Frankfurt-based startup OneFor has launched a cross-border money transfer and payments app aimed at migrant workers in Europe.
Promising transaction times of less than a second and up to 70% lower average transaction cost, OneFor is targeting the millions of people, including migrants, whose livelihoods rely on sending and receiving money internationally.
Users register in-app in a few minutes and add payment recipients directly from their phone’s address book.
The connected individuals, wherever they are, receive an e-wallet and a ready-to-go Mastercard debit card, which allows online or POS payments and ATM cash withdrawals in the country they live.
OneFor says it wants an 'emotional' interface, with social features such as chat and the ability to send 'polaroids', and 'gifts'.
The app and its e-wallet are free, with users paying a fixed fee of £2.31 (€2.70), regardless of the international transfer amount.
The service is available in the UK and all EU countries but OneFor is focusing on the UK, Germany, Switzerland, France, Belgium, the Netherlands, Greece, Italy and Spain, connecting them to receiving countries such as Morocco, Algeria, Nigeria, Turkey, Ecuador and South East Europe.