New fintech OneFor has set foot in the multi-hundred billion euro remittance and payment markets with the launch of a borderless money transfers and payments solution.
The Germany-headquartered firm claims less than one second transaction time and up to 70% lower average transaction cost for its service, with recognisable card features supported by Mastercard.
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The OneFor app will allow users to add payment recipients directly from their phone’s address book.
They will be offered an e-Wallet and a ready-to-go Mastercard debit card, enabling online or POS payments as well as ATM cash withdrawals in the country they live.
Users can sign up for OneFor app and its e-Wallet using a locally recognised ID card and address proof such as a phone bill.
OneFor will provide fixed fees of €2.70 to users, regardless of the international transfer amount, allowing UN and World Bank to surpass their Sustainable Development Goal (SDG).
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By GlobalDataAdditionally, the firm is looking to humanise finance, connect people and drive financial inclusion by building an ecosystem of shared experiences globally through its ‘emotional’ interface.
It allows users to chat with and send ‘polaroids’ and ‘gifts’ to their connections internationally.
OneFor co-CEO Marco Abele said: “Our goal for OneFor is that it transforms transactions into moments of emotional connection, payments into shared experiences, and financial inclusion into a force for social progress and economic potential.”
The global remittance market is estimated to cover one billion people, comprising almost 200 million foreign and migrant workers as senders and 800 million receivers that include their family members and relatives back home.
OneFor is offering its solution in the UK and all EU countries.
However, the focus is now on the UK, Germany, Switzerland, France, Belgium, the Netherlands, Greece, Italy and Spain, connecting people in these countries to the first receiving countries in South East Europe, North Africa, and Latin America.
OneFor co-CEO Fatih Bektas divulged that the firm is gearing up to launch a QR-code solution “serving local markets with a substantially cheaper and instant mobile POS for ‘touch & go’ merchants”.
