Galaxia International Services, Inc. and P2P Cash Technology, Inc. have forged a financial services partnership that combines P2P Cash technology with Galaxia’s financial services to offer residents of the New York-New Jersey metropolitan area free digital international money transfer and other financial services.
Galaxia, a money transfer, check cashing and currency exchange business that has been operating in the Greater New York area since 2000, can now offer its clients online and mobile services as a complement to its six brick-and-mortar retail locations.
“The future of money transfer is clearly online,” said Galaxia International CEO, Ali El Mobayed. “We need to take the initiative to add digital services to our mix of financial services to keep ahead of our competition. Slower moving competitors like the biggest money transfer companies are also moving in this direction, and we need to stay ahead of them, in particular.”
The new relationship has adapted the P2P Cash cloud and blockchain-based software solution to provide Galaxia with a next-generation offering. The P2P Cash solution is built on the technology behind the BitMinute, a digital utility token tied to prepaid airtime minutes.
“Prepaid airtime minutes are the future model for universal value exchange,” said P2P Cash CEO Tom Meredith. “They are already exchanged for goods and services within countries, and now BitMinutes (http://www.bitminutes.com/) makes these units of prepaid airtime shareable across borders, between two people with mobile wallets on their phones as well as through the Trusted Agent Network (TAN). This will massively drive down the cost of moving value globally.”
The money transfer business is also a fragmented business, with the top two competitors owning only about 15% of the $700 billion remittance market. Recognizing that the consumer is rapidly adopting digital services tapped via online and phone apps, new competitors in the money transfer industry are not opening physical retail locations. They are instead leveraging new financial technology like blockchain and tokenization to offer inexpensive remittances online.
“The vast majority of immigrants with family back in their home countries are still using traditional retail locations to conduct money transfers, but the move to use online websites and mobile phone apps is growing rapidly,” said Meredith.
“Opening a lot of new physical locations is not the future of our business,” added El Mobayed. “Our working customers who are sending money home are getting younger, and they are all savvy about digital financial services delivered and accessed through their phones. This is the future.”
Galaxia customers will access their new online money transfer service through the P2PCash.com website or mobile app.
About P2P Cash
P2P Cash Technology, Inc. is a registered financial services company that offers free money transfer through its online portal at www.p2pcash.com and mobile application. The company works with partners to create and propagate global banking standards to enable 3 billion consumers worldwide to access low cost financial services. Through technology innovation P2P Cash provides a highly secure, real-time solution to deliver cash transfers and remittance payments to developing countries.
About Galaxia International
Galaxia International is a Money Transfer Company, Check cashing and Currency Exchange business that has been serving the New York-New Jersey Metropolitan Area since 2000. Galaxia provides a secure service to send money to friends and family worldwide. Money sent gets to where it’s needed quickly. Galaxia’s diversity of locations gives our clients choice and convenience, offering extended hours so you can send money at a time that’s convenient to you. And now, through this partnership with P2P Cash, leveraging the BitMinutes blockchain and token technology, Galaxia also offers digital money transfer to its clients, and in the near future plans to add other financial services like remote phone top-up and purchase of BitMinutes prepaid airtime minutes, which can be sent to any mobile phone on the planet.