Cross-border finance FinTech AstroPay has introduced its multicurrency wallet.
The new offering, announced by the London-based company Tuesday (Dec. 17), is aimed at simplifying how users manage money across borders.
“We’re making it easier for users to manage their money and take control of their finances, regardless of where they are or what currencies they need,” Marc Sacal, CEO of AstroPay, said in a news release.
“This launch is a pivotal step in our mission to unlock opportunities for individuals to thrive in the global marketplace and empower millions to conduct secure, cross-border transactions with unmatched speed and ease,” Sacal added.
According to the release, the wallet lets users store, manage and exchange multiple currencies, helping them simplify international travel and work.
“Cross-border money transfers come with competitive exchange rates and rapid processing times, ensuring fast and cost-effective solutions for personal and professional needs,” the company said, adding that users can also access both local prepaid cards issued by Mastercard and/or Visa.
The release noted that the launch of the wallet coincides with AstroPay’s European expansion, with the company gaining an Electronic Money Institution (EMI) license in Denmark.
Now operational in Denmark, Spain and Portugal, AstroPay aims to extend its services to additional EU countries, including Germany, France, Italy and Poland, by the end of next year.
The debut of the new wallet comes as consumers continue to embrace digital wallets, in many cases using them for things other than payments.
“While online payments remain the most common use for digital wallets, the technology is also being leveraged for non-financial purposes,” PYMNTS wrote earlier this month, citing data from the report “Digital Wallets Beyond Financial Transactions: U.K. Edition,” a collaboration with Google Wallet.
That report showed that 21% of U.K. consumers have used their digital wallets for travel-related activities, like presenting boarding passes or public transport tickets. This trend is popular among younger users, with 37% of Generation Z and 27% of millennials saying they’ve used their digital wallets while traveling.
Digital wallets are also a popular way of making peer-to-peer (P2P) transactions, with 19% of Gen Z and 12.5% of millennials regularly use digital wallets for bill-splitting.
“As younger generations embrace this functionality, they’re changing how financial exchanges happen among peers, making digital wallets indispensable for everyday financial management,” PYMNTS wrote.
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