Circle – shoot american mobile payments between individuals – has officially launched the 19 September 2017, its application in France and in Italy. Circle Pay – it is his name – is available on iOS and Android. It allows you to make transactions for free, even in foreign currencies… Circle only applying the rate of exchange in force, at no extra charge. This finish can it shake up the market for the payment of particular to particular, and the actors in place ? Elements of response.
CircleRembourser his friends, as simple as sending a text
You may be using Pumpkin or Lydia ? These apps, which enable you to repay your loved ones. Well, Circle Pay offers the same service. It is an application that lets you send free and instant money by sms. You can also from the app for a refund.
No constraint of location or denomination of the account, the Circle is also used in France to compensate a person residing abroad. And this, without additional cost ! At Viva Tech organized in Paris in June 2017, the start-up announced that it would be more of commission on the international transfers, inter-currency, whether the euro, the dollar or the pound sterling.
Welcome to France and Italy! 🇫🇷 🇮🇹 https://t.co/bpyTALIPyO
— Circle (@circlepay) September 19, 2017
Money transfer : the competition intensifies
The young shoot – which is perhaps more truly an – is not at his first attempt. Before France and Italy, it was already present in the United States, the United Kingdom, Spain and Ireland. In 2016, nearly one billion of dollars would have been circulating through Circle Pay. For the last year, the fintech claims an 800% increase in the number of its users, and 700 % of the volume of payments in Europe. Awesome !
In short, Circle is a player in that risk to weigh in the payment between individuals. He landed in France while many local players are already well established.
Side shoots, there are :
- Lydia. Founded in 2013, the start-up boasts more than 600,000 users
- Pumpkin. Created in 2014, the app has 250 000 registered. And its redemption in July 2017 by the Crédit Mutuel Arkéa should open to other perspectives
Other actors have launched – or will launch very soon – in the transfer of money between individuals. And which actors… since it is from Apple with Apple Pay Cash and PayPal.
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Payment peer-to-peer : is this the end of Western Union ?
Whatsoever Circle, Pumpkin, and Paypal, all rely on the generosity and timeliness of this service. Result, one wonders about the fate of the other solutions money transfer. In fact if Circle allows you to instantly receive free money why do I need to Western Union or MoneyGram who charge a fee ?
For the moment, these companies can still differentiate themselves on two points :
- The ceilings of the transfers
Indeed, it is possible to send are much higher in passing by a specialized company. After verification of your identity, Western Union allows you to send online the equivalent of 5 000 € all 3 days. Circle Pay authorizes, it, the transfer of a maximum of 2 500 € per week.
- The possibility of receiving cash
Western Union offers the possibility to receive his money in cash if you go into a point-of-sale. Practice if one has lost his card and that there is a need of liquid in the trip.
But, for all other situations, you financially a clear interest to make use of tools such as Circle !
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Western Union and MoneyGram do not have to hold
Circle Pay : soon new features
In the press release formalizing the launch of Circle in France, the start-up announces the upcoming release of new features :
- A tool that «Groups» to send money in the middle of a conversation between friends
- A tool with » Events «, a prize pool that allow you to collect money more to fund an event
And that’s not all ! At Viva Tech, Jeremy Allaire – founder of the Circle – was launched wanting to get out of a supply of savings and credit… So, users of Pumpkin and other Lydia, are you going to uninstall those apps to download Circle Pay ?