- UpcoPay will be available by Spring 2019
- Reduced transaction fees
- First partnership agreement signed with SixthContinent, the largest international platform for Shopping Cards with a community of 400,000 users
Vancouver, British Columbia--(Newsfile Corp. - February 5, 2019) - Upco International Inc. (CSE: UPCO) (OTCQB: UCCPF) (FSE: U06) ("Upco") is pleased to announce UpcoPay, an innovative, highly secure and convenient eWallet solution to make person to person and person to merchant payments. Beginning Spring 2019, Upco users in Europe and Canada will be able to use UpcoPay to send and receive money easily, securely and anonymously. This service will be expanded into other jurisdictions over time.
UpcoPay is an advanced eWallet system comprising a front-end app and robust back-end software to manage transaction tracking, reporting and a full range of other functions. This solution is based on live
transaction processing through integration with Upco's banking partner, eMoney plc.
UpcoPay allows the anonymous transfer of money between Upco users and vendors that subscribe to the service, protecting individual privacy, while being compliant with regulatory frameworks. UpcoPay will also be able to deliver substantially reduced transaction fees over conventional services provided by major existing payment networks, delivering significant savings to vendors and ultimately to consumers.
Over the past few months, Upco has been working closely with eMoney regarding design of the interface and associated functionality in UpcoPay. eMoney will handle user onboarding within existent regulatory frameworks, and support transaction processing internally, and in and out of UpcoPay. The solution will also support inter-account transfers within eMoney and to IBAN accounts. The design of the system is now complete, with overlapping development targeted for completion by Q2, 2019.
Once this foundation is in place, SixthContinent Inc. will be integrated into UpcoPay under the terms of a recently signed Collaborative Agreement. SixthContinent is the largest international platform for Shopping Cards with a network of more than 3000 leading brands and a community of 400,000 users. This integration will provide cost-effective support for shopping card purchases via the SixthContinent platform, benefiting users while also generating income for Upco through service and transaction fees. The design of the SixthContinent solution is proceeding in parallel with eMoney integration, and within the same general timeframe for go-live.
With the SixthContinent solution and associated users in place, the goal is to scale up the user base through extended functionality, including international money transfer, conversion of major international currencies, and support for debit and credit card processing. Integration with automated vending machines, parking meters, toll services, and other services such as invoice tracking and support for income tax reporting is envisioned in the longer term.
"This is a major milestone for our company" commented Mr. Andrea Pagani, Chairman of the Board of Upco International, "In a rapidly evolving world, technology has reinvented commerce, and digital purchases are becoming more and more mobile based, altering the role the payments industry plays in the transaction. We strongly believe that UpcoPay will very soon play a key role in this evolution. In this context, we are very honored by our recent agreement with SixthContinent, a leading platform in the social commerce market. Integration with SixthContinent will allow us to rapidly expand our user base, making the world of digital mobile payments safer, faster and more convenient than ever, for both merchants and users."
About Upco International Inc.
Upco International Inc. is a cloud-based mobile service company which provides high-quality voice termination to a market driven by the growing activity in online communications and commerce. Upco is a licensed Global Telecom Carrier within the international VoIP (voice over IP) wholesale business. Upco has designed a software application for Apple iOS and Android, similar to SKYPE and WhatsApp. With the forthcoming addition of the Upco e-Wallet using Blockchain Payment Services, users will be able to: send invoices, approve payments, transfer international funds, convert international currencies, and track transfers and payments. The application will also allow vendors to securely share account information with their clients.
Emoney is a Financial Institution, licensed in Malta with a European Passport, and has a decade of proven management experience in the world of electronic money, issuance of online current accounts and issuance of rechargeable credit cards. Emoney integration will extend the reach of the Upco App across Europe for Debit and Credit transactions and ensure full compliance with relevant regulatory frameworks within the European banking community. Upco presently has an agreement in place with Transfer To, which enables money transfer to a Mobile SIM of any user in the world. www.emoney.com.mt
SixthContinent, with offices in San Francisco, Ca, and Milan, Italy, is the largest international platform for Shopping Cards. The company has agreements with more than 3000 leading brands (including Walmart, Apple, Amazon, Carrefour, and IKEA, Adidas and Shell Oil), and a community of more than 400,000 users, and is fast becoming a major player in the expanding Social Commerce market. www.sixthcontinent.com
ON BEHALF OF THE BOARD OF DIRECTORS
Andrea Pagani, CEO and Director
212 461 3676
Trent Collet, Investor Relations
778 808 1175
AD MIRABILIA - PR and Marketing Communication Agency (Italy)
+39 02 43 82 191
Except for the statements of historical fact, the information contained herein is of a forward-looking nature. Such forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of the Company to be materially different from any future results, performance or achievements expressed or implied by statements containing forward-looking information. Such factors include continued availability of capital and financing and general economic, market or business conditions.
Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that statements containing forward looking information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on statements containing forward looking information. Readers should review the risk factors set out in the Company's Filing Statement as filed on SEDAR.
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