Transpay clients can now send local currency payouts directly into bank accounts in these countries. Businesses of all sizes are able to send mass payouts to local banks in over 100 countries without incurring the high fees and inefficiencies associated with wires, e-wallets, and cards.
The company’s offering is aimed to address the rise in tourism across all three countries. Australia welcomed 8.7 million international visitors until October 2017, according to data from Tourism Australia. Tourism New Zealand also reported a 7.5% rise in visitors in 2017, while South African Tourism forecast a 13% jump in tourist arrivals for 2017.
According to 2017 data from the World Bank and the International Labor Organisation, self-employment rates in the three cuntries range between 14.4% and 17.6%. As professional services continue to globalise with the rise of online marketplaces, the ability to receive mass payments from overseas partners without excessive transaction fees is seen as an economic benefit to individuals, businesses, and their national economies.
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