Rewire Partners With Paysafe to Drive Financial Inclusion for Migrants Through Cash Management
April 26 2022 - 4:00AM
Business Wire
Leveraging Paysafe’s eCash solution
Paysafecash, Rewire is set to provide financial services to
cash-reliant migrant communities across 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 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, meaning that
each year, the number of people who migrate is higher than the
number of births1. 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 services2. 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.”
Udo Müller, CEO of Paysafe’s eCash division, added: “We
are extremely pleased that our partnership with Rewire allows us to
leverage the unique advantages of our Paysafecash payment solution
to support migrant communities in Europe and make much needed
financial services more accessible. When you complement our
extensive network of payment locations with strong partners that
provide essential services, you end up with a really impactful
solution that answers the pain points of a significant portion of
society.”
NOTES TO EDITORS
*In addition to the UK, the service will be available in the
following 16 European countries: Austria, Belgium, Cyprus, France,
Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the
Netherlands, Portugal, Slovakia, Slovenia and Spain.
About Paysafe Limited
Paysafe Limited (“Paysafe”) (NYSE: PSFE) (PSFE.WS) is a leading
specialised payments platform. Its core purpose is to enable
businesses and consumers to connect and transact seamlessly through
industry-leading capabilities in payment processing, digital
wallet, and online cash solutions. With over 20 years of online
payment experience, an annualised transactional volume of over US
$120 billion in 2021, and approximately 3,500 employees located in
10+ countries, Paysafe connects businesses and consumers across 100
payment types in over 40 currencies around the world. Delivered
through an integrated platform, Paysafe solutions are geared toward
mobile-initiated transactions, real-time analytics and the
convergence between brick-and-mortar and online payments. Further
information is available at www.paysafe.com.
About Rewire
Rewire is a cross-border financial services platform for
migrants worldwide. It was founded by entrepreneurs Guy Kashtan
(CEO), Adi Ben Dayan (VP R&D), Saar Yahalom (CTO), and Or
Benoz. To answer the unique cross-border needs of migrants, Rewire
harnesses the power of innovative technology and develops strategic
partnerships with leading financial institutions in the migrant’s
country of origin and in their new home. From remittance and
payment accounts to upcoming advanced financial services such as
bill payments, savings, and mortgage loans, Rewire is able to
provide innovative and accessible financial services tailored for
migrants.
Rewire manages several online global communities for its diverse
customer base who have migrated to Europe from over 20 countries in
Asia and Africa such as the Philippines, Nigeria, India, Thailand,
and China. With a “Migrants at the Center” approach, innovative
technology, strategic partnerships, and values of equality,
inclusion and social good, Rewire is the migrant’s financial
partner, wherever their home is. To learn more, visit
www.rewire.com.
1
https://www.ilo.org/wcmsp5/groups/public/---dgreports/---dcomm/---publ/documents/publication/wcms_652001.pdf
2
https://www.acuant.com/blog/the-worlds-unbanked-population/
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For Media Inquiries: Sanna Raza, Corporate Communications
Manager, DACH | sanna.raza@paysafe.com +43 676 765 7202
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