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| Industry | Financial services |
|---|---|
| Founded | 1988 |
| Headquarters | New York |
Area served | New York India UAE Philippines Nigeria |
| Website | www.transfast.com |
Transfast is an international money transfer and cross-border payments company headquartered in New York, with additional offices inIndia (Kochi,Pune,Jalandhar, andHoshiarpur), theUAE,Nigeria, and thePhilippines. Transfast is owned by Mastercard.
The company is a provider of multi-currency, cross-border payments services for consumers and businesses around the world. Remittances are processed through its wholly owned direct-to-bank network, and the company offers 200,000 cash payout points across 120 countries.[1][2][3]
The company was founded in 1988 asTrans-Fast and focused on money transfers from the U.S. toLatin America. In 2007, the company received a private-equity investment from Greenhill Capital Partners, LLC and changed its name to Transfast Remittance LLC.[4]
In July 2019,Mastercard acquired Transfast.[5]
Transfast shuttered their online money transfer service on February 14, 2020.[6]
Transpay is a B2B/B2P cross-border payments platform. The company's platform uses robust end-to-end technology to enable instant transfers across its global proprietary network. Customers includeGoogle andUpwork.[7]
Transfast has 200,000 payment points worldwide, with agents representing the company around the globe. Customers can send money in person to be received in cash or directly into a bank account.[citation needed]
The company offers customers the ability to send online, from a desktop, or from a mobile device.[8]
In the first quarter of 2016, Transfast was listed byWorld Bank at the top of the World Remittance Pricesdatabase for providing the lowest-cost remittances to the Philippines, Nigeria, Egypt and Ghana.[9]
Transfast's network covers 120 countries across the Americas, Asia, Africa and Europe, and the company holds licenses in more than 70 jurisdictions globally.[7]
In Africa, Transfast operates in 23 nations; the company's bank network covers up to 90 percent of adult bank account holders in those nations.[10] Transfast customers in U.S. and Canada can send online or via mobile to recipients’ bank accounts at nearly 600 banks or to 6,000 cash pick-up locations inside banks in Africa.[11] Transfast is also connected to M-Pesa in Kenya and teamed up with three major Kenyan banks, allowing customers worldwide to make instant money transfers to the country.[12]
Transfast has crossed the 45,000-location mark in India and almost four million customers globally.[3][13]
