Wednesday, October 27, 2021

Fintech’s Wamo to facilitate and streamline contactless transactions in integration with Apple Pay

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Fintech startup wamo has integrated Apple Pay into its mobile app to expedite its customers’ capability to perform contactless transactions.

The corporation, which is incorporated in the UK, is already operating vigorously in European countries and especially in Malta, thus maturing as a new pioneer in the digital banking market in the region.

From now on, all customers, including small and medium-sized businesses, will be able to use Apple’s payments technology to receive payments.

As the company’s CEO, Yanki Onen, describes, “It is part of our purpose to develop unique functionalities and facilitate the financial lives of customers and micro-businesses in a way that is speedy, timely, reliable, and secure.”

In Malta, where the company has an important part of its operations, Apple Pay was only launched at the end of 2019. However, during the coronavirus pandemic and the subsequent health emergency situation, digital banking soared significantly.

As of summer 2020, Apple’s payments service had more than 220 million users, 85 percent outside the United States. These are consumers who move $10 billion a year in financial transactions.

wamo’s technology, which natively uses QR codes to accept payments, allows small companies to operate without having to have a POS device.

Business can rely on a QR code, which permits its clients to execute transfers and card payments in a second.

wamo is a digital native fintech targeting small and medium-sized businesses, is incorporated in the UK, and has offices in London and Malta. With technology and innovation at its gist, the corporation strives to compete with traditional financial methods in delivering financial services.

The fintech institution uses innovative technology to streamline all aspects of day-to-day financial management processes, enabling both businesses and consumers to do it all from a single app. This year, wamo raised a €1 million investment from a group of angel investors, bringing the total amount raised to more than €1.9 million and securing funding for its expansion plan in Europe.

wamo has partnered with Railsbank to improve the security of transactions and secure customers’ money. PayrNet, a wholly-owned subsidiary of Railsbank, issues electronic money and provides payment services to wamo. The company has received backing from investors in the UK, Malta, Turkey and Canada.

Registered in the UK and EEA, it is working to become the solution of choice for over 10,000 European SME and retail customers seeking convenient and cost-effective solutions for their day-to-day financial management needs. With a potential market of 25.1 million small businesses in Europe, wamo is looking to become the first choice in the post-pandemic era of fintech.

PayrNet Limited grants e-money issuing and payment services. With each transaction, PayrNet holds a sum equivalent to the money in wamo’s current accounts in a safeguarded account, which offers customers protection against insolvency. wamo, as a financial technology company, has been actively adjusting for this transformation for the past four years with a technical solution that has been finely crafted to step in and take SMEs and their customers forward effortlessly.

News Summary:

  • Fintech’s Wamo to facilitate and streamline contactless transactions in integration with Apple Pay
  • Check all news and articles from the latest Security news updates.
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