The payment service provider, which focuses on banking and payment solutions for medium and high-risk industries, has added the mass payout technology in response to consumer demand. Such solutions provide customers with a method of paying multiple recipients at once, wherever they may be located.
This is especially useful for clients in the financial sector which PayPugs serves, with the majority of its customers operating in the Forex, cryptocurrency and gaming industries. The move allows PayPugs to compete with other established payments providers offering the service, such as PayPal and Payoneer.
With many of PayPugs’ clients operating internationally, the new technology will benefit those looking to send money overseas, especially as the company also offers an IBAN service, allowing for easier transfers between currencies.
The news caps off a busy start to 2022 for PayPugs, with the company entering into a partnership with Lithuanian payments institute Verifo. The agreement made Verifo’s digital payments technology available to PayPugs, something which made the expansion into mass payouts possible.
On the partnership, Alexander Zelinsky, Chairman of the Board, PayPugs, commented: “Working with Verifo has been a true pleasure. It's great to see another fintech company that believes in providing personalised financial services. In the fintech landscape, partnerships are essential.
“Not only do they make us faster but also better. PayPugs is delighted to have established a relationship with Verifo to achieve better, faster and cheaper financial services in today's competitive markets.”
