Sofia-based ‘regulated fintech’ Paynetics and digital wallet provider phyre have joined forces to release a free mobile offering aimed at equipping charities with improved convenience and resource management, when allocating raised funds to people who have been displaced by the Russia-Ukraine conflict.
The Bulgarian fintech duo has further demonstrated the sector’s support for those affected by the war.
Figures show that as a result, over two million people have already been forced to relocate, with expectations being for that number to rise to five million if the crisis continues.
There’s been overwhelming support coming from the global community, with businesses and individuals alike coming together to raise financial backing for those who have suffered from the war.
So far, aid organisations and charities have been handed a significant amount of funds. However, distributing them amongst affected people might prove difficult, as some have lost access to their bank accounts, cash handling is logistically impractical, and prepaid cards are in limited availability.
The new solution from Paynetics and phyre uses ApplePay and GooglePay for convenient payment delivery. This only requires access to the internet and a personal mobile device, removing the need for identification documents.
To use it, aid recipients must be first identified by an aid organisation through their names, emails, and phone numbers. Refugees are then prompted to download the free MyPaynetics app where they can access the solution from. Each refugee will be issued a virtual card by Paynetics, onboarding them and activating their account to transfer all funds as advised by the aid organisation.