OneFor, a Germany-based Fintech that is looking to disrupt incumbents in the payments and transfer sector, has announced the launch of its “borderless” service. OneFor promises to offer customers, cheaper, faster, and safer payments and transfers across Europe. According to a release, OneFor facilitates transfers taking just one second and a 70% lower cost to users.
OneFor is now available in the UK and all EU countries with a focus on the UK, Germany, Switzerland, France, Belgium, the Netherlands, Greece, Italy, and Spain.
OneFor users receive a Mastercard debit card, e-wallet and may receive ATM cash withdrawals from their country of residency. The app and e-Wallet is free and users just need to provide a locally recognised ID card and proof of address (such as a phone bill) to gain access to the service.
OneFor says it will charge fixed fees of £2.31 (€2.70), regardless of the international transfer amount. The company claims this is in contrast to most of the existing solutions that are typically more expensive and take from a few hours to a few days.
OneFor is targeting the global remittance market that covers one billion people and 200 million foreign workers that send money around the world. OneFor sites the following examples: In the UK specifically, 14% of the population (9.5 million people) are immigrants, with the country’s migrant population sending £7.58 billion in remittances every year.
“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.”
Fatih Bektas, OneFor co-CEO, adds:
“We have an ambitious growth plan and we have done our homework to build a model that enables us to scale. 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.”
Abele has more than two decades of experience in the banking sector having served as Chief Operating Officer and Chief Digital Officer at Credit Suisse. Bektas is a lawyer and founder with more than a decade of payment experience in a regulated environment.