Payfriendz is a new app that lets you send money to friends via instant message, from you mobile. It makes sending money to friends as easy, quick and fun as sending a picture or text message via WhatsApp.
In a nutshell, it lets you top up in advance, then transfer funds to anyone in your contact list, off the cuff.
Right now, it converts funds into Euros and Pounds but, the app can be used anywhere.
So, if you’ve got a mate in London and you really need them to pick up something for you at Marks and Spencer, you can easily send them the funds. Then, there’s the what they could haul back for you in duty free items.
Payfriendz debuted during the Berlin Tech Open Air and became available for Android and iOS in Europe in late July.
The Payfriendz disruption
In the wake of Shareconomy and Bitcoin there has been an outbreak of new financial P2P technologies, but none of which have upped the social user experience like this.
Payfriendz aligns money transfers with the conventions most consumers actually employ, namely mobile technology. By adding a social component Payfriendz reflects that a financial transaction is also an emotional interaction. Through the intuitive design, money can be sent swiftly and easily to contacts, as if it were a chat message, with the added benefit of free transfers, and a miniscule 1 per cent fee for cross-currency transactions.
You see, unlike its closest competitors, Payfriendz is not a bank.
“Our approach is different from the boring banking apps out there in the market. We aim to simplify day by day transactions between family members, friends and colleagues and make people’s lives a bit easier, on a global scale. The current releases in UK and Germany are very promising, but it’s just the beginning. I assure you we have thousands of ideas and use cases for the next couple of years. I’m very exited to be part of this awesome team leading a small financial revolution,” says Michael Boecher, Head of Product development for Payfriendz.
How Payfriendz works
To register, all a user needs is a smartphone and a cell phone number. Money is sent exclusively from one Payfriendz account to the other without users having to swap bank account data anymore – turning banking into social peer-to-peer transactions.
The integrated messenger function makes transferring money easier and more personal than ever, and far more direct. A restaurant tab or cab bill shared among several friends, organising a group gift for a colleague, all of that can now be cashless and doesn’t require an ATM being at hand.
Users may also simply and safely use their Payfriendz balance when shopping online thanks to the virtual Payment Card in cooperation with MasterCard that is available within the app (e.g. to pay at Amazon, Net-A-Porter, etc).
- Real-time transactions that are free-of-charge
- Intuitive GUI and discerning design
- Registration by mobile phone number and smartphone
- Messenger function with Emoticons
- International transactions in Euro, GBP and USD with real-time currency conversion with a low fee (1%)
- Optional virtual MasterCard for online purchases
- Safe and secure to finance industry standards
- Works anywhere in the world
The Payfriendz team recently told Anthill that it aims to bring a personal touch to the world of mobile payments.
“Our real advantage is our strong team with inspiring talent from all over the world totally being in love with what we’re creating together. And people can see that in the app. We don’t want to be just another impersonal banking app run by a conservative bank thinking it’s what they should do right now. We are far beyond that,” added Christian Ritosek, Co-Founder of Payfriendz.
“There’s a story behind each payment, there are emotions involved, like a gift of a nice after-work dinner, a cool weekend trip or, simply collecting money for a birthday gift to make someone happy. Banks will never understand this. We do, and that is why more and more people are using Payfriendz,” said Ritosek.
Payfriendz is free to use and full details can be found at Payfriendz.com (note: Payfriendz doesn’t yet automatically convert AUD).