Zoompass axes the $0.50 transfer fee to send money

Zoompass, the joint-venture between Rogers, Bell and TELUS, allows you to send, receive, request money, check balances, review transactions all from your mobile device has axed their transfer fee when sending money. When it first launched it was at a steep $0.50 per transaction… then recently put on a promo and knocked down by 50%.

However today they’ve announced they are “removing the fees on domestic money transfers and increasing sending limits, the Zoompass Wallet brings us a step closer to realizing the vision of a cashless society.” Robin Dua, President of EnStream said “There is no cost to consumers for transacting with cash today, so in this sense we feel it’s appropriate for us to remove the P2P transaction fees for the same transaction that could be done electronically through the Zoompass Mobile Wallet. By removing the P2P fees when sending funds from a Zoompass account, we open up a whole new market opportunity associated with micro transactions”.

This is good news for Zoompass customers. This action by Zoompass could be the thing that’s needed for people to embrace mobile banking/mobile payments. A recent study showed that only 20% of Canadians plan to start using mobile banking within the next year.

More here at Zoompass