Cross-border payments company, Theparkpay Technologies Limited, has unveiled a new digital application designed to make international money transfers faster, more accessible and cost-effective for individuals and businesses.
According to the company, the new app opens up the cross-border payment infrastructure it has developed over the years to retail and business customers, allowing users to send, receive, hold and spend money across borders and multiple currencies.
Theparkpay said the platform was developed to address challenges associated with international payments, including high transaction costs, unfavourable exchange rates, hidden charges and delays caused by multiple intermediaries.
The company noted that individuals and businesses across Africa often lose significant value when moving money internationally, citing freelancers receiving payments in foreign currencies, families sending funds home and importers paying suppliers in countries such as China and the United Arab Emirates as examples.
It said the new application seeks to reduce such losses by providing users with direct access to its payment infrastructure and a wider range of currency and payment corridors.
