Among entrepreneurs building fintech products, the same argument is often heard: "We are faster, cheaper and simpler." However, Björn Katerbau, Chief Growth Officer (CGO) of the fintech company Aircash, which has recently arrived on the BiH market as well, decided to offer one step more. 

In an interview with Klix.ba, Aircash's CGO revealed why he considers this product a "better solution". But he also spoke about the fees users pay without even being aware of them, about the seconds in which money crosses borders, and about why the digitalisation of financial services in the region is no longer a question of the future. 

Aircash is present in several European countries, but it seems that the BiH market and the diaspora have a special place in your strategy. Why? 

Bosnia and Herzegovina is a strategically important market for us for several reasons. The demographics of the diaspora are exceptional. It is a large number of people who regularly send money home and who are digitally literate enough to recognise the value of a better solution when they see it. At the same time, local users in BiH are open to innovation, but they lacked the right tool, one that is simple, reliable and tailored to their everyday needs. We are becoming that right tool, and we want to be. 

Look at what realistically happens when someone from Austria or Germany tries to send 1,000 euros to Bosnia and Herzegovina. The transfer networks' per-transaction fees can be high. Add to that a significant exchange rate margin that is rarely shown transparently, with the receiving user getting less than the amount sent. A traditional money transfer may seem cheaper to send at first glance, but there is also an intermediary fee, plus the exchange rate margin. On top of that, such traditional money transfers take one to three working days, and BiH is not in the SEPA zone, which complicates matters further. Aircash offers sending money from one user to another in a few seconds, with a minimal fee. And, best of all, there are no hidden exchange rate margins. 

A speed of a few seconds sounds impressive. Explain to us how it works technically? 

Our system works on the principle of direct, so-called wallet-to-wallet transfers, that is, sending money between two Aircash users within the app. It does not go through the classic payment clearing system, does not wait for working days, and does not depend on international intermediaries. The sender and the recipient are both within the same technology platform, and the money is transferred instantly. You can send 24 hours a day, seven days a week, equally on a Wednesday morning and on a Sunday at midnight. Money should reach home faster than a WhatsApp message, without complications. 

Security is always a question when it comes to digital financial services. How secure is Aircash? 

Aircash is a licensed electronic money institution, which means that we are subject to BiH's regulatory requirements regarding the protection of user funds and data. Every transaction is protected by multi-layer authentication, and our security teams continuously monitor all activity on the platform. Security is not just another "feature" we have added; it is the foundation on which we built the entire system. 

Besides sending money, you also offer a physical Aircash Mastercard. How important is that for users in BiH? 

For many users in BiH, Aircash Mastercard has become the primary instrument for everyday payments, especially for online payments. It is directly linked to the Aircash app, accepted everywhere the Mastercard network exists, with no maintenance or payment fees. But what is particularly important for our users in BiH is access to cash. We have introduced free cash withdrawals at partner points of sale in BiH, and users who have an Aircash Mastercard can withdraw cash free of charge at all ATMs in BiH. 

That is a freedom that was not previously available to digital wallet users in BiH. The card is bought once and there are no further costs. It can be found at iNovine, Ina, Energopetrol, Petrol, Nestro Petrol, Nešković, SuperPetrol and numerous other locations, and it is easy to activate. 

Do you have any current benefits for new users? 

We are currently offering a 10 KM welcome bonus for every user who links their first Aircash Mastercard to the Aircash app. As well as the option of withdrawing money at all ATMs in BiH free of charge. In addition, we have an active so-called referral programme, where users who recommend Aircash to a friend, and that friend becomes an active user, both receive a reward. We believe that a recommendation from someone you trust is the most powerful marketing tool there is, which is why we reward it. 

What is the bigger picture: how do you see Aircash's role in the context of the digitalisation of financial services in the region? 

The Western Balkans is a region where a significant part of the population still does not have full access to modern financial services, or those services are not available at a reasonable price. Aircash offers them a solution for all of these needs. Instant transfers, a simple app, a card with no fees, 24/7 availability. These are things every user should have as a standard, not as a privilege. And I think we take that role seriously. 

Source: Klix.ba