InstaReM's AMAZE MasterCard

[furryballs]

I don’t think Instarem is making money, it’s probably still on the grow phase burning VC’s investment.

when you are not paying for the service, you are the service. If they are not earning from your transactions, they sell your data or sell the reach (to you) to retailers.

sad thing for instarem is that the switching cost is low, consumers can easily stop using instarem. It is unlike grab where an ecosystem has taken shape and it’s not easy for consumers to pull out (eg if I take grab or buy grab food, I have to be on the platform)

 

[plustwo]

I don’t think Instarem is making money, it’s probably still on the grow phase burning VC’s investment.

when you are not paying for the service, you are the service. If they are not earning from your transactions, they sell your data or sell the reach (to you) to retailers.

sad thing for instarem is that the switching cost is low, consumers can easily stop using instarem. It is unlike grab where an ecosystem has taken shape and it’s not easy for consumers to pull out (eg if I take grab or buy grab food, I have to be on the platform)

no my point is that there was no monetisation path at all for this. this was always meant to be a data harvesting project. there's zero way to break even. the only possibility is they are planning to sell your data.

 

[revhappy]

I don’t think Instarem is making money, it’s probably still on the grow phase burning VC’s investment.

when you are not paying for the service, you are the service. If they are not earning from your transactions, they sell your data or sell the reach (to you) to retailers.

sad thing for instarem is that the switching cost is low, consumers can easily stop using instarem. It is unlike grab where an ecosystem has taken shape and it’s not easy for consumers to pull out (eg if I take grab or buy grab food, I have to be on the platform)

Instarem's main business is remittance service which must be profitable. The expats living in SG need to send money home. Wise, SingX and banks are their competition, but from my experience, Instarem is the fastest, I received money in my overseas account within seconds, as if it is a paynow transfer.

https://finance.yahoo.com/news/singapore-remittance-market-expected-reach-210000443.html

The key players analyzed in the Singapore remittance market report include DBS Bank Ltd., Instarem, JPMorgan Chase & Co., Moneygram, Revolut Ltd., RIA FINANCIAL SERVICES SINGAPORE PTE. LTD., SingX Pte Ltd. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.

 

[vegavega25]

Instarem's main business is remittance service which must be profitable. The expats living in SG need to send money home. Wise, SingX and banks are their competition, but from my experience, Instarem is the fastest, I received money in my overseas account within seconds, as if it is a paynow transfer.

https://finance.yahoo.com/news/singapore-remittance-market-expected-reach-210000443.html

Any notable difference in the forex rates across them?

 

[revhappy]

Any notable difference in the forex rates across them?

Not much. Wise allows you to lock-in the rates for the longest like 4 days so if rates jump you can cancel the order and place a new one. Instarem is shorter I think 2 or 3 days and Singx is like same day 5pm, you need to tfr the money to their account.

 

[SoriyaGTR34]

Can I check if I use amaze card overseas, say for hotel payment, does it require OTP? Coz I don't think will be able to receive any OTP for this.

 

[RedsYWNA]

Can I check if I use amaze card overseas, say for hotel payment, does it require OTP? Coz I don't think will be able to receive any OTP for this.

OTP transactions are typically used in higher risk settings, such as online payment. For your hotel payment at the front desk, dont think will need OTP

 

[SoriyaGTR34]

Thanks bro

 

[revhappy]

Can I check if I use amaze card overseas, say for hotel payment, does it require OTP? Coz I don't think will be able to receive any OTP for this.

Amaze sends OTP to email also, which is awesome, very thoughtful of them since this card is made for overseas travel.

 

[silverbomb]

Amaze sends OTP to email also, which is awesome, very thoughtful of them since this card is made for overseas travel.

that's if the txn is a online txn. he's likely referring to over the counter payment to hotel, which is on the card terminal.

 

[SoriyaGTR34]

Amaze sends OTP to email also, which is awesome, very thoughtful of them since this card is made for overseas travel.

Thanks. This is very useful info, because wife and I plan to buy some package from klook/kkday. So if they send OTP via SMS, I won't be able to receive it.

 

[RedsYWNA]

Thanks. This is very useful info, because wife and I plan to buy some package from klook/kkday. So if they send OTP via SMS, I won't be able to receive it.

Rem to disable the online function upon approval, dont be hit with a big online fraud charge like me.....haha

 

[highsulphur]

When you get a refund for a amaze purchase, does the money go back to the underlying credit card or to amaze wallet?

 

[fr33d0m]

When you get a refund for a amaze purchase, does the money go back to the underlying credit card or to amaze wallet?

I have multiple experiences that it got refunded to my current card linked to Amaze than origin card. It depends on how the merchant processes the refund.

 

[revhappy]

When you get a refund for a amaze purchase, does the money go back to the underlying credit card or to amaze wallet?

It is to the card linked to amaze, not to the wallet.

 

[someusername]

I got refunded to original card even though it was no longer linked to Amaze.

 

[highsulphur]

I got refunded to original card even though it was no longer linked to Amaze.

Was there any hiccup with the refund?

 

[SoriyaGTR34]

Rem to disable the online function upon approval, dont be hit with a big online fraud charge like me.....haha

Wah what happened?

 

[someusername]

Was there any hiccup with the refund?

Nup. Worked fine. I was expecting a fiasco after reading all the horror stories.

 

[Habrosus]

Can we link the likes of YouTrip and GrabPay cards to AMAZE? Not sure if I want to link another credit card already...