New SEQR service: international remittance and payments – offering money transfers between countries free of charge
It’s now possible to use the SEQR payment solution, from Nasdaq Stockholm-listed Seamless, to make international money transfers between SEQR users. The service is initially being offered free of charge and will be the simplest and least expensive way of sending money between countries. The service is launched in all countries where SEQR is available as a payment solution.
The market for remittance services was worth about USD 600 billion in 2014. The cost for consumers for remittance services globally is on average 8%. SEQR’s solution lets SEQR users send money free of charge to other SEQR users wherever they’re based. The recipient receives the money in the receiver’s local currency. As well as international transfers between customers, it will now also be possible for SEQR users to buy things in other countries where SEQR is live.
“Demand for international transfers is constantly growing as people’s lives become increasingly global. But established payment agencies charge high fees, making money transfers expensive. SEQR can offer a highly competitive and simple alternative - something we’re convinced many people will appreciate,” says Peter Fredell, CEO of Seamless. “This service is an important part of our international expansion.”
SEQR money transfers will initially be free of charge. The amount to be transferred appears in the currency of the recipient and the money is credited to the recipient account instantly.
The option of transferring money and buying things from other countries is now an standard feature of the SEQR app and is available to all users in Europe from today. This functionality will be launched for users in the US shortly.
For further information, please contact:
Peter Fredell, CEO Seamless, +46 8 564 878 00, peter.fredell@seamless.se
Jonas Larsson, press contact, +46 701 088 668, jonas.larsson@seamless.se
This is the type of information that Seamless Distribution AB (publ) is required to disclose pursuant to the Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for publication on October 20, 2015 at 07:50 a.m. (CET).
About Seamless / SEQR
(se·cure) is Europe’s most used mobile payment solution in stores and online. SEQR enables anybody with a smartphone to pay in stores, at restaurants, parking lots and online, transfer money at no charge, connect loyalty programs, store receipts digitally and receive offers and promotions directly through one mobile app. Through the SEQR app, the user simply scans or taps a QR-code/NFC at check-out and approves the purchase by entering a PIN code. Fast, smooth and safe, SEQR’s payment solution enables merchants to lower interchange fees significantly compared to those charged by traditional card companies. SEQR’s unique transaction platform has been developed by Seamless, one of the world’s largest suppliers of payment systems for mobile phones. Founded in 2001 and active in 35 countries, Seamless handles more than 3,7 billion transactions annually through 575 000 active sales outlets. 6 200 merchants have chosen SEQR including the largest grocery chains, fast food chains and national retailer chains in the markets where SEQR is established. Currently SEQR is established in Sweden, Finland, Romania, Belgium, Portugal, Netherlands, Germany, Spain, France, Italy, UK and US. In 2013, SEQR won the Mobile Money Deployment in Europe. Seamless is traded on Nasdaq OMX Stockholm, under the SEAM ticker. www.seqr.com