Sokin today announces a new partnership with Mastercard as it prepares for the roll-out of its UK and European fixed-price subscription service. The partnership is founded on Sokin delivering its instant payment services with Mastercard’s trusted and secure digital banking solutions and card services.
Sokin is launching its subscription-based payment platform, with no hidden charges. Through its multiple partners, Sokin offers currency exchange in 150 countries with Sokin wallets and cards in 200 countries, covering 35 different currencies.
Sokin will offer international money transfers and payments with no mark-up on transactions, saving customers on average 20% against existing payment solutions. Sokin’s proprietary technology makes the process easy, from the onboarding of customers to instant payments, all in its secure peer-to-peer mobile app.
Mastercard will initially help Sokin introduce its subscription service across the EEA, with more launches planned around the world. The service will launch in the UK and select European countries in Q1 2021, with all 27 EEA countries launched over the course of 2021.
Vroon Modgill, CEO at Sokin, commented: “The partnership with Mastercard is a key to our strategic aims, helping our customers have access to financial service products across different markets. We are looking forward to building on this solid foundation, as together we will help to provide digital payment solutions to millions of people.”
Edoardo Volta, Head of Fintech, UK & Ireland at Mastercard is pleased by the innovation coming into the sector. He commented: “We always like to work with companies that are prepared to innovate and introduce greater choice in the way we consumers make payments. As Fintech partner of choice we actively support new ideas and thinking, and can see that Sokin will offer a lot of benefit to a wide range of users.”
The partnership will be supported through Transact Payments in the UK and Europe.