Yezzi is a socially-oriented money transfer platform designed specifically for the underbanked consumer to send remittances to their families back in their home countries. Sending money home is a critical obligation for this hardworking but vulnerable group and until now, they have been forced to pay exorbitant fees, and stand in long lines at risky, inconvenient locations.
The Yezzi mobile and online technology platform will leverage the Cashtie retail payment network to offer cash-based immigrants and underbanked consumers the ability to send money to their loved ones without any need for a bank account or credit card. Yezzi utilizes Point-of-Sale Activation (POSA) networks both in the US and abroad that connect millions of retailers around the world. Yezzi serves as the middleware technology that enables separate POSA networks to communicate and provide real-time global value transfer. Instead of going to traditional money transfer shops, Yezzi’s platform allows underbanked consumers to set up and manage their accounts on their smartphones online and pay for their money transfers at their favorite retailers.
Retailer Benefits. Retailers, big and small, will now be able to add international money transfer to the products they offer. There is no special setup or software required, and no complicated retail process that will slow down the checkout line. Retailers will benefit from increased traffic and revenue generated by regular monthly or bi-monthly transfers. Also, since all transfers are in cash, there is no risk of fraud or chargebacks.
Internationally, retailers will benefit from transaction revenue, plus the added benefit of bringing new customers to their stores where they can spend their transfer funds.
Consumer Benefits. Underbanked consumers benefit from the Yezzi service by having access to a whole new way to meet their obligation to send money home to their family. They can now set up their transfers on their phone or online, and use cash to pay for it, right from their local retail stores. Underbanked consumers also benefit from the convenience, flexibility, and security of Yezzi, plus much lower fees – from 30%-50% less than what the big guys charge.
Benefits for family members receiving money are the convenience of being able to receive their money in cash at major retailers or banks, or on a prepaid card delivered right to their home.
It’s a win-win for both the retailers and underbanked consumers. Yezzi. Be generous.