- Canada-based RevoluGROUP said that it is going to offer new product packages in three key verticals: cryptocurrency, money transfer and point of sale.
- The firm did emphasise that it will not be making the leap into the sale of cryptocurrency – instead, it will be just acting as a one-way converter into fiat money.
- Its point of sale product offering, meanwhile, will be aimed mainly at countries where there is currently not a sophisticated finance or payments ecosystem in place.
Canadian international money transfers company RevoluGROUP has revealed its plans to bring three new payments products to the market.
The firm, which is a financial technology firm describing itself as a “multi-asset” company, said in a corporate update that it will be launching services across a variety of verticals, including crypto.
The first new product package, called RevoluEX, will act as a digital currency exchange.
Customers of the RevoluPAY app, which is a long-standing offer of the firm, can use this new service to turn their cryptocurrencies into fiat cash.
Many major cryptocurrencies are included on this list, such as Bitcoin and Ethereum.
From there, they can spend it via their RevoluPAY e-wallet at tens of millions of Visa-friendly merchants.
In a statement, the firm clarified the exact purpose of the new service.
It described the new service as “unidirectional”.
“Shareholders should note that RevoluEX is a unidirectional Crypto to Fiat platform,” it said.
“Neither RevoluGROUP nor any of its subsidiaries permit the purchase, trading, or exchange of cryptocurrencies,” it added.
The firm went on to explain its plans for RevoluTRANSFER.
This service is designed to operate as a cross-border payments platform, and it is expected to offer cheap transfers at cost-effective foreign exchange rates.
More than 50 currencies around the world will be on offer.
“Contrary to traditional exchange services and banks, RevoluTRANSFER enables users with a market-leading advantage,” the company said.
“The Company plans to expedite the launch of RevoluTRANSFER in Q4 2020,” it added.
Finally, it also pledged to launch a system called RevoluPOS.
RevoluPOS will be a point of sale platform designed to help RevoluPAY customers make transactions digitally.
The service will be powered by the RevoluPAY application, which can be downloaded on both Android and Apple iOS devices.
The firm said that it intends to target this at countries that do not currently have a highly developed financial services infrastructure.
“Designed primarily to bring the developing world into the 21st century, RevoluPOS also appeals to small businesses in developed nations who wish to diversify payment acceptance,” it said.
It went on to explain that a wide range of business types may want to use the service, including market stall holders, local shops and more.
The service will be an improvement and rebrand from the pre-existing RevoluPAY Merchant service.
Cryptocurrency is just one of many ways that the online money transfer sector is experiencing changes – to learn more about what the different players in the sector can offer, just head over to our review pages.
