KoronaPay is an international payment and money transfer system that provides a range of financial consumer products. KoronaPay has an app that offers cross border card-2-card, card-2-cash, and cash-2-cash money transfers as well as a market-beating exchange rate margin.
KoronaPay's payment network includes 550 of banks and 54,500 of high street agents across 79 countries. In 2021, individuals mad
29 million money transfers using the KoronaPay system In 2022, KoronaPay app reache
17,5 million downloads KoronaPay’s rating at Trustpilot, an international platform for customer reviews, i
4.7
History
In December 2018, KoronaPay Europe Limited was granted an Electronic Money Institution (EMI) license No.115.1.3.30/2018 by
the Central Bank of Cyprus.
The license authorizes KoronaPay to conduct the following types of activity in the
European Economic Area
The European Economic Area (EEA) was established via the ''Agreement on the European Economic Area'', an international agreement which enables the extension of the European Union's single market to member states of the European Free Trade Ass ...
:
* Electronic money issuance
* Payment transactions processing
* Money remittance
In May 2020, KoronaPay launched its operations on the European online money transfer market. The service became available in 31 countries including the
EU, the UK, Norway, Iceland, and Lichtenstein.
According to the
European Banking Authority
The European Banking Authority (EBA) is a regulatory agency of the European Union headquartered in Paris. Its activities include conducting stress tests on European banks to increase transparency in the European financial system and identifying ...
May 2021 data, the KoronaPay money transfer service is available in the following European countries:
* Albania
* Germany
* Italy
* Austria
* Belgium
* Bulgaria
* Cyprus
* Czech Republic
* Slovakia
* Norway
* Poland
* Portugal
* Romania
* Sweden
* Slovenia
* Liechtenstein
* Lithuania
* Luxembourg
* Latvia
* Malta
* Netherlands
* Greece
* Croatia
* Hungary
* Ireland
* Iceland
* Denmark
* Estonia
* United Kingdom
* Spain
* Finland
* France
At the first stage, KoronaPay Europe Limited is focusing on money transfers from Europe to
CIS
Cis or cis- may refer to:
Places
* Cis, Trentino, in Italy
* In Poland:
** Cis, Świętokrzyskie Voivodeship, south-central
** Cis, Warmian-Masurian Voivodeship, north
Math, science and biology
* cis (mathematics) (cis(''θ'')), a trigonome ...
countries. KoronaPay’s money transfer app is acquiring over 10,000 new users per week thanks to a market-beating total transaction cost, based on its proprietary AI-driven exchange rate tool. The easy-to-use app also offers instant ‘card-to-card’ and ‘card-to-cash’ money transfers with a high street network of 54,500 agents for cash pickup.
KoronaPay’s launch in
Poland
Poland, officially the Republic of Poland, is a country in Central Europe. It is divided into 16 administrative provinces called voivodeships, covering an area of . Poland has a population of over 38 million and is the fifth-most populous ...
was viewed by some finance experts as a serious challenge to the leading fintech companies present in the region.
In 2021, KoronaPay's money transfer turnover increased 7-fold.
In January 2022, the volume of remittances via KoronaPay exceeded pre-pandemic levels by 12%. KoronaPay has also seen the average remittance value rise by 40% since January 2021 due to migrant wage inflation.
In March 2022, KoronaPay has partnered with Clear Junction, the global payments solutions provider, to offer its users new international remittance options. The partnership enabled KoronaPay to receive funds from individuals paying in pound sterling and immediately release the funds for collection in the destination country.{{Interbank networks
Financial services companies established in 1994
Financial services companies of Russia
Companies based in Novosibirsk
Interbank networks
Credit cards
Russian brands
Products introduced in 1994