OneFor, a fintech enterprise that offers various mobile money applications and technical services, today entered the market offering national and international money transfers and payments.
The company aims to set itself apart by offering less than one second transaction time, and with up to 70% lower average transaction cost.
“OneFor is positioned to best serve millions of people, including migrants, whose livelihoods rely on sending and receiving money internationally. Its recognisable card features are supported by Mastercard.” the company said.
Users register in-app in a few minutes and add payment recipients directly from their phone’s address book. The connected individuals, wherever they are, receive an e-wallet and a ready-to-go Mastercard debit card, which allows online or POS payments and ATM cash withdrawals in the country they live.
The app and its e-Wallet are free; all that users need to qualify is a locally recognised ID card and proof of address (such as a phone bill).
Marco Abele, co-CEO of OneFor, said: “We believe money is about more than transactions – it’s about the connections, experiences and possibilities it unfolds. Our goal for OneFor is that it transforms transactions into moments of emotional connection, payments into shared experiences, and financial inclusion into a force for social progress and economic potential”.
OneFor is now available in the UK and all EU countries with an immediate focus on the UK, Germany, Switzerland, France, Belgium, the Netherlands, Greece, Italy and Spain, connecting them to the first receiving countries in North Africa, South East Europe and Latin America.
“We have an ambitious growth plan and we have done our homework to build a model that enables us to scale “, added Fatih Bektas, OneFor co-CEO. “Apart from remittances, we are innovating other payment features. This includes the imminent roll-out of a QR-code solution serving local markets with a substantially cheaper and instant mobile POS for “touch & go” merchants, like small business owners or delivery services.”
OneFor is led by two Fintech veterans. Marco Abele is a digital innovator and FinTech entrepreneur with more than two decades of experience in the banking sector having served as Chief Operating Officer and Chief Digital Officer at Credit Suisse. Fatih Bektas is a lawyer and founder with more than a decade of payment experience in a regulated environment, having held C-Level positions at various German fintech companies.