Money transfer business turns to WorldPay to help strengthen global offering
October 17th 2013. WorldPay, a global leader in payment processing, risk and alternative payments and Azimo, a mobile and internet based money transfer business, have announced an agreement which will see WorldPay manage inbound payment processing for Azimo. Based in the UK, Azimo serves customers from all over the world providing the capabilities for consumers to send money to banks, cash pay-out locations, home delivery and mobile wallets in 190+ countries.
Consumers are able to pay for Azimo money transfers using funds from their UK bank account, a debit card or by depositing cash with one of the company’s banking partners.
The service is socially enabled so that users can integrate with their Facebook contacts and send transfers to them directly.
Azimo recently announced it had secured a $1 million plus seed investment and is set to use the funding to expand its European operations.
WorldPay was selected to provide global acquiring services in addition to alternative payment acceptance functionality as Azimo looks to expand outside of the UK.
Moving forward, WorldPay will enable Azimo to accept a wide range of alternative payment types, aiding its expansion by using WorldPay’s extensive payment offering.
WorldPay provides over 200 plus alternative payment types globally and is connected to more than 50 local currency clearing systems, which will allow Azimo’s customers to use their preferred payment method when funding money transfers online.
Shane Happach, CCO with the e-commerce division at WorldPay, commented, “According to recent World Bank research, money transfer services handle over $500bn of remittances every year.
“Even with today’s modern technology, the overseas money transfer process can be complicated and often includes high charges to send funds overseas.
“It has never been so important to provide customers with the optimum experience online so they can send money easily, fast and at the lowest cost to help maximise transactions, especially when looking to expand internationally.”
“Key to Azimo’s cross-border expansion success is selecting a payment provider that can help capture the global opportunity, while providing a quick, secure and convenient experience to deposit money online.”
Michael Kent, CEO with Azimo, commented, “Already a successful business in the UK, we were keen to rapidly expand our offering internationally but needed a payment provider with the experience, capabilities and knowledge of meeting consumer’s payment demands and preferences overseas.”
“Working with WorldPay will ensure we provide our customers with a seamless and safe environment to transfer money online and give us the global reach to expand internationally.”
Azimo is next generation London based FinTech business disrupting the international money transfer sector. Marrying UK financial services know how with emerging digital money, mobile internet and social media customer behaviours the business is changing the way that European consumers send and receive money. The business offers, bank deposit, cash payout, mobile wallet top up and home delivery services in over 200 countries. Azimo Ltd is authorised and regulated by the Financial Conduct Authority under the Payment Service Regulations 2009 for the provision of payment services.
WorldPay is a leading global provider of payment and risk services, processing millions of transactions every day. WorldPay is a unification of seven leading retail payment solutions and offers a range of services including acquiring, gateway, alternative payments, risk management, and mobile payments. WorldPay became an independent company in December 2010.