Blockchain payments platform, Bitmama Inc. has acquired Payday, a virtual card service provider aimed to grow its cross-border payments service.
The acquisition was facilitated through Bitmama’s cross-border payments product Changera which is set to consolidate its blockchain payment platform by acquiring 100% of Payday’s customer base.
According to Bitmama’s , Payday’s brand will continue to operate however it will now fall under Changera, supported by its stablecoin infrastructure.
Bitmama started in 2017 as a P2P digital currency exchange and quickly grew into a platform where individuals can trade and manage cryptocurrencies, and digital assets conveniently. Today, it offers a trusted platform for cryptocurrency transactions.
Prior to the acquistion,Payday depended on third-party integrations which had lots of liabilities and challenges .This integration is expected to overcome these by improving both customer experience and service reliability.
The intergration will allow Changera to absorb a number of Payday’s key personnel across various departments, including marketing, customer service, and engineering. The integration is currently ongoing with some Payday employees already transitioning to Changera.
As part of the deal, Paydays over 300,000 customers will now be under Changera with no noticeable changes.The acquisition promises to expand the range of available services, providing access to Payday’s digital payment solutions.
According to the company, there are no planned changes to the fee structures or terms of service for Payday customers. However, as the integration progresses, customers can anticipate an expanded suite of services and potentially new features that leverage the combined strengths of Bitmama and Payday.
In the future,Bitmama aims to introduce new solution to enhance FX transactions for African businesses. Slated for launch in Q1 2024, this solution is expected to address a critical need in the market, facilitating smoother and more efficient B2B cross-border financial interactions.