to make sure that it goes to the right place. And then if you have a bigger amount you want to send, you can verify that your recipient got it and then send the full amount afterwards. Many banking institutions used to do this, PayPal as a matter of fact when they first set up an account used to send you two or three small deposits - two cents, eight cents, 21 cents whatever it was - and you had to type those amounts in to your app before they verified your account. You could do the same thing as a sender to make sure that where you're sending your money is going to the right place and it's not lost in the internet somewhere.

But this is just the latest example, this Sprint money transfer, it's called SendSprint, that allows humans to send money through technology and artificial intelligent driven platforms. And the fact that these are all technology makes it a lot cheaper, a lot less friction in the system.