P2P Cash Technology and Galaxia International Bring Online Financial Services to Greater New York & New Jersey Area

Galaxia and P2P Cash Technology have partnered to offer some New York-New Jersey residents free digital international money transfer and other services.

Galaxia International Services, Inc. and P2P Cash Technology, Inc. have forged a financial services partnership that combines P2P Cash technology with Galaxia’s financial services to offer residents of the New York-New Jersey metropolitan area free digital international money transfer and other financial services.

Currencies depicted do not represent available countries. Check the P2P Cash site for currently available transfer corridors.

Galaxia, a money transfer, check cashing and currency exchange business that has been operating in the Greater New York area since 2000, can now offer its clients online and mobile services as a complement to its six brick-and-mortar retail locations.

“The future of money transfer is clearly online,” said Galaxia International CEO, Ali El Mobayed. “We need to take the initiative to add digital services to our mix of financial services to keep ahead of our competition. Slower moving competitors like the biggest money transfer companies are also moving in this direction, and we need to stay ahead of them, in particular.”

The new relationship has adapted the P2P Cash cloud and blockchain-based software solution to provide Galaxia with a next-generation offering. The P2P Cash solution is built on the technology behind the BitMinute, a digital utility token tied to prepaid airtime minutes.

“Prepaid airtime minutes are the future model for universal value exchange,” said P2P Cash CEO Tom Meredith. “They are already exchanged for goods and services within countries, and now BitMinutes makes these units of prepaid airtime shareable across borders, between two people with mobile wallets on their phones as well as through the Trusted Agent Network (TAN). This will massively drive down the cost of moving value globally.”

The money transfer business is also a fragmented business, with the top two competitors owning only about 15% of the $700 billion remittance market. Recognizing that the consumer is rapidly adopting digital services tapped via online and phone apps, new competitors in the money transfer industry are not opening physical retail locations. They are instead leveraging new financial technology like blockchain and tokenization to offer inexpensive remittances online.

“The vast majority of immigrants with family back in their home countries are still using traditional retail locations to conduct money transfers, but the move to use online websites and mobile phone apps is growing rapidly,” said Meredith.

“Opening a lot of new physical locations is not the future of our business,” added El Mobayed. “Our working customers who are sending money home are getting younger, and they are all savvy about digital financial services delivered and accessed through their phones. This is the future.”

Galaxia customers will access their new online money transfer service through the P2PCash.com website or mobile app.