2018-11-01 13:07 ET - News Release
Mr. Andrea Pagani reports
UPCO INTERNATIONAL INC. ANNOUNCES THE AVAILABILITY OF BALANCE TRANSFER AS A KEY FIRST STEP IN THE STAGED DELIVERY OF ITS FULL SERVICE EWALLET SOLUTION
Upco International Inc. has added balance transfer and e-mail authentication to its production mobile service platform, effective Oct. 31, 2018. The latest version of the Upco app, incorporating these features, is currently available for download through the App Store (iOS version) and Play Store (Android).
Balance transfer represents the first key step in the planned, multiphase delivery of a sophisticated multifunction e-wallet solution, which will be delivered incrementally over coming months, and actively improved thereafter. Balance transfer enables Upco users to transfer funds in their e-wallet, in real time, to the e-wallet of another Upco user at a nominal cost. Currency conversion (such as euros to Canadian dollars) is accommodated seamlessly in this process, referencing the relevant Central European Bank counter value at the time of transfer.
E-mail authentication is a further important enhancement, which enables users to authenticate on the application without a phone number/SIM card. This holds a number of important implications for utilization, and user security and privacy. Users are now able to download the Upco app to their mobile device (Android tablet, iPad), authenticate using their e-mail address and benefit from the range of Upco services via their device. In the event that a telephone is lost or stolen, users will also be able reaccess their information via e-mail and password from anywhere in the world, without the loss of data or data integrity/security.
Both of these enhancements contribute significantly to the utility, flexibility and convenience of Upco's service offerings as part of its continuing strategy to improve and extend the range of features available to its subscribers. In that context work is continuing on enhanced e-wallet functionality, which will include, among other features, integration with e-money regarding authentication and transaction management, payment processing, and escrow support for cryptocurrency.
Planned improvements in the e-wallet align with global trends in the financial technology sector, where, according to Statista, in 2018, global transaction volume in the mobile point-of-sale payments space is expected to reach $391-billion (U.S.) and projected to increase to over $1.3-trillion (U.S.) by 2022.
Andrea Pagani, chief executive officer and president, commented: "These enhancements demonstrate the continued progress we are making in the development and delivery of our integrated communications and e-commerce solutions. Balance transfer, particularly, is a key first step in the e-wallet paradigm -- and an exciting opportunity for our subscribers. We look forward to continued improvements via our staged delivery model."
About Upco International Inc.
Upco International is a cloud-based mobile service company which provides high-quality voice termination to a market driven by the growing activity in on-line communications and commerce. Upco is a licensed global telecom carrier within the international VoIP (voice over IP) wholesale business.
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