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Upco International Inc
Symbol C : UPCO
Shares Issued 63,773,341
Close 2019-02-05 C$ 0.12
Recent Sedar Documents

Upco Int'l talks up UpcoPay payment system

2019-02-05 10:29 ET - News Release

Mr. Andrea Pagani reports

UPCO INTERNATIONAL INC. ANNOUNCES UPCOPAY, AN INNOVATIVE, HIGHLY SECURE AND CONVENIENT E-WALLET SOLUTION TO MAKE PERSON TO PERSON PAYMENTS

Upco International Inc. has introduced UpcoPay, an innovative, highly secure and convenient e-wallet solution to make person-to-person and person-to-merchant payments. Beginning in spring 2019, Upco users in Europe and Canada will be able to use UpcoPay to send and receive money easily, securely and anonymously. This service will be expanded into other jurisdictions over time.

UpcoPay is an advanced e-wallet system comprising a front-end app and robust back-end software to manage transaction tracking, reporting and a full range of other functions. This solution is based on live transaction processing through integration with Upco's banking partner, eMoney PLC.

UpcoPay allows the anonymous transfer of money between Upco users and vendors that subscribe to the service, protecting individual privacy, while being compliant with regulatory frameworks. UpcoPay will also be able to deliver substantially reduced transaction fees over conventional services provided by major existing payment networks, delivering significant savings to vendors and ultimately to consumers.

Over the past few months, Upco has been working closely with eMoney regarding design of the interface and associated functionality in UpcoPay. eMoney will handle user on-boarding within existent regulatory frameworks, and support transaction processing internally and in and out of UpcoPay. The solution will also support interaccount transfers within eMoney and to IBAN accounts. The design of the system is now complete, with overlapping development targeted for completion by the second quarter of 2019.

Once this foundation is in place, SixthContinent Inc. will be integrated into UpcoPay under the terms of a recently signed collaborative agreement. SixthContinent is the largest international platform for shopping cards with a network of more than 3,000 leading brands and a community of 400,000 users. This integration will provide cost-effective support for shopping card purchases via the SixthContinent platform, benefiting users while also generating income for Upco through service and transaction fees. The design of the SixthContinent solution is proceeding in parallel with eMoney integration, and within the same general time frame for go-live.

With the SixthContinent solution and associated users in place, the goal is to scale up the user base through extended functionality, including international money transfer, conversion of major international currencies, and support for debit and credit card processing. Integration with automated vending machines, parking meters, toll services and other services such as invoice tracking and support for income tax reporting is envisioned in the longer term.

"This is a major milestone for our company," commented Andrea Pagani, chairman of the board of Upco International. "In a rapidly evolving world, technology has reinvented commerce, and digital purchases are becoming more and more mobile based, altering the role the payments industry plays in the transaction. We strongly believe that UpcoPay will very soon play a key role in this evolution. In this context, we are very honoured by our recent agreement with SixthContinent, a leading platform in the social commerce market. Integration with SixthContinent will allow us to rapidly expand our user base, making the world of digital mobile payments safer, faster and more convenient than ever, for both merchants and users."

About Upco International Inc.

Upco International is a cloud-based mobile service company that provides high-quality voice termination to a market driven by the growing activity in on-line communications and commerce. The company is a licensed global telecom carrier within the international VoIP (voice over Internet protocol) wholesale business. Upco has designed a software application for Apple iOS and Android, similar to Skype and WhatsApp. With the forthcoming addition of the Upco e-wallet using blockchain payment services, users will be able to send invoices, approve payments, transfer international finances, convert international currencies, and track transfers and payments.

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