BOTIM’s New Money Transfer Feature Set To Transform The Remittance Industry
Botim, a joint venture of Astra Tech and MoneyGram, recently introduced a money transfer service within its app.
The app has already attracted thousands of users. With over 100 million reported users, the new feature has the potential to enable real-time money transfers to over 155 countries and territories worldwide via the app’s chat function.
This illustrates how fintech companies like Astra Tech and MoneyGram are leveraging technology to make financial transactions more accessible, convenient, and efficient for users all over the world.
Botim’s new money transfer feature provides quick, secure,convenient options for sending money overseas
The launch of the money transfer feature on Botim was celebrated by a display on Dubai’s Burj Khalifa. The new service appears to provide users with a variety of fund transfer options, including instant transfers to bank accounts, mobile wallets, and cash pick-up locations in over 400,000 locations across India, Pakistan, Morocco, Uganda, South Africa, and the United States.
This is an impressive network that could give users more flexibility and convenience when sending money.
Abdallah Abu Sheikh, Co-Founder and CEO of Astra Tech, which also owns Botim, stated that they are very excited to launch a new feature in their app that will allow people to send money easily, quickly, and safely while chatting with each other.
They believe this will make a big difference in people’s lives and help them in many ways. He also stated that they collaborated with MoneyGram to make this possible, which is an important step toward helping their users.
Astra Tech develops new technology and invests in other businesses. They recently bought Botim and have been working hard to improve its features. They plan to launch a new app called Ultra in the first half of 2023, and Botim will be an important part of it.
One of the key features of Botim’s new and improved app is the chat-enabled fund transfer service is powered by Payby Technology Projects, a licensed entity supervised and regulated by the Central Bank of the UAE.
This collaboration between MoneyGram and Botim is significant because it allows UAE residents to send money internationally via a digital platform. The UAE has a substantial foreign population, with nearly 9 million people from other countries living and working there.
This collaboration allows MoneyGram to expand its digital services in the UAE while also promoting financial inclusion in a region where the majority of payments are outbound international transfers.
Botim’s app is rapidly expanding, and it is uniquely positioned to reach up to 1.2 billion users in the Middle East and North Africa (MENA) region in the coming years.
This is due to the region’s large expat population and high demand for free voice-over-internet-protocol (VoIP) services such as Botim. With the new money transfer feature in place, Botim’s over 100 million user base can now easily send money in real time to over 155 countries and territories around the world via the app’s chat function.
MoneyGram and Botim’s collaboration illustrates how fintech companies are leveraging technology to make financial services more accessible, convenient, and efficient for users worldwide.
This is a positive development that may contribute to financial inclusion by making it easier for people in the UAE and the wider MENA region to transfer money regardless of their location or financial situation.
About Botim – Botim is a popular communication app that allows users to make voice and video calls, send instant messages, and share files with contacts all over the world.
It was founded in 2016 by the Abu Dhabi-based tech company Yzer Group and quickly became a favorite among UAE residents for its reliable and affordable communication services.
The UAE’s telecoms regulator granted Botim regulatory approval in 2019 to offer VoIP (voice over internet protocol) services, which allowed users to make voice and video calls over the internet without charging traditional telecom charges.
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This made Botim one of the few licensed VoIP services in the UAE, where such services were previously barred.
Botim’s user base grew quickly, particularly among the country’s large expat population, who found the app to be a cost-effective and convenient way to stay in touch with friends and family living abroad.
Botim was acquired in early 2021 by Astra Tech, a UAE-based technology development and investment firm, which has been working to transform the app into a more comprehensive “ultra-app” capable of providing a range of digital services beyond communication.
The service will have a significant impact on the lives of many individuals and families around the world by providing a convenient and cost-effective alternative to traditional remittance methods. Since the UAE and the MENA region have a large expat population, this collaboration has the potential to benefit millions of people and change the way they send and receive money.
Content writer and social science researcher with 5 plus years of experience in research. He has published academic and non-academic articles on several online platforms covering wide-ranging subjects. He is also a tech enthusiast, bibliophile, and an avid fan of video games.