US-based company Kwiksy has launched its peer-to-peer payments app in Kenya, Nigeria and Uganda, allowing users to make international payments using only their mobile number at a cheaper rate than that charged by traditional providers.

Kwiksy, which is available on Android and iOS, is described as a "digital mall" for on-demand services, with users able to offer and request on-demand services, send messages and make peer-to-peer payments.

The app accommodates eight different currencies and is available in 30 countries.

Kwiksy works by integrating with alternative financial service providers - such as the likes of Kenya's M-Pesa or Nigeria's Paga - that are local to the countries where a user may wish to transfer money to.

Users only require a cell phone number to make peer-to-peer payments. Bank details are not required.

Chief executive officer (CEO) and co-founder Chris Menya, a Ugandan who emigrated to the US in 2004, said Kwiksy is the first wallet that seamlessly allows for payments in online transactions using both credit and debit cards and phone numbers.

Menya, who arrived in the US with only US$150 in his pocket, said he created the company based on his personal experience of the prohibitive costs in the remittances space, which typically cost a Ugandan around US$18 on a US$100 money transfer to the US when using the likes of Western Union or MoneyGram.

"Before Kwiksy, the costs associated with making or accepting payments between both individuals and businesses were high," he said. "This cost is greatly magnified when it comes to international remittances, especially to developing countries."

He said a similar case can be made for consumers in advanced economies at the lower end of the economic pyramid.

"Due to the urgent nature of their financial needs, they find themselves getting hit with high fees when it comes to paying friends or getting paid," Menya said.

"An example; if a bank is going to place a hold on a cheque, the quickest way for these consumers to get liquidity is to go to cheque-cashing spots where the fees are high. In some cases consumers even in the advanced economies still rely on Western Union, postal money orders or cheques to make payments to people in a distant location."

The app links service providers and professionals to those looking for services anywhere in the world, guaranteeing payment regardless of whether it is in a cash or cashless economy, while also facilitating communication through its built-in messaging platform without disclosing private contact information.