Social payment app Circle has launched Groups for friends and family to send and receive money in a group chat. With the introduction of Circle Groups, Circle is the only peer-to-peer payment app in Ireland that provides this group chat functionality globally and across currencies.
Fast withdrawals have also been launched by Circle which will allow users to beam cash from Circle into a US bank account with practically zero waiting and zero fees. Circle is the first and only cross-border payments platform in the world to make this possible – completely for free. Other companies in the US that offer fast withdrawals are only domestically capable of this and charge for the benefit.
“This is the first time in history that people in Ireland, the UK and Europe can send money to the US, at no cost, with no FX markup, and have the funds received and available in the recipient’s bank account almost instantly”, says Jeremy Allaire, CEO and co-founder at Circle. “It’s finally possible for money to work the way the internet works for content.”
Circle launched in 2015 and has enjoyed strong and steady growth. Since the start of 2017, Circle’s growth rates have been positive, with a growth of 427% growth in MATU (monthly active users). In Europe, there has been customer growth of more than 800 percent year-over-year, and payments volume has grown by more than 700 percent.
Key features of Circle Groups include:
Create groups of up to 20 people
Choose individuals within the group to request or send money to
Users can send chat messages, images and GIFs to payment group
Money is secure with industry-leading security like touch ID, two-factor authentication and FCA authorisation
Withdraw money to Irish bank accounts instantly, and same day withdrawals into most European bank accounts via SEPA withdrawals
Whether sending euros, dollars or pounds, Circle allows users to send money to contacts for free
Groups are quick and easy to create. Simply tap the ‘New Chat’ button on the main messages screen and users will be prompted to select friends who are currently on their Circle friends list, or invite new friends to Circle by entering their phone number or email.
Groups can contain up to 20 people. Request money from each member of the group and keep track of who has paid.
The app can be used in everyday situations to collect money such as collecting money for Five-a-side football or splitting the bill between friends. Within Groups, users will still be able to use Circle’s other popular features; including sending instant messages, images and even GIFs.
The new feature is the ultimate solution to those everyday money situations. With Groups, paying rent and splitting bills between house mates is as easy as sending a text. Circle Groups makes it easy for friends and family to talk about their finances, and with transparent transfers, users can see who’s paid and who has yet to pay
Groups is available now on Circle as an update for iOS and Android. Sign up to the Circle App here: www.circle.ie
To read more about Circle’s faster withdrawals, read the blog here: https://blog.circle.com/