- RevoluGROUP said that it was getting close to launching in South America and similar markets following the granting of a key licence.
- It also said that it was intending to expand into another key market – Africa – though this is still in the planning stages.
- “The parties have previously completed all of the technology integration into a yet unreleased version of RevoluPAY, all of which has been approved under intensive beta testing by the bank,” it said of its South American plans.
A Canadian payments firm has released an update to its shareholders looking at its future plans for growth.
RevoluGROUP, which operates a number of brands in the technology sphere, including the remittance firm RevoluPAY, suggested in the update that its prospects were positive.
It said that recent developments affecting the firm had happened against the backdrop of receiving a PSD2 licence from the World Bank, which permits it to operate in more countries.
The main regions that it will now be able to operate in include Central America and the Caribbean as well as South America.
It also confirmed in the update that it was currently working on a new version of RevoluPAY that it intends to offer in these markets.
“As explained to shareholders, the parties have previously completed all of the technology integration into a yet unreleased version of RevoluPAY, all of which has been approved under intensive beta testing by the bank,” it explained.
The firm also touched on a range of other questions relating to its plans.
It said, for example, that it planned to work alongside an African organisation to offer “remittance deliveries and reciprocal user synergies” in a range of countries.
It did not name the institution in question, but it did give some details about the timeline, stating that the organisations involved now needed to conclude their anti-money laundering and Know Your Customer processes.
“The company has reached a tenable understanding with a large Africa focused payment institution which has been approved by CEO, Steve Marshall, on 18th May 2020,” it said.
“The impending definitive agreement is expected to be signed shortly, upon the mutual conclusion of the AML/KYC compliance process,” it added.
It also plans to increase its presence in Russia.
This comes after the Central Bank of Russia instituted a country-wide national payment system, known as ‘Mir’, several years ago.
RevoluGROUP said that it intended to build on an existing connection to let customers in Russia combine their Mir Card services with those of RevoluPAY.
“Mir Card is a national payment system established by the Central Bank of Russia via a law adopted on May 1st, 2017,” the firm explained.
“The system is operated by the Russian National Card Payment System, a wholly owned subsidiary of the Central Bank of Russia.”
“The company has tapped into an existing relationship associated with RevolUTILITY and RevoluCHARGE to foment an agreement concerning the successful load of funds from the RevoluPAY app directly onto any Mir Card in Russia,” it added.
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