Thursday , January 23 2020
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A radical plan to slash cross-border payment costs… with subscription fees

Summary:
We live in a world in which we’re constantly being told that payments should be “frictionless” and free, and should move around the world as seamlessly as information moves around on the internet. So it comes as something of a surprise when, in 2019, you’re sent a press release about a company that actually wants to do the opposite of making cross-border payments frictionless and free, and instead wants to charge a monthly subscription fee for the privilege of being able to partake in them. In other words, a company that wants to make payments sticky.Introducing Sokin, a “global cross-border payments firm” that wants to disrupt the 9bn global remittances market when it launches in early 2020. But Sokin also plans to charge users £9.99 a month (or a roughly equivalent rate in other

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We live in a world in which we’re constantly being told that payments should be “frictionless”...

FT Alphaville
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