London-based PayTech firm Sokin has introduced the first subscription-based global payments solution in the UK and European markets.
Sokin has introduced its Sokin Global Currency Account in the two markets, a service the company claims is for consumers who want a ‘low-cost alternative’ to the current system which can be ‘exclusionary and complicated’.
Founded in 2019, Sokin is a global payments provider that enables payments for both consumers and businesses. The company delivers the payments for a fixed fee and is also commission free.
According to Sokin, the Global Currency Account is a convenient tool for unlimited international transfers and cost-effective currency exchange in 38 currencies to over 200 countries for a subscription fee of £9.99/$9.99 per month.
Sokin claims it is the first payments platform to take the subscription economy and use it for transfers on a global scale.
The firm added that the launch of its global currency account symbolises its commitment to making global payments ‘more open and transparent’ and removing the barriers that have historically hindered access and financial inclusion.
Sokin CEO Vroon Modgill said, “While everything else moved forward, global payments and remittance lagged behind, and consumers put up with high fees and time-consuming transactions. So, we decided to build something better and on a much larger scale which reaches over 200 countries.
“We worked hard to remove the barriers often seen with well-known brands and we’ve improved a process known to be difficult, expensive, and time-consuming. I’m delighted that Sokin is a payments provider which has democratised and simplified the user experience.”
Former Manchester United and England footballer Rio Ferdinand – who bought a stake in Sokin earlier this year – added, “I’ve seen first-hand how difficult sending money overseas can be, and because of this I was attracted to Sokin’s vision of using fintech for good to build an inclusive and non-discriminative global payments solution.
“The subscription model itself is not new but using it for global transfers is. And it makes sense with services like Spotify and Netflix the norm for many. That’s what’s impressive about Sokin – it’s taken a model we’re all familiar with and created a financial product people all over the world can use.”
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