How p2p works? / How Send Globally works
As an example, let's consider a scenario where a client from Europe wants to send money to Ukraine using the Send Globally (p2p) feature on Simple.app. Here's how it could work, let’s see the steps of one of possible ways of doing this
USDT Purchase: Simple app user buys USDT stablecoin with his bank card in Simple app.
Same user goes to Send → USDT → Globally → Ukraine (currently we support 8 counties, more destinations will come soon) → selects preferred method of transferring and specifies details of the recipient
Behind the scenes we send these USDT to our P2P partner, which instantly converts USDT into Ukrainian hryvnia (UAH) based on the prevailing exchange rate.
Our P2P partner makes UAH transfer to the recipient with a specified payment method. Both recipient and payment were defined by Simple app user (see step 2 above)
USDT Purchase: Simple app user buys USDT stablecoin with his bank card in Simple app.
Same user goes to Send → USDT → Globally → Ukraine (currently we support 8 counties, more destinations will come soon) → selects preferred method of transferring and specifies details of the recipient
Behind the scenes we send these USDT to our P2P partner, which instantly converts USDT into Ukrainian hryvnia (UAH) based on the prevailing exchange rate.
Our P2P partner makes UAH transfer to the recipient with a specified payment method. Both recipient and payment were defined by Simple app user (see step 2 above)
Updated on: 04/07/2023
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