Canadian fintech Mogo Inc. (TSX:MOGO) (NASDAQ:MOGO) introduced on Monday it’s planning to launch a cellular peer-to-peer (P2P) fee resolution, which can allow customers to shortly and simply make and share funds with family and friends by Mogo’s cellular app.
In line with Mogo, the fee resolution shall be accessible by the Mogo cellular app and customers will be capable of shortly hyperlink their bank account or debit card after which start sending and receiving cash immediately by the app. Whereas sharing extra particulars concerning the resolution, David Feller, Mogo’s Founder and CEO, acknowledged:
“The primary method in Canada today – bank-to-bank transfers using Interac – does not offer the digital user experience consumers now expect as evidenced by the rising popularity of Square’s Cash App, PayPal’s Venmo app and others in the U.S. market. Peer-to-peer payment is a natural extension of our digital platform and will complement and seamlessly integrate with our other products such as MogoSpend, giving our more than 1 million Mogo members even more utility and value.”
Based in 2003, Mogo describes itself as a digital challenger to the banks in Canada, empowering shoppers with easy options to assist them handle and management their funds.
“The platform has been engineered to deliver a best-in-class digital experience, with best-in-class financial products all through one account. With more than 1,000,000 members and a marketing partnership with Canada’s largest news media company, Mogo continues to execute on its vision of becoming the go-to financial app for the next generation of Canadians.”
Mogo added that it expects to launch the answer within the first quarter of 2021.