Nov 082014
 

By Mohammed Waseem

How would money transfer companies look at bill pay? Just as another category in money transfer. Yes, the trend of cross-border bill pay is starting and companies are looking to grab the opportunity and become the pioneers. We learnt that such a company called BlueKite that was acquired by Xoom Corporation, then we learnt about Money Move IT, both of which offer overseas bill pay.

XoomIn this article, we will learn further about Xoom’s plans after acquiring BlueKite. As planned, they will offer bill pay services to Mexico, Guatemala, El Salvador, Nicaragua and the Dominican Republic. They are launching it this November with an aim to broaden their relationship with their customers. Connecting the latter to their families better is a great step to gain customer loyalty, and for long term. This is what they are looking forward to, from this service.

They have proven to be among the fastest and the most reliable money transfer services in the United States, the new service makes them further better. They have now declared the pricing for the bills paid by using this service; it is $2.99 per bill paid, in addition to a foreign exchange fee. Considering that it is cross-border payment, this fee is reasonable.

Xoom customers will also get real time account balances and pay one or multiple bills instantly. Xoom has huge expectations from this product and so do their customers. They must work on adding more countries to the supported countries list. Additionally, in order to expand, they must introduced their services in other countries as well where people can send money from.

Feb 142014
 

By Mohammed Waseem

We have heard and read about bill payment services which exist to make our lives easier by enabling online bill payment, payment of all bills at one place, paperless bill management and so on. In this article, I will talk about cross-border bill payment services offered by BlueKite.

First of all, what is cross-border bill pay? It is a bill payment service meant for migrants to pay for the services used by the families they have left behind. Launched in 2012, BlueKite aimed at changing the way payments are made and to improve the way people around the world pay for services and utilities. They began with the proprietary cross-border payment platform, allowing the people to accurately pay utility and service bills from abroad and thus take better care of their families back home.

BlueKite Bill PayMoney service stores were offered BlueKite’s platform to enable them to provide cross-border bill payment services to their customers. The stores charged a flat fee of $4.95 for the payment, which was split in the ratio or 3:2 between BlueKite and the stores. Their service helped the service providers increase collections and also solved the problems of families to pay bills locally. Their target market was immigrants to developed nations who have been traditionally sending money back home using money transfer services. They never intended to compete with money transfer services and in fact, claimed they were a complimentary service. They were like nothing in the market as they took bill payment to the next level. They integrated with many service providers in Mexico, El Salvador, Guatemala, Spain and few other places.

If you are wondering why the last paragraph reads in the past tense, it is because BlueKite is no longer an independent company, it is now a part of Xoom Corporation, which recently acquired the former for approximately $15 million in cash and equity. They aim at introducing mobile top-up and cross-border bill payment services which would be offered alongside their already existing money transfer service.

With the boom in the money transfer industry, every other company is coming up with an innovative service to give themselves a competitive advantage. With this acquisition, Xoom can reach new heights by enabling immigrants to pay the bills of their families, along with the money they regularly send through the service. The new services will be called “Xoom Bill Pay” and “Xoom Top Up”.

Development and augmentation is happening at the new development center at Guatemala City. The 30 BlueKite employees along with the CEO – Bobby Aitkenhead will now work under the banner of Xoom Corporation. Aitkenhead is now VP in charge of the Xoom Bill Pay and Xoom Top Up services, reporting to John Kunze, President and CEO, Xoom Corporation.

%d bloggers like this: