By Mohammed Waseem
As inflation is going high rapidly in most parts of the world, new financial products are in need to help us save money and share the expenses. Many such products are being introduced in different countries. Germany has this product called Lendstar EasyPay, which allows users to send money to each other and share the expenses or lend money.
Lendstar EasyPay is a service which enables convenient, quick and safe transfer of money to friends and family members. A current account has to be connected to a Lendstar account to use this service. Money transfer is done using the app. They are positioning themselves as the easy way to make a bank transfer, which is more convenient, safer and faster. In other words, they compare themselves with banks when it comes to money transfer.
To send money, users have to download the app from Google Play or iTunes and install it on their devices, select ‘Wire Transfer’ as the payment method (without Lendstar EasyPay support) or register for Lendstar EasyPay by completing the registration for it. Once registered, users can begin using the app by connecting their current account to their Lendstar account. Most banks are supported for connecting the current accounts with the app; however, around 25 banks in Germany are not supported, including Commerzbank, Credit Europe Bank, RaboDirect, Barclaycard and HSBC Trinkaus & Burkhardt.
At present, only a current account with a German bank can be connected to Lendstar, which means that people from a few other supported countries can use PayPal to send money. However, even the bank in Germany should be capable of handling SEPA transfers. Users can choose to use Lendstar EasyPay or wire transfer without Lendstar EasyPay, at once; both options don’t work together.
Right now, the service is free of cost, but a charge maybe applicable once the product becomes established. However, if users use PayPal, they will charge a transaction fee which is generally 2%+ €0.30 There are four things the users can do; they can borrow money from friends, collect for pooled-expenses, prepay money to be collected later or split a bill.
Lendstar also offers an e-wallet and a credit card that can be used worldwide for shopping or withdrawing from ATMs. However, they have not been launched yet, but maybe available in a few weeks as per their website.