Deal will also see two companies collaborating on new payment products
The integration means that FinXP merchants can quickly and easily connect with CashtoCode as a new payment option and start accepting cash payments for online goods and services – from more than 150,000 physical locations worldwide. As part of the deal, FinXP and CashtoCode will also team up to develop innovative new payment products.
FinXP is a leading payment service provider based in Malta. It is known for offering merchants a large number of different and specialised payment options, as well as seamless integration so that they can adopt new payment services quickly. The company expects high demand for CashtoCode’s unique cash deposit services among its merchants, especially with igaming operators, digital entertainment brands and financial services. CashtoCode offers these merchants access to a new market segment of customers who prefer to pay by cash for privacy and security reasons.
The partnership also includes a roadmap to develop innovative payment solutions that combine modern e-money features with traditional banking services. These new payment products will add value to the payment experience for merchants and end-customers alike. Further details will be announced later in 2021, but customer-specific challenges being explored include smart usage of virtual IBANs, engagement and loyalty schemes, and an instant customer payment feature that requires zero technical effort from merchants.
Commenting on the announcement, Jens Podewski, CEO of FinXP, said: “The payments industry is very crowded and it is filled with me-too products that end up competing on price. At FinXP, we are applying our long experience in the industry to identify previously unseen opportunities that allow us to add value in new ways. Innovation is key, and therefore we are proud to work alongside CashtoCode who share a philosophy similar to ours.”
Jens Bader, CashtoCode CEO, said: “We’ve seen a surge in demand for cash payments for online goods, and there is a community of people who will always prefer to pay by cash wherever and whenever possible. FinXP is a fantastic platform and the benefits of this partnership will be felt in many places. It offers us a great new route to market and broadens FinXP’s payment options even more. It will help hundreds of merchants to start accepting cash payments ASAP and give customers who prefer cash an alternative and secure way to pay for their favourite digital products and services.”