The company submitted the OwlPay Cash app for review by the Apple App Store and Google Play, and plans to make the app available in those stores upon approval, it said in a Tuesday (Feb. 17) press release.
Upon launch, OwlPay Cash will enable U.S. outbound remittances to Mexico, India, Colombia, Peru and Argentina. Later, the app will be expanded to a total of 26 regions, according to the release.
OwlPay Cash is powered by OwlTing’s institutional-grade architecture that is used across payments, hospitality and eCommerce. The app will offer this architecture directly to retail users, the release said.
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The app also uses the reach of Visa Direct, which connects to more than 11 billion endpoints globally, and the regulated settlement framework of Cross River Bank, per the release.
OwlPay Cash provides a Transfer Calculator that displays the foreign exchange rate and the final sum the recipient will receive, and a secure beneficiary management system that enables one-tap execution of repeat transfers, according to the release.
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“The remittance market is large, recurring and structurally inefficient,” OwlTing Group founder and CEO Darren Wang said in the release. “By leveraging our scalable digital infrastructure, we are entering a $230 billion opportunity to offer institutional-grade pricing to everyday users.”
OwlTing announced in October 2024 that it would begin employing Visa Direct to power real-time, cross-border payments. At the time, OwlTing said it would enable its U.S. customers to transfer money seamlessly across regions through OwlPay, its Web2 and Web3 hybrid payment solution.
Visa said in January that during its fiscal first quarter, Visa Direct transactions grew 23% year over year to 3.7 billion, supporting domestic and cross-border flows.
OwlTing said in January that it obtained a Money Transmitter License (MTL) in Nevada, bringing the number of states in which it has a regulatory footprint to 41. OwlTing also operates under a Virtual Asset Service Provider (VASP) license in the European Union and an Electronic Payment Intermediary Service Provider (Bank API) license in Japan.
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