The platform allows consumers to send money for a $1.00 fee on any mobile device or PC—anytime, anywhere.
“We have succeeded in building the fastest, most efficient, secure and inexpensive payment network by eliminating the legacy that has plagued the US banking industry for decades,” Ted DeFeudis, the president and CEO of Source Financial, said. “We view today’s launch as a major tipping point in the money transfer and payments industry, and are proud to be the leaders.”
The service is low-cost and offers privacy, compatibility, security and simplicity to consumers. Users can sign up for free and make payments or transfers without downloading additional software.
Additionally, WikiPay adheres to the same standards as national banks through the use of high encryption techniques, fraud prevention and authentication procedures. It is compatible with existing payment technologies, and its compliance with American banking standards ensures secure and reliable authorization, processing and settlement.
“Our payment network is second to none and was designed to allow the greatest ease of use and flexibility for all types of users,” Source Financial Chairman and CTO Marco Garibaldi said. “WikiPay works on smartphones, dumb phones, tablets, desktop PCs or any device with Internet access. Neither payee nor payer needs extra devices or merchant accounts. WikiPay makes Square and all other credit card swipers obsolete. WikiPay completely redefines how people pay or get paid.”