The first mobile wallet was launched in the Dominican Republic by the leading prepaid telco operator (Orange) and the largest bank (Banco Popular Dominicano). M-peso is a mobile money initiative created to cater financial services to the bottom of the pyramid, which represent 72% of the Dominican population (9.4 million, 2010 census). The product was launched after 6 months of preparation and roughly 8 months after the regulators published the framework for virtual prepaid cards and branchless banking. The design, development and implementation of the turn-key solution was handled by GCS International, the same company that has created and commercialized great success the acclaimed regional products tPago® and Citi® Mobile Collect.
Wells Fargo & Company expanded its “ExpressSend” remittance network through an agreement with Bancomer Transfer Services and will extend its consumer remittance payout network distribution to seven additional financial institutions. This will include partnerships with banks in the Dominican Republic, Ecuador, El Salvador, Mexico, Nicaragua and Peru. Wells Fargo ExpressSend customers now have 35,800 remittance payout locations to send money to 15 countries in Latin America and Asia.
Rahaxi international card payments processor and technology company is
set to offer its already certified platform for CUP debit card
acceptance to banks, third party processors and ISOs. Designed to expand
its CUP card acceptance service offering all over Europe and beyond,
this is being conducted in the hopes of deriving additional revenue from
the license and transaction fees it will generate from usage of its
platform. Rahaxi Incorporation provides mission critical solutions to
the financial industry worldwide, empowering merchants and acquirers to
focus on their core competencies and allow them to benefit from first to
market advantage and realize their true potential.
Helsinki-based Rahaxi international card payments processor and
technology company subsidiary, Rahaxi Processing Oy, has increased the
volume of transactions processed by 29% Y/Y. Transactions jumped from
1,877,292 to 2,404,861 for the month of October and from 1,706,860 to
2,216,729 in November, reflecting the steady increase in POS Hardware
and software solutions deployment to the Finnish domestic market. Rahaxi
provides mission-critical solutions to the financial industry worldwide,
working with merchants and acquirers in more than twenty countries, and
has adopted a partnership strategy for growth with market leaders in
their respective industries.
Rahaxi subsidiary, Freestar Dominicana, has entered into a partnership
agreement with UniCarte of UNIBANK Haiti. Based on a 50/50
profit-sharing agreement on the sales of electronic pins and
recharge/top-up transactions for telecommunication companies in Haiti,
such as Digicel, Comcell, and Haititel, the partnership is to focus on
loading the prepaid application on to terminals. To date, 600 terminals
have been loaded, with projections the application will be loaded to an
additional 2000 terminals in the coming months. The partnership allows
UniCarte access to a prepaid platform that includes industry-leading
guidelines, the highest product standards, a secure environment, and an
enhanced technology infrastructure that provides UniCarte with
substantial flexibility to develop value added applications and services
for its merchants.
Rahaxi international card payments processor and technology reported
financial results for the three month period ending September 30, with
net losses having fell $1,132,279 by 66% from the year ago figure of
$3,351,972. This decrease is being attributed to a reduction in the
costs of Transaction Processing and our Selling, general and
administration expenses, which were $1,629,918, compared to the year ago
figure of $3,791,896 for the three months ended September 30, 2008, a
decrease of 57%. Cost of transaction processing and related revenue was
$203,846 for the three months ended September 30, 2009, compared to
$353,014 for the prior three months ended September 30, 2008, a decrease
of $149,168 or approximately 42%. The Company also reported a
significant increase in Hardware related revenue, which was $397,173 for
the quarter compared to $163,723 during the prior period for an increase
of approximately 143%.
Rahaxi Processing has signed agreements with the Kultajousi jeweller
chain to supply its OTI solution. Rahaxi Processing will provide more
than 60 of the Kultajousi stores in 27 different cities in Finland with
its services. Rahaxi provides mission-critical solutions to the
financial industry worldwide. Working with merchants and acquirers in
more than twenty countries, it has adopted a partnership strategy for
growth while its subsidiaries, including Rahaxi Processing, FreeStar
Technologies Ireland and FreeStar Dominicana Dominican Republic,
continue to develop and implement first class products and solutions
that enhance the service level its partners can offer their customers.
Rahaxi international card payments processor and technology company
announced its Helsinki subsidiary, Rahaxi Processing Oy has surpassed
the 10,000 mark for terminals connected to its payment processing
platform. The milestone was reportedly accomplished as a direct result
of increased hardware sales and the subsequent increasing market share.
Rahaxi provides mission-critical solutions to the financial industry
worldwide for both merchants and acquirers in more than twenty
countries, allowing partners to focus on their core competencies with
its innovative driven approach. Its partners include IKEA, Finnair and
Stockmann. Its subsidiaries, Rahaxi Processing Oy, Finland, FreeStar
Technologies Ireland, Ltd., and FreeStar Dominicana S.A. Dominican
Rahaxi Processing of the Rahaxi international technology has met an
indication of its significant growth, having processed two million
transactions monthly throughout both April and May. Rahaxi credits the
enormity of its transaction volume and demand in the marketplace to
increased hardware sales on an improved market share, dual revenue
channel at the center of the Company’s sales strategy. Offering
mission-critical solutions to the financial industry, Rahaxi’s range of
certified products is continuing to increase on a monthly basis in more
than twenty countries around the world through its partnership strategy
for growth with such names as IKEA and FreeStar.
Rahaxi international card payments processor wholly owned subsidiary,
Rahaxi Processing Oy, has deployed its EMV chip and pin solution to
offer EMV certified, end-to-end payment processing at Finnkino Oy movie
theatre locations. Satisfying the high demand for Rahaxi international
standard payments processing products and services across the Finnish
market, the EMV chip and pin service provides users secure convenience.
Finnkino Oy Finnish Movie Theatre Chain had 2008 sales of EUR94.3
Million and currently operates 16 cinemas in eleven cities across the
country with a total of 94 screens. Rahaxi provides merchants and
acquirers its financial industry solutions worldwide through its Rahaxi
Processing Oy, Finland, FreeStar Technologies Ireland, and FreeStar
Dominicana S.A. Dominican Republic subsidiaries.
Freestar Technology has achieved record revenues for the fiscal year
ended June 30, 2008 of $6,259,707, a 66% increase of approximately
for the prior year ended June 30, 2007.
Net cash used in operating activities decreased to $3,713,921, a 35%
decrease from the prior fiscal year. The Company processed a total of
19,019,055 transactions during the fiscal year ended June 30, 2008, a
modest decrease from the 19,443,999 transactions processed during the prior
fiscal year. Transaction processing and related revenue increased to
$2,076,309 for the year ended June 30, 2008, compared to $1,945,512 during
the prior fiscal year, an increase of approximately 7%.
Dramatic increases in consulting revenue and hardware sales related
revenue were the primary components of the increase in revenue, with
transaction processing and related revenue showing modest increases as
well. Compared to the prior fiscal year, consulting revenue increased by
115%, hardware sales and related revenue increased by approximately 164%
and transaction processing and related revenue increased by approximately
FreeStar Technology Co has deployed 4,000 of its POS terminals through
its wholly owned Rahaxi Processing Oy and FreeStar Dominicana
subsidiaries since initial deployment in December 2006. Given these
results, FreeStar intends to accelerate the rate of terminal deployment
over the next 12 months, targeting a total of 160,000 installed units
across Finland and the Dominican Republic. The terminal provider is also
rolling out the payment devices across Spain, Iceland and Denmark and is
hoping to expand with potential clients in the Middle East and Caribbean
countries. FreeStar Technology Co provides payment solutions to
merchants in more than 20 countries with financial solutions worldwide.
These merchant partners include IKEA, Finnair and Stockmann.