Partner Article

Xendpay Celebrates "Pay What You Want" Service

Xendpay, the world’s first free money transfer company, is celebrating the one year anniversary of its unique “Pay What You Want” service.

Few in the industry shared remittance entrepreneur Rajesh Agrawal’s confidence when he decided a year ago to give his customers access to market beating exchange rates and a choice whether to pay a service fee or not.

But 12 months on, Xendpay has found that 86% of users choose to pay an optional fee for the service, with 72% of users paying the suggested ‘fair fee’ or more. Since the introduction of its unique business model, Xendpay’s number of users and transactions have increased twelve fold.

Xendpay estimates that, in its first 12 month period, it has already saved its customers over $3.2m (£2.1m) that would otherwise have been lost in bank fees and exchange rate mark ups with its competitors. Xendpay is now predicting that it can save customers £60 million in unnecessary charges by 2020.

Rajesh Agrawal, CEO and Founder of Xendpay, said:

“It’s been an incredible year for Xendpay. We scrapped compulsory fees in response to the industrywide lack of transparency and endemic rip off prices. I knew we could do better while still remaining viable. The answer, it turned out, was to put the customer in control.”

“Xendpay’s growth over the last year demonstrates a rare brand success story, mostly relying on a ‘word of mouth’ marketing strategy. We have always believed that our service and its unique mission to drive down the cost of money transfer would speak for itself, so have focused on empowering our users to spread the word to their family and friends. No matter how big a marketing budget may be, it cannot match the power of recommendations”, Mr Agrawal added.

According to the United Nations, the global average cost of sending money internationally is approximately 9% of the total transfer value, a figure often much higher if money is being transferred to less developed countries.

However, through the use of transparent market leading foreign exchange rates and a ‘pay what you want’ fee model, the average cost of sending money via Xendpay (including the optional fees paid) is lower at just 0.4%, the cheapest rate in the international money transfer market.

Rajesh Agrawal said: “As Xendpay has shown, money transfers fuelled by voluntary contributions are no longer a pipe dream. By using and sharing the Xendpay experience, customers join in taking real action for a better global economy; ensuring more money reaches its intended destination.”

Xendpay’s ‘pay what you want’ model has been commended in the Houses of Parliament and at the United Nations, and was recently accepted as a Clinton Global Initiative (CGI) Commitment to Action.

Xendpay, now offering money transfers in 180 countries and 48 currencies, is part of the Rational Group of Companies, which has made transfers worth over $7billion (£4.6billion), since its inception in 2005.

This was posted in Bdaily's Members' News section by Xendpay .