Canadian fintech Mogo Inc. (TSX:MOGO) (NASDAQ:MOGO) announced on Monday it is planning to launch a mobile peer-to-peer (P2P) payment solution, which will enable users to quickly and easily make and share payments with friends and family through Mogo’s mobile app.
According to Mogo, the payment solution will be accessible through the Mogo mobile app and users will be able to quickly link their bank account or debit card and then begin sending and receiving money instantly through the app. While sharing more details about the solution, David Feller, Mogo’s Founder and CEO, stated:
“The primary method in Canada today – bank-to-bank transfers using Interac – does not offer the digital user experience consumers now expect as evidenced by the rising popularity of Square’s Cash App, PayPal’s Venmo app and others in the U.S. market. Peer-to-peer payment is a natural extension of our digital platform and will complement and seamlessly integrate with our other products such as MogoSpend, giving our more than 1 million Mogo members even more utility and value.”
Founded in 2003, Mogo describes itself as a digital challenger to the banks in Canada, empowering consumers with simple solutions to help them manage and control their finances.
“The platform has been engineered to deliver a best-in-class digital experience, with best-in-class financial products all through one account. With more than 1,000,000 members and a marketing partnership with Canada’s largest news media company, Mogo continues to execute on its vision of becoming the go-to financial app for the next generation of Canadians.”
Mogo added that it expects to launch the solution in the first quarter of 2021.