Money transfer platform Wise has introduced a way for users to get paid through sharing a QR code.
The new Quick Pay option provides a unique link and QR code through which users can receive payments again and again, without needing to update or reshare it.
The firm’s website noted: “Customers can use it to pay you easily, and if they use Wise to do it, you’ll pay no fees to receive the money.”
The Quick Pay QR code can be added to invoice templates, websites or physical displays, for example in shops.
Wise is a low-cost international money transfer app that allows users to save money when sending money abroad. It allows customers to send payments to more than 80 countries.
The firm was founded in 2010 as Transferwise and has grown quickly to serve more than 15 million customers each month.
The latest Good Money Guide review of the app found the platform to be “one of the cheapest and easiest ways to send money abroad”.
However, it also noted that those looking to transfer large amounts of money may be better off with a currency broker.
This is because currency brokers can help with market timing and lock in exchange rates with forward contracts and currency options.
Wise is not a bank and balances held on the app are not protected by the Financial Services Compensation Scheme (FSCS).
That said, the firm provides some features banks also provide, such as holding and exchanging multiple currencies as well as sending and receiving payments.
It works by matching buyers and sellers of currency in different countries, rather than actually transferring money internationally itself.
Last year, Wise raised fees associated with payment and conversions in Euros and Great British Pounds.
In 2021, the firm launched its Assets platform, an investment service initially focused on enabling access to funds provided by BlackRock.
Robin has more than six years of experience as a financial journalist, most of which were spent at Citywire, and covers the latest developments in the investing, trading and currency transfer space. Outside of work, he enjoys reading literature and philosophy and playing the piano.
You can contact Robin at robin@goodmoneyguide.com
