Cellum and fastacash target social payments

Mobile wallet provider Cellum has formed a partnership with fastacash, a company which facilitates payments through social media and messaging apps.

Cellum supplies a secure mobile wallet solution to banks, telecommunication operators and card scheme networks, handling around two million monthly transactions. Fastacash brings a financial technology solution to these partners, enabling them to take advantage of the shift in consumer preferences around mobile payments through social media channels.

The two companies will now be able to offer peer-to-peer and peer-to-merchant transactions through up to 24 social media channels, including Facebook Messenger, Twitter and Whatsapp.

Vince Tallent, chairman and CEO of fastacash, said: “Half the world’s population is on social media networks and messaging apps – many are now using these channels to exchange money, disrupting how consumers transact. With Cellum, we are able to strengthen our service capabilities, extending wider, more comprehensive social commerce solutions to our customer networks.”

János Kóka, chairman and CEO of Cellum, added: “Our innovation and security, combined with fastacash’s expertise and track record in allowing users to move money and payments across social channels, will allow us to jointly offer our business partners more comprehensive solutions. There is immense value in this co-operation, bringing improved mobile-first solutions, disrupting how people and businesses transact. As consumers shift their preferences towards mobile payments over social networks, we will empower our partners to get in at an early stage of this shift.”

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