Canada - December 6, 2023 - Purse Money, a licensed fintech in Canada, announces the official launch of its direct deposit accounts, a significant contribution towards enhancing seamless online payments across the country.
With a vast user base in sight and a resolute commitment to reshaping financial inclusion, the company empowers both migrants and Canadian business owners with industry-leading real-time exchange rates and cutting-edge cross-border payment solutions. The latest enhancement allows users to effortlessly send and receive payments within Canada using Electronic Funds Transfer (EFT).
Purse primarily focuses on the thriving migrant community (over 13% of the country’s population) who engage in cross-border payments to their home countries. Immigrants play a vital role in Canada's economy by contributing to taxes, supporting the ageing population, and addressing the recent skilled-work shortage.
Existing users who have completed their KYC can simply request for a new CAD account on the mobile app.
Canada aims to welcome 485,000 new permanent residents in 2024, 500,000 in 2025 and plateau at 500,000 in 2026 and Purse Money anticipates a 10% market growth within this period.
As the world moves towards greater interconnectedness, the need for seamless payments has never been more crucial. Purse Money is not just a platform; it's a catalyst for financial empowerment and committed to expansion, Purse Money plans to introduce expense management and Prepaid Cards for its users within the next 6 months.
Purse Money, provided by Purse Money Platform LTD, is duly registered as a Money Services Business under FINTRAC (Registration No. M22792532).
About Purse Money:
Purse Money is a Canada-based fintech company providing individuals and businesses with a multi-currency account and wallet. The company aims to make international transactions more accessible and convenient, with a focus on low-cost, transparent, and efficient services. Purse Money’s platform allows customers to hold, exchange, and send money to over 40 countries.