Following the announcement, the company will be allowed to issue electronic money, to facilitate payments and money disbursements, as well as other payment services.
Inpay will provide its customers with fast and cost-effective products for more complex international money transfers and payments. Additionally, the software of Inpay was designed to safely handle money transfers in areas around the world where the traditional banking networks do not function well. The company currently combines EMI services with PSP and TPP.
According to the press release, less than 3% of all the payments on a global scale are currently processed outside of the traditional banking sectors, which tends to increase the amount of time and costs of each individual transfer. The solutions of Inpay enable businesses to make payments and transfers in a quicker and more effective way while maintaining the quality of the products and meeting international financial regulations regarding money transfers.
Denmark-based fintech company that offers fast, secure, and seamless cross-border payments solutions to its customers and partners, Inpay had a couple of partnerships and product launches in the last couple of months, covering multiple geographic areas around the world.
In February 2023, the company launched the PostalPay application, aiming to improve money transfer services to Uganda. Following this announcement, Inpay focused on making money transfers from Europe to Uganda more efficient and secure. Furthermore, the process was made cheaper, as the application was launched by cross-border payments company Inpay and its subsidiary Eurogiro, the global postal network of services.
The PostalPay application was developed by the company in partnership with PostBank Uganda and Posta Uganda, and it was designed to give clients located in the EU the possibility to send money to their families, acquaintances, and loved ones in a cheaper, faster, and more secure way from their mobile phones.
The money sent by using the PostalPay was either instantly transferred to a Postbank Uganda account or received for cash pick-up in many PostBank Uganda and Posta Uganda locations. The application was designed to automatically generate significant savings for migrant workers and their families in rural areas, as well as to improve the way they access additional finances.
This partnership was built by a previous IFAD grant to Postbank Uganda (PBU) and Posta Uganda between 2017 and 2020. IFAD enhanced the manner in which financial services are extended, including remittances, and rural or refugee communities, as well as supporting the refurbishment of many post offices, opening new mobile branches, and others.
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