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September 28, 2021

Santander to pull the plug on cross-border payments app PagoFX

By Shalini mani

Banco Santander has decided to wind down its cross-border payments app PagoFX, which is part of its fintech business PagoNxt, just 15 months after its launch.

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The Spanish bank is shutting down PagoFX app and web service on 30 November 2021, following a strategic review.

An update on the app’s website said: “PagoFX is part of PagoNxt, Santander’s global fintech business, and as part of a strategic review, it has been decided to close the international money transfer service in the UK, Spain and Belgium.”

Santander will now strengthen its focus on business-to-business payments within its PagoNxt division.

The bank will leverage PagoFX’s technology and resources to support its broader fintech business and customer proposition.

Its existing customers will be able to use the international money transfer service until 23:59h, UK time, on 29 November 2021.

Said to be a rival to likes of Wise and Revolut, PagoFX was launched as a standalone company by Santander in April last year.

Initially, the app enabled UK residents with a debit card issued by any UK bank or financial institution to send money abroad via their smartphone.

It was later rolled out in Spain and Belgium by the firm.

In July this year, PagoNxt launched its merchant payments business in some 30 countries in Europe under the Getnet brand.

The move enabled foreign and domestic merchants of all sizes in these countries to leverage Getnet’s payment solutions, whether they are Banco Santander customers or not.

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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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