So we have completed the tranzferz prototype. so the next thought is how would we put this in production.
What is tranzferz
Tranzferz is international real-time money transfer. for start we decide to focus on 5 countries which you can transfer money in real-time all over the world to these 5 countries. Bellow are the countries and why chose them as starting point :-
- United State of America
Reasons for focusing on only these 5 for start.
US [Hug amount of successful startup is mostly possible at US ] DUBAI [Dubai is know for the center of commerce and luxury, so if your on a shopping and your out of cash, and you have someone from the other side of the world, you can use tranzferz to get it as fast as possible (in real time).] NIGERIA [There is no good tangible way to transfer money from outside Nigeria to Nigeria. so it would be an amazing but, transferring to Nigeria will have slight real-time because we will have to verify and authenticate the transfer to reduce the amount of scams because there are lots of them in Nigeria.] PAKISTAN AND BANGLADESH [Because there is no paypal and every one will want the real time money transfer.].
So how those tranzferz really work (All Layer)
its very simple, but little expensive to start. Lets use Nigeria as example.
If you where to transfer money at Nigeria instantly bank to bank in Nigeria, you need the bank app or the most popular payment gateway in Nigeria(quickteller.com) which the charge 0.14 per transaction. so that is what we will be using in Nigeria ( The quickteller api). Tranzferz will have two bank accounts. one would be at US that would be used to save incoming transactions, the other one would be at Nigeria with lots of money saved inside the Nigerian account. So when you transfer money outside Nigeria, you think the money is really transferred, but its not. it is saved in our US bank account. then it would be transfer automatically locally using the quicktelller api to the user that you want to transfer to. so for 4 other countries this would be automatic. but for Nigeria would not be to reduce the amount of frauds and scams.
After there is lots of money saved at the US bank account we will then transfer it to Nigerian account time to time.
whats the stand outs from the competitor.
with tranzferz you decide on which of your payment gateway you want to use to make the transaction and ever one always loves speed and with tranzferz it would be 10 times more faster than the competitor. and another feature is store, web store.
what about the profit ?
well our budget with tranzferz is with advertisement and the actual amount customers. we are hoping to have 500,000 profile earlier next year