The move will allow Pomelo to continue to capitalise on growing demand for digital payments which has accelerated rapidly following the COVID-19 pandemic.
Pomelo provides financial institutions and enterprises with a unified B2B payment platform solution that helps increase payment efficiencies across the financial ecosystem. It offers ready-to-use payment rails, intuitive merchant acquiring infrastructure, and access to the technology designed with configurable modular features and microservices.
Pomelo was founded in 2017 in the UK and began by helping businesses digitise their payment infrastructure and accept payments from anyone, anywhere without the need for expensive point-of-sale hardware. It continues to provide these solutions directly to businesses in the UK as Pomelo Pay and uses this experience to add to its PPaaS offering that can be used on a white label basis by financial institutions and enterprises.
Headquartered in London, UK, with a regional headquarter in Singapore, and offices in Vietnam, Thailand and Hong Kong, Pomelo expands its footprint by working with banks, non-bank financial institutions (NBFIs), fintechs, and enterprises across Asia and Europe. The brand uplift includes a new logo and website, as it helps support this ambition.
As the press release says, cashless payment volumes globally are expected to increase by more than 80% from 2020 to 2025, from about 1 trillion transactions to almost 1.9 trillion, and to almost triple by 2030. Asia-Pacific will grow fastest, with cashless transaction volume growing by 109% until 2025 and then by 76% from 2025 to 2030 (PwC, 2022).
In August Pomelo partnered with Singapore-based cryptocurrency payments services provider TripleA to help companies offer cryptocurrency payments and pay-outs. The partnership provides businesses, financial institutions, merchant acquirers, payment service providers and other fintechs with the new solution. Pomelo’s B2B platform supports businesses with frictionless payments, merchant acquiring services and more. As a unified white label solution, businesses can allow their merchants or partners to accept popular international payment methods.
Previously, the company expanded its operations in Sri Lanka, partnering connectivity provider Dialog Axiata to offer a digital payment platform for SMEs. As the company said then, the partnership was in line with Pomelo’s plans to expand its global presence in Asia and Europe and will help consolidate about 80.000 SME merchants across Dialog’s multiple platforms, including ezCash into a common payment platform Genie.
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