Nabilah S
Wise, the tech enterprise known for its innovative solutions for global money transfers, has just launched its services in Fiji, marking a significant expansion in the Pacific region. This new offering allows the more than 222,000 Fijians living overseas, including 95% of those residing in New Zealand, Australia, the USA, Canada, and the UK, to send up to FJD$10,000 (approximately US$5,000) per transaction to anyone in Fiji with a Vodafone M-PAiSA mobile money account, directly through the Wise app or website.
The Vodafone M-PAiSA wallet, a mobile money solution, enables recipients in Fiji to safely and conveniently receive money online from Wise customers without the need for a bank account. All they need is a Vodafone Fiji mobile number. With Wise, users benefit from the Google mid-market exchange rate and low, transparent fees. The M-PAiSA wallet allows users to store up to FJD$10,000 (US$5,000), and use their funds in Fijian dollars for various services provided by M-PAiSA. This includes making payments directly via M-PAiSA QR for shopping, paying bills, conducting business transactions, transferring money to friends and family, and cash withdrawals from authorized agents.
The Group of Twenty (G20) has acknowledged the crucial role of financial inclusion in the Pacific Islands for fostering development, alleviating poverty, and bolstering financial stability and integrity.
In Fiji, over 5% of the nation’s GDP is derived from remittance payments, a figure that is expected to rise in light of the recent surge in Covid-19 cases and the persistent downturn in international tourism.
Both the G20 and the New Zealand Government are dedicated to enhancing accessible and affordable remittance channels. Their strategy includes promoting market competition, leveraging innovative and emerging technologies, improving transparency, and fostering regulatory environments that support these aims. The expansion of Wise into the region is in harmony with these objectives.
Wise’s debut in Fiji brings customers a service that stands out from existing offerings by being:
Transparent – it employs the true, mid-market exchange rate that you can find on Google for its services.
Fast – transfers to Vodafone M-PAiSA are completed instantly (within less than 20 seconds) when making payments through Credit Card and PoLI, achieving a 100% success rate.
Convenient – the entire process, from verification to setting up and finalizing transfers, is conducted online, ensuring recipients don’t have to step out of their homes. The only requirement for recipients is to have an active Vodafone mobile number.
Cheap – it offers a more affordable solution compared to traditional banks and other service providers.
Tristan Dakin, the Country Manager for Wise ANZ, shared: “Starting today, we’re thrilled to introduce a new way to remit money to Fiji for our customers; a method that’s not only more economical but also quicker and more straightforward. Wise stands alone in the market for utilizing the actual exchange rate – the same one displayed on Google. Unlike banks and various other service providers globally, which conceal their charges in exchange rate markups, complicating the process for customers to understand the true cost of their transactions. This lack of transparency and outdated method is something Wise challenges across all the nations we operate in.”
Tristan Dakin, the Country Manager for Wise in Australia and New Zealand, expressed enthusiasm about the introduction of a new remittance path to Fiji, starting today. He highlighted that this route offers a more affordable, quicker, and more convenient method for international money transfers. Dakin emphasized that Wise stands out in the market by applying the real exchange rate, the same rate one finds on Google, unlike banks and other providers who often conceal their fees within exchange rate margins. This practice, he noted, complicates the process for customers trying to determine the exact cost of their transfer, describing it as a non-transparent and outdated method that Wise consistently challenges across all the countries it operates in.
Furthermore, Dakin mentioned the significant demand from prospective customers in Fiji, leading the company to expedite the availability of their service. He elaborated on the importance of allowing more non-banking entities to offer financial services in Fiji, highlighting the crucial role of affordable and quick remittance solutions for the country’s economy, which is highly dependent on them. This effort, according to Dakin, aligns with Wise’s commitment to ensuring consumers have access to superior, more economical services.
Wise stands as a leading technology firm on a global scale, dedicated to revolutionizing the way money is moved across borders. With its cutting-edge technology, Wise is pioneering a novel network for cross-border transactions aimed at facilitating seamless financial exchanges worldwide. Regardless of how you engage with its platform, Wise’s core mission is to simplify your financial activities while ensuring you save money.
