EasyPro Unveils Digital Wallet For SMBs In Europe

EasyPro unveiled a digital wallet called OuiTrust that the company is targeting toward small- to medium-sized businesses (SMBs), traders and freelancers in Europe, according to a press release.

SMBs account for 99.8 percent of businesses in the European Union trading block, the release stated. Many of those enterprises “are largely underserved by traditional banking services since they are not a priority for them and are saddled with products and services that often vastly fall short of customer expectations.”

EasyPro said in the release that its offering is a “complete new set of banking services, including collection, payment, low-cost currency exchange [and] customized card issuing.” Customers will be able to choose among 30 currencies for sending and receiving funds and will be able to settle transactions locally in 20 currencies.

According to the release, platforms and standards EasyPro will support with the new product include SEPA, SEPA INSTANT, Faster Payments, SWIFT, Visa, Mastercard, WeChat Pay, Alipay and UnionPay. Additionally, customers may apply for Mastercards linked to OneTrust wallets for use anywhere in the world.

Customers will be able to lock in exchange rates while setting up transactions, the release stated.

OuiTrust is led by Ryan Li and includes team members who previously worked at BNP, HSBC, RBS and Weston Union, according to the release.

“The technology team is led by the ex-Chief Architect of Huawei Mobile Money, who was responsible for deployment of M-Pesa, bKash, TCash, etc.,” the release stated.

PYMNTS reported in late 2020 that SMBs that previously operated independent of many financial networks have been compelled by the pandemic to tie into digital payments systems.

Solid (previously Wise) Co-Founder and CEO Arjun Thyagarajan told PYMNTS: “We’ve seen more and more standalone mom-and-pop businesses are now part of ecosystems. For example, a restaurant that was a standalone business is now part of DoorDash or Uber Eats. This is happening to all kinds of businesses across all verticals.”