19th August 2002
Magex Ltd., the leading European provider of Person-to-Person
and Person-to-Merchant Internet and mobile payment
services
today announced that NatWest is using Magex's
Managed Payments Platform as the technology platform for
its new innovative P2P service, FastPay.
NatWest, part of The Royal Bank of Scotland Group and a shareholder
in Magex, is currently trialling
FastPay to UK consumers.
The service enables anyone with an email address or a mobile
phone number to send and receive payments.
One of the key features of FastPay is that it is open to
all UK residents regardless of what bank is their primary
bank account. New consumers simply visit
www.fastpay.com to register for their account. Once the registration process
has been completed, users are free to send and receive money
to anyone with an email address or mobile phone number. Users
can also pay money into / take money out of their FastPay
accounts using any UK debit card or bank account.
We are delighted that NatWest has chosen Magex as
its technology partner for this important trial, said
Josh Groves, CEO of Magex.
Over the last 12 months,
we have been working extremely hard to develop pioneering
P2P and P2M
payment services and solutions for financial institutions
and mobile operators. The recent launch of the trial of FastPay
proves Magex to be a major player in the growing P2P payments
industry in the UK and Europe.
Commenting on the FastPay trial, Andy Ross, Director of E-Commerce & Internet
for The Royal Bank of Scotland Group, said:
FastPay,
which has been built by Magex, is a great way for friends
and family to send money to each other, without the hassle
of having to send a check through the post. This trial will
make sending money as easy as sending an email.
About the Internet and Mobile P2P and P2M Markets
The mobile and Internet payments sectors are rapidly growing
payment segments especially in Europe. Datamonitor projects
European P2P volume of €770 million in 2002 growing
to €7.7 billion worldwide in 2005, and for mobile payments
to merchants to top €18.5 billion by 2006. Growth in
these markets will be driven by the expanded capabilities
of mobile phones, the continued growth of Internet commerce,
and the increase of P2P cross-border funds transfers between
individuals of different European countries.
