Migom Global Corp. Launches its Private Closed-Loop Payment System at Migom Bank(R)

Rhea-AI Summary

Migom Global Corp. (OTC PINK:MGOM) has launched MigomPay™, an innovative closed-loop QR Code payment system aimed at enhancing service offerings and capturing a growing market segment. This system eliminates chargebacks, reduces fees, and offers residual income for merchants, creating a compelling alternative to traditional payment methods. With significant investments in proprietary software, Migom Bank aims to implement this solution in test markets across the Caribbean and Middle East, focusing on compliance and customer satisfaction.

Positive

• Launch of MigomPay™, a closed-loop QR Code payment system enhancing service offerings.
• Elimination of chargebacks and high fees typically associated with traditional payment methods.
• Opportunity for merchants to earn residual income through additional banking services.

Negative

• None.

Migom Global Corp. (OTC PINK:MGOM), via Migom Bank®, brings MigomPay™ its innovative Closed-Loop QR Code Payment System to market, further expanding the service footprint and allowing the Company to access a key growth segment.

NEW YORK, NY / ACCESSWIRE / March 24, 2021 / Closed-loop payment systems remain a key growth area in financial service provision. According to US market research company eMarketer, mobile payments increased by 41% in the US alone in 2018-19. Against this backdrop, corporate entities may adopt a competitive approach to retain and entice their customer base. The Company's wholly-owned subsidiary, Migom Bank can enable point of sale and online merchants to operate the closed-loop model based on secure QR Code-based payments.

"Merchants and customers should be enticed by the incentives that our QR Code closed loop payment systems can offer. There are no chargebacks, long held reserve funds, equipment rentals, delays in funds settlement and the very high fees typically associated with usage of traditional payment cards online and in brick and mortar shops," stated Georgi Parrik, the CEO of the Company. "Furthermore, merchants may be awarded with additional residual income when their customers, who started to use our QR Payments, engage in other banking services, which we may offer. That way a heavy expense item, when merchants give away up to a quarter of their profit for payment processing, may become an additional revenue center for the merchants for the life of those customers' accounts at Migom Bank."

The Company has invested in the development of its own software supporting the QR closed loop payment system and expects to gain significant traction with merchants and customers globally due to our "customer first" design and rigorous, yet agile approach to compliance in unbanked markets. We are looking at the opportunities to implement this system tentatively named MigomPay™ in test markets in the Caribbean and the Middle East.

About Migom Global Corp

Migom Global Corp. is a US publicly traded company (OTC: MGOM) building synergistic ventures in international banking, securities brokerage, electronic money distribution as well as digital assets origination and market making. The Company is developing the network of affiliated businesses in several countries, which may provide a seamless integration between the traditional regulated banking and financial services and the innovative emerging fintech solutions, benefiting consumers and businesses worldwide. Committed to solving the problem of under-banked businesses and individuals worldwide, the Company's wholly owned subsidiary, Migom Bank, is a full-service global bank for the digital age that is available to customers across a variety of industries and regions.

About Migom Bank

Migom Bank is a global neobank focused on the emerging markets offering a full suite of e-banking services tailored for the needs of small-to-medium-sized businesses and entrepreneurs, including online account opening and operating of corporate and individual bank accounts with full online access to account management and detailed reporting, international transfers in multiple currencies, issuance of debit cards, certificates of deposit, savings accounts and securities investment services in major global markets. In addition Migom Bank offers its qualified account holders one of a kind crypto-to-fiat and fiat-to-crypto instant exchange, cryptocurrency block OTC trading services, including secure custody and instant-execution, with virtually unlimited liquidity, best global spot prices and immediate transferability of funds or crypto assets. Migom Bank account holders can safely access all of the bank's services using their mobile app or account dashboard online. Migom Bank is fully licensed to provide retail depository and inter-banking services, full suite of cryptocurrency-related services, securities dealing and investment banking services, featuring deal-oriented compliance and custom-tailored flexible solutions to help its versatile international clientele. The regulatory information enumerating multiple services provided by the bank is published on its website. For more information, please, visit http://migom.com.

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities, and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company's business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company's periodic filings with the Security and Exchange Commission. You should carefully review the information disclosed within the section entitled "Risk Factors" contained in the Company's disclosures and filings with the SEC, as well as carefully analyze the information contained in this release with the consideration of the above disclosures, when assessing the Company and its business. The Company undertakes no obligation to update any forward-looking statements.

Media contact:
PR Department, Migom Bank
E: info@migom.com
W: https://migom.com

SOURCE: Migom Global Corp

View source version on accesswire.com:
https://www.accesswire.com/637198/Migom-Global-Corp-Launches-its-Private-Closed-Loop-Payment-System-at-Migom-BankR

FAQ

What is MigomPay™ launched by Migom Global Corp. (MGOM)?

MigomPay™ is an innovative closed-loop QR Code payment system designed to reduce transaction fees and enhance payment processing for merchants.

How does MigomPay™ benefit merchants?

It eliminates chargebacks and high fees associated with traditional payment methods and provides merchants with opportunities for residual income from additional banking services.

What markets is Migom Global Corp. (MGOM) targeting with MigomPay™?

The initial test markets for MigomPay™ include regions in the Caribbean and the Middle East.

What are the key features of Migom Bank’s services?

Migom Bank offers e-banking services tailored for small-to-medium-sized businesses, including account management, international transfers, and cryptocurrency services.

What are the anticipated impacts of MigomPay™ on MGOM's growth?

MigomPay™ is expected to enhance MGOM's growth by attracting merchants and customers, thereby expanding its service footprint in the financial services market.