Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
iStock 1257896082 - Business Express

Ecospend announces partnership with QR-code based payment service app PENG


Partnership will grant PENG’s SME customers access to Ecopsend’s instant payment capabilities

Businesses will benefit from the power of open finance and cardless payments to facilitate transactions and reduce costs

Move will support smaller businesses recovering from the pandemic

London, 3rd October 2022 – Ecospend, the UK’s leading Open Banking payment provider, today announces its partnership with QR-code based payment services app, PENG. The partnership will enable PENG’s small business customers to benefit from Open Banking services in the form of free transactions and enhanced security.

Founded in 2017, Ecospend’s ‘Pay-by-Bank’ technology aims to harness the benefits of Open Banking for businesses. In the year to date, Ecospend has already processed volumes exceeding £5bn.

PENG is designed specifically for small businesses seeking to migrate towards emerging payments systems in order to create greater time and cost efficiencies as they look to resume service following the pandemic.. From today, PENG’s customers will be able to benefit from Ecospend’s instant payment capabilities, which will be included within PENG’s highly competitive pricing structure.. PENG offers its customers two subscription options, FREE and PRO. The PRO version, charged monthly at £19.99, allows customers to send pay requests to the value of £35,000.00 per month, while the free version limits pay requests at £1,500.00 per month. Additional credits are available for purchase to customers who exceed their respective limits.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

In addition, PENG offers a simplified registration route. Customers need only provide basic details, verify their bank accounts and select their subscription option.

Already small businesses are seeing the benefits of free transactions. Chanel Edwards, founder of SMART CEO, describes the service as groundbreaking. “PENG offers a compelling prospect for us,” Ms. Edwards said, “ease of use coupled with security and, above all, value, are sought after features.” Her sentiments are echoed by another small business founder, Mori Abdul of production agency Mori Moves. “I think it’s packaged really well and the company’s ethos is appealing.” Both women are model PENG customers – young, ambitious, tech savvy and always on the lookout for innovative advances.

PENG was conceived by longtime Ecospend partners, James Kibera and Simon Reader. As Chief Executive Officer, Reader has been charged with leading PENG, with further appointments enhancing the finance, creative and product portfolios.

James Hickman, Ecospend’s Chief Operating Officer, says: “We have enjoyed an excellent relationship with James and Simon who are highly regarded within the industry and we know their leadership will be instrumental to PENG’s success.”

Commenting on the partnership, PENG’s Kibera suggested that the brand’s positioning is happening at an important time. “Particularly over the pandemic we noted incredible changes in payment trends and, with traditional payments being subjected to increased regulation and scrutiny, the opportunity for small businesses to extract value from pay tech advances are much clearer. Open banking’s rising popularity speaks to this, and to the wider transformative power of open finance.

“We position ourselves as value-driven. Gradually we’ll aim to incorporate more products to assist the innovators and entrepreneurs, the self-employed and sole traders – but for the moment we’re all about momentum with free, safe, no delay, cardless transfers.”


Recent Post: