Banco Santander has decided to wind down its cross-border payments app PagoFX, which is part of its fintech business PagoNxt, just 15 months after its launch.
The Spanish bank is shutting down PagoFX app and web service on 30 November 2021, following a strategic review.
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By GlobalDataAn update on the app’s website said: “PagoFX is part of PagoNxt, Santander’s global fintech business, and as part of a strategic review, it has been decided to close the international money transfer service in the UK, Spain and Belgium.”
Santander will now strengthen its focus on business-to-business payments within its PagoNxt division.
The bank will leverage PagoFX’s technology and resources to support its broader fintech business and customer proposition.
Its existing customers will be able to use the international money transfer service until 23:59h, UK time, on 29 November 2021.
Said to be a rival to likes of Wise and Revolut, PagoFX was launched as a standalone company by Santander in April last year.
Initially, the app enabled UK residents with a debit card issued by any UK bank or financial institution to send money abroad via their smartphone.
It was later rolled out in Spain and Belgium by the firm.
In July this year, PagoNxt launched its merchant payments business in some 30 countries in Europe under the Getnet brand.
The move enabled foreign and domestic merchants of all sizes in these countries to leverage Getnet’s payment solutions, whether they are Banco Santander customers or not.
