Toronto’s Beacon has unveiled Beacon Money, a digital wallet designed to empower immigrants as they transition to life in Canada.
This addition to the MyBeacon Super App aims to simplify financial integration for newcomers, enabling them to confidently prepare for their journey and thrive upon arrival.
Scheduled for public launch in January 2025, Beacon Money offers immigrants from around the globe the ability to open, fund, and use the wallet months before their arrival in Canada. Permanent residents, students, and work permit holders can rely on the app for everyday financial transactions, from tuition payments to salary disbursements.
A standout feature for users from India is the seamless pairing of Beacon Money with Beacon Remit—the first single app enabling money transfers out of India. Users can pre-fund living expenses or send tuition payments before departing for Canada, ensuring a smoother transition.
“At Beacon, we empower immigrants,” said Stuart Szabo, CEO and Co-Founder of Beacon. “Beacon Money gives our users a head start before they arrive in Canada and serves as the ideal wallet for their daily needs after arrival.”
Co-Founder and Chief Product & Technology Officer Aditya Mhatre highlighted the challenges immigrants face, drawing from personal experience: “It was very difficult to move money out of India and set up a functional bank account in Canada. Beacon Money and Beacon Remit solve these pain points so our users can settle with confidence.”
Beacon’s collaboration with Digital Commerce Group and Visa has been instrumental in launching Beacon Money.
Jeffrey Smith, CEO of Digital Commerce, emphasized the alignment of missions: “New technologies are essential to deliver the financial services newcomers need. We are proud to partner with Beacon to bring their vision to life.”
Visa’s support underscores the wallet’s global functionality. Chris Ferron, Vice President at Visa, noted: “Beacon’s purpose aligns perfectly with Visa’s mission to connect people to the global economy through seamless payments.”
With the launch of Beacon Money, Beacon continues to redefine financial services, ensuring immigrants to Canada can start their new lives with ease and confidence.
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