PeerTransfer positions itself as an online international money transfer organization. It focuses on saving time and money for international students and educational institutions abroad.
Product: PeerTransfer is an international payment solution that caters to online international money transfer in an easy and effective way. It includes several payment types (DD, money, check) and modes (online, phone etc) and a good customer service. Most important- it provides better currency exchange rates. It focuses on saving time and money for educational institutions and the international students that institution by easing the payment and processing functions.
Market Type: The market is niche and caters to education and financial services. It’s targeted at tuition payment among international students and educational institutions abroad.
Customer & Problem: The consumers of this product are primarily international students and educational institutions. International students face a lot of problems with respect to international money transfer due to currency conversion, inter-bank wire transfer, transaction fees, account setup, security, timing etc. Integrating the payment solution with educational institutions serve the need of processing the requests.
Competition: The market is fragmented with many players. One of the toughest competition would be the bank since people tend to trust banks more for a secure transaction. Other competitors include several large firms such as Western Union, PayPal, MoneyGram and a few emerging players.
Pain Killer: In my opinion this product is a pain killer since it clearly identifies the problem associated with international money transfer and addresses that by providing efficient and secure ways to carry out international money transactions.