Rewire and Paysafe increase access to financial services for migrants

Rewire promotes financial inclusion by providing access to the financial services migrants need in their country of origin and in their new homes such as remittance services, local payment accounts (IBAN), debit cards, cross-border family accounts, insurances, bill payments, and more. The integration of Paysafe’s eCash solution, Paysafecash, enables Rewire customers to deposit cash into their online accounts, which can, in turn, be used to fund their financial activities.

As the world population shuffles and people from developing countries manage to work in wealthier countries to gain financial security for themselves and their families, industry figures still indicate that approximately two billion people worldwide remain unbanked and cannot access traditional financial services, as per the press release. This is where the joint vision of Rewire and Paysafe, to include migrants in the financial systems, comes in.

There are more than 200,000 Paysafecash payment locations across nearly 30 countries worldwide, and close to 90,000 payment locations in the 17 European countries where the Paysafecash deposit option will be available for Rewire customers. To deposit cash into their accounts, Rewire customers select Paysafecash as the top-up method online or via their mobile app and choose the exact amount to be deposited. This generates a unique barcode for the transaction, which is then scanned at the point-of-sale terminal at a nearby Paysafecash payment location. They can make the payment in cash to complete the transaction and the amount immediately gets credited to their Rewire accounts.