What is Zip Zap
Zipzap is a mobile money transfer app for sending money across borders. It provides a money transfer experience that combines traditional paying methods, mobile technologies and digital payment solutions. It gives the best money transfer services in digital spaces. It is more compliant and secure, yet less expensive, faster and user friendly. ZipZaps’ initial plan was to provide money remittance solution to immigrants living in Canada to India, Philippines and China. The company has in recent years sought to expand to other countries. ZipZap was founded in 2011 and is headquartered in San Francisco, California. ZipZap prides in bringing innovation and cost leadership to the money remittance industry.
How does ZipZap work?
By use of a downloadable mobile app, ZipZap customers can register, send and receive money fast and seamlessly. The process only takes a few minutes. Customers can also pay $10 per month or $100 annual fee to enjoy uncapped remittances throughout the month or year. Sending and receiving money is transparent to both the sender and receiver. To eliminate fraud and money laundering activities, ZipZap deploys complex Know Your Customer algorithms. This also helps in bringing down transaction costs and improves remittance time to not more than 30 minutes. ZipZap sends money via a currency router using either digital currencies like Bitcoin or traditional bank-to-bank payment.
Why is ZipZap good for Casino deposits?
For casino players who want a platform to place wagers and withdraw their winnings, ZipZap provides a safe online casino deposit and withdrawal method. With ZipZap, online casino enthusiasts can therefore enjoy uninterrupted betting and entertainment.
There is nothing more frustrating like waiting for weeks to lay your hands on your winnings. With ZipZap, winnings withdrawal takes only a few days before hitting your account. However, the speed also depends on the terms and conditions of your online casino. For online casinos that allow bank transfers, ZipZap allows players to seamlessly place bets without having to open a different account.
How to get a ZipZap account?
You can get a ZipZap account by simply going to the ZipZap website and hit the ‘create account’ button. You will then be required to feed all the required personal information and any other relevant information. Once you have given out the information, you will then add multiple payout options. These include bank remittance, money pick-up option or doorstep delivery. Easily edit recipients by performing a few taps on your mobile phone. Keep track of all your transactions in one place and monitor your activities in real time. The password should be personal for the safety of your money. All personal information provided is safe.
Secure Transfers with ZipZap
Security is a key consideration at ZipZap. The company provides its customers with diverse ways of sending money to their loved ones securely and conveniently. There are four ways of sending money with ZipZap. The first one is the traditional bank transfers. The second option is ZED which enables ZipZap customers remit money via the ZED cryptocurrency. Holders of Bitcoin can also use ZipZap to make payments to vendors accepting Bitcoin worldwide. Lastly, users can also send money to a mobile number from ZipZap mobile app. Customers on ZipZap mobile are able to track their transactions in real time on their app dashboards thus an extra security layer.
Pros & Cons with ZipZap
- One of the most significant advantages of ZipZap is that it is easy and fast to use.
- For people who want to send money to their family and friends while keeping costs low, ZipZap is a great option.
- ZipZap has a network of partners across the world making it easy for customers to get their money fast wherever they are located.
- ZipZap customers can now hitch on the fast-growing cryptocurrency by sending and receiving remittances in form of crypto.
- The higher the amount of money remitted via ZipZap, the higher the transaction fees.
History of ZipZap
ZipZap was founded in 2011 by Iranian immigrant to Canada Alan Safahi. Safahi relocated to Canada following the chaotic 1979 Iranian revolution. Upon arrival in Canada, Safahi found it difficult and expensive to send money to his family back home. That is how the idea of ZipZap was born. Safahi invested $550K of his own money into the startup. The company won the hearts of venture capitalists who injected over $2 million dollars to get the business on its feet. In 2015, ZipZap introduced a money transfer mobile app. Currently the company remits money to China, India and the Philippines with plans to add more countries to the list.
Both companies were founded by immigrants inspired by the hurdles of international money transfer. Transferwise matches money transfer across different currencies by bypassing the traditional bank transfer processes. ZipZap provides a money remittance solution to migrants enabling them to send money to support their families back in their home countries.
According to its founder, ZipZap is the only firm that deploys a currency router that combines both blockchain and traditional payment methods. This provides customers the best of both worlds while keeping transaction and forex costs low. ZipZap target is migrants who cannot afford to send large sums of money at once.
Money transfer is prone to currency fluctuations as a result of market dynamics and other factors. To shield customers from currency fluctuations, ZipZap uses a currency router which directs the money through banks or blockchain exchanges. This method portends minimal risks for currency fluctuations.
ZipZap currency router can direct transactions via different transfer options making it safe in case of the failure of one option. In the instance of a Bitcoin transfer falling through, ZipZap can complete the transaction through traditional banks.
ZipZap makes money through three main revenue channels. The first channel is charging customers money transfer fee ranging between $2 to $4.95. ZipZap also charges a Forex exchange fee of up to 3%. Lastly, the company has a an optional membership fee that ranges between $5-$25 per month.