{"id":239886,"date":"2021-02-25T17:54:22","date_gmt":"2021-02-25T17:54:22","guid":{"rendered":"http:\/\/www.harrisburgnewsnow.com\/news\/story\/239886\/sendspends-payment-system-for-the-unbanked-poised-to-become-frontrunner-in-race-with-payment-giants.html"},"modified":"2021-02-25T17:54:22","modified_gmt":"2021-02-25T17:54:22","slug":"sendspends-payment-system-for-the-unbanked-poised-to-become-frontrunner-in-race-with-payment-giants","status":"publish","type":"post","link":"http:\/\/www.honolulunewsnow.com\/news\/story\/239886\/sendspends-payment-system-for-the-unbanked-poised-to-become-frontrunner-in-race-with-payment-giants.html","title":{"rendered":"SendSpend\u2019s Payment System for the Un-Banked poised to become frontrunner in race with Payment Giants."},"content":{"rendered":"
\ufeffOur goal is to enable economically marginalised consumers to participate in the digital economy by having access to financial services<\/p>\n<\/div>\n

The World Bank estimates there are 1,7 billion people globally with no form of a bank account. However, two-thirds of this population has access to a mobile phone.<\/span><\/p>\n

These findings are the driving force behind SendSpend, a London-based fintech, which has launched a global payment system based on cloud and mobile technology, enabling the unbanked to pay online and remit money instantly to each other using only a smartphone.<\/p>\n

The platform, which has already launched in South Africa, is entirely digital, free for consumers, and you can use SendSpend within minutes of registering via a downloaded App.<\/p>\n

Unlike most other mobile payment systems, which are either linked to a bank account, a traditional payment card, or a mobile operator, SendSpend isn’t. It is owned and operated by SendSpend. This eliminates unnecessary costs and complexities in the supply chain, enabling a much more affordable and user-friendly service to merchants and consumers.<\/p>\n

SendSpend’s technology includes:<\/p>\n

• Customer e-Wallet App<\/p>\n

• Agent Services App<\/p>\n

• e-Commerce and POS Payment Gateway including QR Code functionality<\/p>\n

• Suite of API’s for corporate integration<\/p>\n

• FX Suite for multi-currency transactions<\/p>\n

“We set out to develop a payment system that was affordable, secure and functional”, says Graham Davies, one of the two co-founders’ of SendSpend. “Also, SendSpend’s flexible and dynamic architecture enables us to adapt to different compliance and regulatory requirements encountered in different countries. This allows us to offer a full suite of services and functionality when competitors often can’t”.<\/p>\n

Customers top up a virtual card or withdraw funds at one of the many SendSpend Cash In\/Out Agents. Once the virtual card is loaded, funds can be spent at any participating merchant either by scanning a QR Code or by merely entering the registered mobile number into an online checkout. Peer-to-peer remittances within SendSpend are instant. All transactions are authorised from within the app, and two-factor authentication using an OTP is required for online transactions.<\/p>\n

A unique feature is the Agent Search function allowing customers to find agents close by, similar to how you would find an Uber. Available agents are displayed on a Google Map, showing the distance and fees each Agent charges for a deposit or withdrawal, giving the consumer power to compare available options. Cash In\/Out agents include mass-market retailers, township stores, and ATMs.<\/p>\n

Unique Agent App takes Financial Services to the last mile.<\/p>\n

A separate Agent App means any rural village can now have an Agent!<\/p>\n

“Our Smart Agents are the backbone of SendSpend’s Agent Network”, says Tracy Andersson, SendSpend’s other co-founder. “We’re taking financial services right into the villages and rural areas that frequently pose a challenge to financial institutions. Consumers no longer need to travel long distances to collect a remittance. Our goal is to enable economically marginalised consumers to participate in the digital economy by having access to financial services like insurance, money transfers and online buying”<\/p>\n

There are payment systems that can be used by the unbanked. However, their legacy has always been of a product developed firstly for the worlds banked population. They have failed to adequately accommodate the specific challenges of an individual with no formal banking facilities.<\/p>\n

SendSpend is unique. It was built from the get-go to be an “end to end” electronic payment system for the unbanked. A system built with one thought in mind: To provide someone with physical cash in hand an affordable and immediate means to electronically pay someone else!<\/p>\n

This is what sets SendSpend apart.<\/p>\n

Boiler Plate<\/strong><\/p>\n

SendSpend Limited is a Fintech company headquartered in London, United Kingdom, with operations in South Africa and India. SendSpend Holdings (Pty) Limited, registered in South Africa, is an authorised Financial Service Provider (FSP# 50673) and certified by PASA as a Payment System Operator. SendSpend promotes financial inclusion of the unbanked through the SendSpend Payment System, a global, multi-currency, peer-to-peer payment system connecting merchants, consumers, and cash in\/out services via a series of APIs, Payment Gateways and Smart Phone Apps. The SendSpend App’s are currently only available on Android.<\/p>\n

#sendspendfinancialinclusion<\/em><\/p>\n

Media Contact<\/span>
Company Name:<\/strong> Pressat
Contact Person:<\/strong> Alison Lancaster
Email:<\/strong> Send Email<\/a>
Country:<\/strong> United Kingdom
Website:<\/strong> https:\/\/pressat.co.uk\/<\/a><\/p>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

\ufeffOur goal is to enable economically marginalised consumers to participate in the digital economy by having access to financial services The World Bank estimates there are 1,7 billion people globally<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"_links":{"self":[{"href":"http:\/\/www.honolulunewsnow.com\/news\/wp-json\/wp\/v2\/posts\/239886"}],"collection":[{"href":"http:\/\/www.honolulunewsnow.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.honolulunewsnow.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.honolulunewsnow.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.honolulunewsnow.com\/news\/wp-json\/wp\/v2\/comments?post=239886"}],"version-history":[{"count":0,"href":"http:\/\/www.honolulunewsnow.com\/news\/wp-json\/wp\/v2\/posts\/239886\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.honolulunewsnow.com\/news\/wp-json\/wp\/v2\/media?parent=239886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.honolulunewsnow.com\/news\/wp-json\/wp\/v2\/categories?post=239886"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.honolulunewsnow.com\/news\/wp-json\/wp\/v2\/tags?post=239886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}