ZymPay enables customers to directly pay service providers abroad for utilities, healthcare, loan repayments, school fees and much more without transferring money. Customers pay in their adopted country, using a payment card - or online banking - in local currency.
For example, with ZymPay a Nigerian living in the UK can pay a relative’s electricity bill in Nigeria, directly and without transferring money to do so.
ZymPay’s reasonable fees and competitive exchange rates, means it is often cheaper to pay a bill in this way than making a money transfer, with added single-step convenience and instant confirmation that a bill has been paid.
For the unbanked receiving family, it means that their bills get paid on time and removes the need for travelling or waiting-in-line. This saves them having to take time off work and the costs of travel too.
With ZymPay you can now pay over 300 service providers in Nigeria, the Philippines, and Zimbabwe. More countries will be added in Asia and Africa soon.
ZymPay lets institutions collect payments from customers overseas, such as mortgages and insurance premiums. This opens new distribution channels and reduces administration costs for institutions abroad, while dramatically improving access and convenience for customers.
Now financial institutions have a fully automated and comprehensive solution for international collections. The service includes automatic reminders and re-collection of failed payments with fully reconciled bulk delivery of funds at an agreed frequency.
For customers, it is a single step and in many cases free. For financial institutions, it dramatically reduces the administrative burden and creates a new digital channel to market their products and services