Token Pay™ integrated to enable new suite of innovative payment services that enhance user experience (UX) and lower transaction costs
19 May 2020 – Leading open banking infrastructure provider, Token.io, and Upco International Inc. (CSE: UPCO) (OTC: UCCPF) (Frankfurt: U06) (“Upco”), today announce that Token’s payments API will be integrated into Upco’s popular Mobile Messenger to power a suite of open banking payment services within the app.
Upco Mobile Messenger will use Token Pay™ to enable the delivery of account-to-account (A2A) transfer services and account-to-merchant (A2M) payment services using the UpcoPAY extension within the application. Using Token’s platform, the Skype and WhatsApp rival now plans to roll out a suite of innovative open banking-enabled payment services that both enhance the UX and dramatically lower transaction costs.
Low cost, instant payments and a better UX
By using Token for A2A and A2M transfers, Upco will significantly enhance the options available through Upco Mobile Messenger, while simplifying the transaction process for the user. Token’s API provides pan-European bank connectivity, meaning companies like Upco can quickly and cost effectively establish a connection to any bank to initiate payments and data requests on behalf of their customers. Using Token’s interface, payments are confirmed instantly, and transaction fees are reduced by up to 50%.
Andrea Pagani, CEO of Upco International Inc. and Upco Systems Inc., says: “Token and Upco share a common vision – cheaper, faster and better payment experience for our customers. Token’s agile approach means we now have a flexible solution and the connectivity we need to develop innovative payment solutions. Adding A2A payments is just the start. We’re now working with major European retailers to implement digital payment solutions underpinned by Token that meet the growing demand for contactless, and we look forward to revealing more in the coming months.”
Todd Clyde, CEO of Token, adds: “Open banking is entering the next phase in its development, so companies need to look beyond faster and cheaper to how they can achieve a sustainable advantage that delivers long term value and benefits. We are working with Upco to implement A2A payment functionality and once live, look forward to helping them build out clear points of difference in their popular market.”
Elisabeth Dean | email@example.com | +44 (0)113 350 1922
Token is the industry’s leading open banking infrastructure provider, with offices in London, San Francisco and Berlin. By putting a bank in every app, Token is creating the digital connectivity shaping the future of banking-enabled commerce.
Token’s open banking market platform enables banks and developers to set the pace of innovation in digital financial services, unrestrained by technical complexity and regulatory compliance.
By offering value-added payments functionality together with standardised, API-based access to thousands of banks across Europe and beyond, Token helps banks and businesses to drive new revenues through the creation and delivery of market leading open banking payment and data experiences.
Developer friendly from the ground-up, Token offers a complete developer toolkit including a single integration for both data and payments.
Token.io Limited is authorised as an AISP and PISP by the FCA in the UK and has passporting rights in an additional 20 countries.
About Upco International Inc.
Upco International Inc. is a cloud-based mobile service company which provides high-quality voice termination to a market driven by the growing activity in online communications and commerce. Upco is a licensed Global Telecom Carrier within the international VoIP (voice over IP) wholesale business. Upco has designed a software application for Apple iOS and Android, similar to SKYPE and WhatsApp. With the forthcoming addition of the Upco e-Wallet using Blockchain Payment Services, users will be able to: send invoices, approve payments, transfer international funds, convert international currencies, and track transfers and payments. The application will also allow vendors to securely share account information with their clients.