Mastercard and Sokin partner in EuropeNovember 2, 2020 | London
Mastercard and Sokin today announce a new partnership as Sokin 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.
Sokin is a leading financial service provider that enables global payments for both individuals and businesses. Sokin believes in giving its customers the power to make payments and transfer money as many times as they want per month for one monthly fee.
Current foreign exchange services can be carried out in as little as 30 minutes, but are often highly loaded
with opaque fees. Consequently, few customers are given real value on repeat payments. Sokin is launching a subscription-based cross-border payments platform for customers who demand instant international moneytransfers at interbank FX rates.
Founded in 2019, Sokin has quickly established itself on the global map. It has 9 offices allowing businesses
and consumers to make payments in over 200 countries, issue Sokin Cards in over 75 countries, Sokin
Wallets in 150 countries and exchange money in over 35 currencies. Sokin can also transfer any currency into any bank account in China within 2 hours, excluding weekends and Chinese bank holidays.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.