KoronaPay

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
Operating areaEurope, CIS
Members100
Founded2020
Websitehttps://koronapay.eu/

KoronaPay's payment network includes 550 of banks and 54,500 of high street agents across 79 countries. In 2021, individuals made 29 million money transfers using the KoronaPay system. In 2022, KoronaPay app reached 17,5 million downloads. KoronaPay’s rating at Trustpilot, an international platform for customer reviews, is 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:

  • 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 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 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 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.

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