Peer-to-peer payments in the Middle East is broken
We bet it’s happened one too many times where you’ve had dinner with friends, someone picks up the bill for convenience's sake, and then asks everyone to transfer them their share. It seems pretty easy, right?
But then you need to chase your friend down for their bank account details, go online and add them, sometimes even wait 24 hours for your bank to clear them as a beneficiary and then transfer to them what you owe them. Suddenly this is not so easy any more.
Oh ya, and on top of that you’re likely paying a transfer fee, meaning you’re paying more overall! That goes without saying — what if you or they are visiting from out of town? Well, now the transfer fee goes waaaaaaay up! Sometimes more than the cost of your share of the meal altogether. Not really worth it, right?
These are the problems you’re likely facing with peer-to-peer payments, if you have a bank account at all. Truth of the matter is, if you don’t have a monthly income or if you’re underage (students, we’re looking at you) you probably don’t even have a bank account at all due to the various requirements banks put in place to deem you “bankable.” How on earth are you supposed to pay back your friend who’s visiting from abroad with cash? We’ll be waiting until you get your hands on a carrier pigeon and train them…
Transfer money easily through Bankiom
At Bankiom, we’re here to make transferring money to friends easier. People living in the GCC, can easily sign up for a Bankiom virtual card using the Bankiom app, with no physical paperwork or branch visits required at all! Now the magic happens when your friends, family, and people whom you want to send money to are on Bankiom too — well, you’d easily be able to transfer money to them using just your phone, just like that!
Live the good life and sign you and your friends and fam up for Bankiom.