BePay, a regulated payment institution in Brazil specializing in developing innovative electronic payments solutions, partners with nanopay Corporation to offer international remittances
BePay, a financial innovation company in Brazil, looks to expand into the realm of international remittances choosing nanopay Corporation as the technology provider behind the solution. In the first phase, BePay’s account holders will soon be able to send transactions to 10 countries directly from their mobile application. The pilot is scheduled for Q1 2020. In subsequent phases, this offering will expand to both inbound and outbound payments for the 150+ countries in nanopay’s network and access to international prepaid cards.
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Convenience and safety are at the heart of the expansion to cross-border payments. With the launch, both personal and business customers will soon be able to send remittances directly from their BePay accounts. In this time of uncertainty, it’s more important than ever to offer online alternatives to traditional in-bank forms.
“The Brazilian market has a huge opportunity in terms of global trade and online international payments. Up until now, the options for cross-border payments were limited. We continue to innovate in response to the environment, and are pleased to partner with nanopay to offer a cost-effective, self-serve payment option for our customers,” said Paulo Volpe, Director of BePay.
nanopay’s platform is built using hybrid blockchain technology that combines the best features of blockchain and conventional databases. The main differentiator is that the blockchain is centralized–ideal for both cross-border and domestic payments. Payments made using the system are fast, traceable, and low cost. The partnership with BePay denotes nanopay’s further expansion into the Brazillian market, subsequent to closing a deal with a Brazilian foreign exchange broker earlier this year.
“There is a big movement to foster competition in Brazil, driven by the Central Bank and supported by the recent launch of PIX, Brazil’s instant payment scheme. We are thrilled to be working with BePay, a leader in innovation and a company on the forefront of payments. Cross-border payments are only the beginning,” said Carlos Garcia, VP Payment Operations of nanopay Corporation.
BePay was one of the first payment institutions to be regulated and authorized by the Central Bank of Brazil. They were also the first to offer a Brazilian wallet with token-based contactless payment technology. Soon, the launch of in-app cross-border payments will be yet another first for the leading-edge company.
