The Zolotaya Korona money transfer system has been launched in Europe under the KoronaPay brand.
In order to obtain the right to provide services in Europe, a representative office was established in Cyprus - KoronaPay Europe Limited. The license to operate in this area was obtained back in 2018. The operation of the system has already begun in May 2020, the service will be available to users from 31 countries - these are the EU countries, as well as the UK, Liechtenstein, Norway and Iceland. Previously, Golden Crown services in the direction of European countries were available only offline, through partners.
And although the name KoronaPay may cause negative associations with the coronavirus among consumers, the company decided not to change anything. According to its representatives, the brand is already well known to users, and the pandemic will someday end anyway.
It is stated that initially the company plans to focus on transfers from Europe to Russia, as well as other CIS countries. The reverse direction will appear later, not earlier than the autumn of this year, and then directions between European countries will be added.
You can send a money transfer using the application on your smartphone. So far, only the option of sending from Visa and MasterCard is available, but in the future it will be possible to work directly with a bank account. The recipient can also use the mobile application to receive the transfer and send money to their card. Another way to get it is to contact the partner branch of the Golden Crown.
So far, transfers are made in euros, but it is planned to connect other currencies, including the ruble. In general, Zolotaya Korona has big plans and implies the appearance of many additional services. At the same time, it is planned to capture at least 50% of the payment market between Russia and Europe in two years. The company is actively attracting users by setting zero commissions, the income will be generated not by the transfers themselves, but by additional services.
It is expected that the chosen business model will help KoronaPay gain a foothold in the European market, where many similar systems already exist, including such well-known ones as the “classic” Western Union. The coronavirus pandemic, due to which the number of international transfers has sharply decreased, can hinder the rapid introduction to new markets. Much depends on how quickly the economy recovers. But the pandemic may also help the development of the service, as it has increased the demand for online transfers.