The social money transfer app Moneymailme has released the fintech industry’s first app to offer video calls with cash transfer capabilities.
In launching its new service, Moneymailme joins the small group of global innovators providing video call services in apps and provides a world first by allowing money exchange to take place with the video messaging.
Moneymailme combines social interaction with the instant sending and receiving of e-money in over 130 countries. Consistent with Moneymailme’s signature features, the new function is seamless and can be used by all Moneymailme users on iOS and Android.
The feature comes as video calling in messaging apps is on the rise. While smartphones introduced the video calling feature with dual-camera phones, the concept had a hard time taking off due to high data costs and connectivity issues. Now with most phones now sporting 4G technology, video is gaining ground rapidly. By 2020, 75% of the world’s mobile data traffic will be video and mobile video will grow at a rate of over 60% between 2015 and 2020.
Moneymailme CEO Mihai Ivascu said: “We tend to think that money is an impersonal gift, but that isn’t so. A video message to a family member, friend or colleague with a bit of cash is about as personal as it gets.
“The adoption rate of mobile video is already increasing at a dramatic pace and the future of payments will centre on video.”