Leveraging Paysafe Paysafecash’s eCash solution, Rewire to provide financial services to cash-dependent migrant communities in 17 European countries
Rewire, a cross-border financial services platform tailored to the unique needs of migrant workers from developing countries in Asia and Africa, has partnered with leading specialist payment platform, Paysafe, to enable access to cash-dependent consumer financial services in the UK and Europe. .
Rewire promotes financial inclusion by providing access to the financial services that migrants need in their home country and in their new home, such as money transfer services, local payment accounts (IBANs), debit cards debit, cross-border family accounts, insurance, bill payments, etc. . The integration of Paysafe’s eCash solution, Paysafecash, allows Rewire customers to deposit cash into their online accounts, which can in turn be used to fund their financial activities. The service is now available in the UK and will soon be rolled out to 16 other European countries*.
Global migration trends indicate that the migrant population is growing at a faster rate than the general population, meaning that each year the number of people migrating exceeds the number of births1. As the world’s population changes and people in developing countries manage to work hard in wealthier countries to gain financial security for themselves and their families, industry figures still indicate that around two billion people around the world are still unbanked and unable to access traditional financial services.2. This is exactly where Rewire and Paysafe’s shared vision to include migrants in financial systems comes in.
There are more than 200,000 Paysafecash payment points in almost 30 countries around the world and almost 90,000 payment points in the 17 European countries where the Paysafecash deposit option will be available for Rewire customers. To deposit money into their accounts, Rewire customers simply select Paysafecash as their top-up method online or through their mobile app and choose the exact amount to deposit. This generates a unique barcode for the transaction, which is then scanned at the POS terminal of a nearby Paysafecash payment location. They can make the cash payment to complete the transaction and the amount is immediately credited to their Rewire accounts.
Guy Kashtanco-founder and CEO of Rewire, commented, “Partnering with Paysafe to integrate Paysafecash into Rewire’s solution makes perfect sense as our customers are typically an underbanked demographic who need to digitize their money in order to manage it on Rewire’s platform. Paysafecash enables our customers to fund their accounts with cash, which is a key aspect in extending the reach of our services and making them more accessible to these financially underserved communities. Paysafecash’s extensive global network of payment points makes it the ideal partner to support the financial inclusion of migrant workers with easily accessible online services and fair fees, especially for their cross-border needs.
Udo Muller, CEO of the eCash division of Paysafe, added: “We are extremely pleased that our partnership with Rewire allows us to leverage the unique benefits of our Paysafecash payment solution to support migrant communities in Europe and make much-needed financial services more accessible. When you supplement our vast network of payment points with strong partners who provide essential services, you end up with a truly impactful solution that addresses the pain points of an important part of society.