Rewire Integrates with Paysafe's Paysafecash to Boost Financial Inclusion for Migrants
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 specialised payments platform, Paysafe (NYSE: PSFE) to enable access to financial services for cash-reliant consumers across the UK and Europe.
Rewire promotes financial inclusion by providing access to the financial services migrants need in their country of origin and in their new home 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. The service is now available in the UK and will soon be rolled out across another 16 European countries.
Global migration trends indicate that the migrant population is growing at a faster pace than the general population. As the world population shuffles and people from developing countries manage to work hard in wealthier countries in order 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. This is exactly 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 simply 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.
Guy Kashtan, Co-Founder and CEO at Rewire, commented, "Partnering with Paysafe to incorporate Paysafecash as part of Rewire's solution makes perfect sense as our customers are generally an underbanked population that need to digitise their cash in order to manage it on Rewire's platform. Paysafecash allows our customers to fund their accounts using cash, which is an essential aspect in extending the reach of our services and making them more accessible for these financially underserved communities. Paysafecash's extensive global network of payment locations makes it the ideal partner for us to support financial inclusion of migrant workers with easily accessible online services and fair fees, particularly for their cross-border needs."
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