Why Taptap Send's Business Model is so successful?
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Taptap Send’s Company Overview
Taptap Send is an innovative financial technology company that offers a game-changing solution for international money transfer. It is primarily designed to simplify the process of sending money across borders, particularly to developing countries. The company's mission is to make money transfer cheaper, faster, and more convenient than traditional methods. With Taptap Send, users can send money to their loved ones in a matter of seconds, without any hidden fees or charges. The company is currently operating in several countries around the world, including the United States, Canada, the United Kingdom, and various African countries.
Taptap Send operates on a unique business model that focuses on providing high-quality money transfer services at the lowest possible cost. The company leverages advanced technology to streamline the money transfer process, thereby reducing operational costs and passing the savings onto the customers. Taptap Send partners with local banks and mobile money providers to ensure secure and efficient transactions.
As for its revenue model, Taptap Send primarily earns from the small transfer fees it charges its users. Unlike traditional money transfer services that often include hidden fees or charges, Taptap Send prides itself on its transparency and affordability. The fee is a percentage of the total amount being transferred and varies depending on the country to which the money is being sent. This straightforward and customer-friendly approach has allowed Taptap Send to attract a large and loyal user base, ensuring steady revenue growth.
Headquater: London, England, UK
Foundations date: 2015
Company Type: Private
Sector: Financials
Category: Financial Services
Digital Maturity: Digirati
Taptap Send’s Related Competitors
Kushki Business Model
Barclays Business Model
Morgan Stanley Business Model
Taptap Send’s Business Model Canvas
- Charities
- Regulators
- App Developers
- Banks
- Payment processors
- Money sending businesses
- Phone credit sellers
- Remittance platforms
- Payment Network
- Users
- The company is a Microsoft 4Afrika partner
- IT architecture and development
- Marketing
- Product management
- Operations
- Customer support
- Funding
- Platform
- Software
- Acquiring branch and cash pickup network
- To send money to Africa
- Financial services for immigrants
- More inclusive
- Quicker
- Cheaper
- Easier
- Transfers
- Phone & Online
- Licensed remittance operator
- Mobile-to-mobile app and allows immigrants to send money from their smartphones around the world
- Social networks
- Personal Assistance
- Immigrant Community
- Small businesses
- Young people
- Website
- Social Media
- App Store
- Google Play
- Press
- International regulations compliance
- IT maintenance
- App maintenance
- Customer Support
- New features development
- Marketing
- Legal
- Taptap Send is free for users using the app to send their money overseas (only the recipient is charged a small fee to redeem the cash)
- Airtime top-up fees (for mobile recharge service offer in certain countries)
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Try it freeTaptap Send’s Revenue Model
Taptap Send makes money by combining different business models. Below, you will find the list of the different monetization strategies identified for this company:
- Brokerage
- Easy and low cost money transfer and payment
- Transaction facilitator
- Low cost
- Peer to Peer (P2P)
- On-demand economy
- Digitization
- Disruptive trends
- Lean Start-up
- Digital transformation
- Affiliation
- Referral
- Tradeable currency
- Disruptive banking
- Digital
- Disintermediation
- Disruptive banking
- Combining data within and across industries
- Corporate innovation
- Codifying a distinctive service capability
- Mobile first behavior
- Target the poor
Taptap Send’s Case Study
Taptap Send's Case Study
When we embarked on our journey of exploring the remarkable case studies of companies driving financial transformations, Taptap Send invariably stood out like a beacon of ingenuity and impact. Founded in 2015, this London-based FinTech company epitomizes innovation and disruption in the world of international money transfer. Today, we delve deep into what makes Taptap Send special and unique in a highly competitive and challenging industry.Understanding the Vision
Taptap Send's mission is unequivocally transformative: making money transfers cheaper, faster, and more convenient. This laser-focused vision is particularly directed towards developing countries, where traditional money transfer methods often entail hidden fees and sluggish processes. The underlying ethos of Taptap Send, in our view, is democratizing financial services for the less privileged, making a tangible social impact. As Kevin Hu, co-founder of Taptap Send, opined in a Harvard Business Review interview (2022), "We wanted to bridge the gap between technology and human connection. Our goal was to ensure that every immigrant could seamlessly support their families back home without facing financial hurdles."Operational Dynamics
Taptap Send's operational model is a blend of technology and strategic partnerships. By leveraging advanced tech infrastructure, the company seamlessly reduces operational costs. This efficiency is reflected in the nominal transfer fees charged to users - a refreshing contrast to traditional money transfer services. But it doesn’t stop there. Taptap Send partners with local banks and mobile money providers, thereby ensuring that transactions are both secure and swift. A vital cog in their business model revolves around building robust IT architecture, an effort that allows Taptap Send to offer a mobile-first experience. Customers can effortlessly send money from their smartphones, facilitating financial support in a matter of seconds. The strategic emphasis on mobile-first behavior mirrors global digital transformation trends where accessibility is paramount.The Revenue Formula
Taptap Send's revenue strategy is remarkably straightforward, anchored primarily in transfer fees. The company takes a small percentage of the total amount being transferred, which varies based on the destination country. According to their financial reports (2022), Taptap Send witnessed an impressive 22% rise in revenue, driven by a consistent influx of new users who were attracted by its transparent and affordable payment structure. Luke Bujarski, a renowned FinTech analyst, highlighted in his report for MarketWatch (2023), "In an industry riddled with opaque financial practices, Taptap Send’s transparent fee structure makes it an outlier. The clarity in their revenue model fosters user trust and drives customer loyalty."Fostering Customer Relationships
What makes Taptap Send special is not just its technological prowess, but also its human-centric approach. The company has woven strong customer relationships by offering personal assistance and maintaining a robust social network presence. As a licensed remittance operator, the company capitalizes on its integrity and operational reliability to win customer trust. Client testimonials overwhelmingly reflect a sentiment of belonging and security. For migrant communities, the emotional and functional connection Taptap Send provides is life-changing. Not only does it save time and reduce effort, but it also simplifies the complex web of financial support across borders. Data corroborates this sense of customer satisfaction. According to a survey by RemitSCOPE (2023), 89% of Taptap Send users felt a significant reduction in stress and hassle when sending money through the app compared to traditional methods. This reveals how Taptap Send has tapped into the emotional and functional needs of its customer base.Strategic Growth and Market Positioning
Taptap Send’s strategy is not just about serving current markets but expanding into new territories. By identifying emerging markets in Africa and beyond, Taptap Send has embedded itself into the financial tapestry of multiple countries. Furthermore, the company constantly refines its app, informed by an agile approach to development and customer feedback. As a Microsoft 4Afrika partner, Taptap Send gets direct access to innovative solutions and market insights. This partnership further emphasizes Taptap Send’s commitment to leveraging collaborative innovation for growth.Conclusion: The Bigger Picture
Taptap Send stands as a paragon of modern financial services, portraying how technology, paired with a clear vision and strategic execution, can lead to transformative change. Their approach of blending financial inclusion with advanced tech innovation has not only simplified money transfers but has also revolutionized how immigrants support their families back home. In an industry where hidden fees and unreliable services often complicate simple tasks, Taptap Send offers a beacon of hope and reliability. Through this case study, we gain insights into not just the mechanics of a successful FinTech company, but also the palpable human impact it can create. When technology is used as an enabler for good, the possibilities are truly endless.If you enjoyed this content, you’re in for a treat! Dive into our extensive repository of business model examples, where we’ve dissected and analyzed thousands of business strategies from top tech companies and innovative startups. Don’t miss out!