To directly transfer your cash to someone else, you can use peer-to-peer payments, more commonly known as P2P payments. Users can do this transfer through mobile applications like PayPal if they have connected their card or bank account to the device.
P2P payments in Canada are still on the increase, with plenty of space in the market to grow. Currently, around of fifth of Canadians engage with P2P payment types, whilst over a third of US residents are. Moreover, the rise of digital platforms and increasing want for alternative lending options are encouraging P2P’s growth worldwide. Indeed, North America have Europe boast the most significant P2P market share regarding consumer lending, and we can only expect P2P payment demand to grow further in the future.
The main method of P2P payment in Canada
Whilst PayPal is widely known as a money-transferring platform both across the globe and in Canada, Interac’s e-Transfer is also a widely used P2P payment method in this country. As the leading payment transfer network here, Interac connects financial institutions and other companies to conduct electronic transactions via its e-Transfer system, founded in 2003. At this time, e-Transfer was introduced into the market before other nonbank alternatives had even been thought of. In Canada, the brand allows individuals to send and receive money with friends and also operates as a debit card system. Interac’s growth can only be described as impressive, despite the conflict that its transaction fee has caused with some customers. It continues to add innovative solutions to its payment solution system, such as an auto-deposit feature.
Why HelloChat is unique in Canada
Venmo is a popular and widely used digital wallet designed to help everyday individuals split bills by transferring money. However, HelloChat can be described as the Venmo alternative in Canada. HelloChat is actually Canada’s first P2P social payment platform, operating to split tabs in various ways free of charge and support online and in-store payments.
What is HelloChat?
As we’ve already mentioned above, HelloChat is Canada’s first and only social payment platform enabling individuals to send money instantly and securely to others. It includes a number of features, so let’s take a look at them in more detail below.
- HelloChat has an instant messaging system to allow users to chat quickly and conveniently.
- Communities function can make you organize your related group easily.
- HelloChat boasts many different features and functions to help make instant payments as easy as possible.
- Send and receive money instantly and easily amongst friends and family.
- Users can send cash to friends instantly with a $0 transaction fee.
- Making a HelloChat Payment is easy when you need to split bills with your friends in any shared activity, whether you decide to go to the cinema, dinner, coffee, mini golf, or more! You can easily receive money and pay with just a tap of a few buttons!
- Send a gift: it can sometimes be challenging to buy a thoughtful physical gift. If you’re all out of ideas and need a quick saviour, you can make a money transaction through HelloChat in an instant for the lucky birthday girl or boy.
How does HelloChat work?
So, how does HelloChat actually work? HelloChat is the middleman between two users conducting P2P transactions, simplifying the way money is sent and received in a secure and straightforward way. Users can also scan merchants’ QR codes in a touch-free payment system. This makes the shopping experience for both customers and business owners even more convenient!
How to send or request money
By this point, you may be wondering how you can actually send or request money while utilizing HelloChat. Well, cash can be sent or requested by simply tapping the pay or request button in the HelloChat app. After this action, the user must enter the details of the other party’s email address, phone number, or username. It’s that straightforward!
What are HelloChat’s fees?
Fortunately for HelloChat users, the platform does not charge any fees for sending money from a linked debit card, bank account, or HelloChat account. This is excellent news for those on a budget looking to send and receive money in a hassle-free way!
Is HelloChat safe?
User safety and security on HelloChat is the company’s utmost priority. Therefore, it is no surprise that the company is registered as a money services business, otherwise known as an MSB, with FINTRAC to keep every single customer’s money safe. FINTRAC, standing for Financial Transactions and Reports Analysis Centre of Canada, is an independent government agency which offers relevant information to law enforcement and security agencies to help them take on investigations concerning finance.
Furthermore, HelloChat is partnering with Flinks and Trulioo to protect users’ financial information. Trulioo offers an identity marketplace across the globe to help countless enterprises meet a whole host of requirements, including those encompassing safety, compliance, and fraud prevention, just to name a few.
If you’re not yet sold on HelloChat’s safety, it also utilizes an end-to-end encrypted system. This means that only the users communicating can read their messages, meaning that conversations are never placed in front of unwanted eyes, thus stopping internet providers, telecommunications providers, and others from decrypting messages for malicious use.
All in all, HelloChat and every other app that links directly to consumers’ bank accounts must be held to the highest security standards – something which this company takes absolute pride in.
If you’re looking for an app to send money, it’s well worth checking out the services this innovative platform can offer you. Pay with HelloChat today and inject convenience into your day-to-day life!