Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict

Remitly, TransferGo and Zepz are the recent to join the list of fintech firms suspending their payment services to Russia in response to the country’s invasion of Ukraine.

The news comes shortly after UK fintech firm Wise and Lithuania-based fintech Paysera moved to restrict their payment services in Russia.

TransferGo, which took to LinkedIn to announce its solidarity with Ukraine, said that it is switching off payments to Russia, with immediate effect.

The company will currently focus on supporting Ukrainian customers and employees affected by the crisis.

The British remittance firm also said that it will set up relocation packages for its staff and their families in Ukraine seeking to relocate.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Digital cross-border payments platform Zepz, formerly known as WorldRemit, also announced that it will no longer support money transfers to Russia and Belarus. It is not known whether the blockage is connection with sanction on Russia.

Besides, US-based remittance firm Remitly stopped processing money transfers to Russia in light of sanctions imposed on Russia by the US and European countries, a Reuters report stated citing a Remitly spokesperson.

This week, payment giants Mastercard and Visa announced their compliance with sanction orders on Russia.

Meanwhile, last week, the Russian central bank said that Google Pay and Apple Pay services are barred for cards issued by Russian banks, which have been sanctioned.