Enters into strategic partnership with OLB to expand deployment of Cuentas’ payment solutions on point-of-sales devices
MIAMI BEACH, FL / ACCESSWIRE / August 29, 2022 / Cuentas, Inc. (Nasdaq:CUEN & CUENW) (“Cuentas”), a leading fintech provider of mobile financial app and payment solutions, today announced it has entered into an exclusive licensing and transaction-sharing agreement and strategic partnership with The OLB Group, Inc. , (NASDAQ:OLB), a diversified Fintech eCommerce merchant services and mobile payment provider. The collaboration and integration with the OLB platform allows Cuentas to upgrade its Bodega network and help them evolve into financial centers.
Cuentas’ partnership with OLB enables it to offer new Point of Sale (“POS”) systems in locations where users can load cash into their Cuentas Mobile App and Digital Wallet, among other financial mobile apps associated with major American brands. Cuentas will rename its mobile payment product to Cuentas.net for its bodega network. The Cuentas mobile app provides financial services including routing and direct deposit account numbers and early payday capabilities.
The trading relationship between Cuentas and the OLB group includes a revenue share for profits arising from the sale or rental of OLB point-of-sale devices, as well as sales of digital e-gift content, gaming and mobile top-ups for domestic and international wireless services.
“We are pleased to finally say that Cuentas has achieved under contract the opportunity to diversify its products under Cuentas.com, which serves the current mobile app, available in Android and IOS. Cuentas.net will serve the mobile payments segment Cuentas Mobile will serve the mobility customers who can enable their mobile phone services under the Cuentas product family to become their financial services provider,” said Arik Maimon, co-founder and interim CEO of Cuentas. “This partnership is a big step for the company. It opens new doors for the growth of our services and further exploration of the fintech solution space.” He continued: “These critical relationships create opportunities that significantly extend the scope and impact of the company to the underserved segments of the population. I am very proud that Cuentas is one of the few companies in the US to combine these three services in one offering. to provide our customers with significant incentives and discounts for their daily shopping as a one-stop shop.”
“We at OLB Group see the opportunity to expand our trading services base in a market we don’t currently have and also offer existing products and services to those bodegas and convenience stores as an additional revenue stream in addition to the 10,500 merchants we currently serve,” said Ronny Yakov, the CEO of OLB Group,
“We are excited that the Cuentas brand will now be present on sales receipts (POS), merchant receipts and upgraded cash register touch screens,” said Michael De Prado, co-founder and interim president of Cuentas. “As a result, Cuentas’ range of innovative one-stop prepaid products and services will be available with both digital and physical alternatives and options. All of the above should translate into more profitable revenue and better customer acquisition rates,” added De Prado.
Cuentas, Inc. (Nasdaq: CUEN & CUENW) is a fintech e-finance and e-commerce services provider with proprietary technology that provides digital financial services to the unbanked and unbanked Hispanic, Latino and immigrant populations, including mobile and financial services, prepaid debit card, ACH and mobile deposits, cash transfers, peer-to-peer money transfer and other services. The Cuentas General Purpose Reloadable (GPR) card includes a digital wallet, discounts for purchases from major brick and mortar and online retailers, rewards, and the ability to purchase digital content. For more information, visit https://cuentas.com.
About the OLB Group, Inc.
The OLB Group, Inc. (NASDAQ:OLB) is a diversified Fintech eCommerce merchant service provider and Bitcoin crypto mining company. The company’s e-commerce platform provides cloud-based commerce services for a comprehensive digital commerce solution to more than 10,500 merchants in all 50 states. DMint, a wholly owned subsidiary of OLB Group, is engaged in mining Bitcoin using renewable natural gas with an initial deployment of efficient 1,000 ASIC-based S19j Pro 96T mining computers. For more information, visit https://olb.com
This press release contains “forward-looking statements” as that term is defined in section 27a of the United States Securities Act of 1933, as amended, and section 21e of the United States Securities Exchange Act of 1934, as amended. Statements in this press release, which are not purely historical, are forward-looking statements and include statements regarding future beliefs, plans, expectations or intentions. Except for the historical information presented herein, matters discussed in this press release include forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from future results, performance or performance claimed by such statements. expressed or implied, including that we will meet the standard for listing on NASDAQ or be successful in our launch of the Cuentas GPR map and mobile app. Statements that are not historical facts, including statements preceded by, followed by or containing words such as “believe”, “plan” or “expect” or similar statements, are forward-looking statements.
SOURCE: Cuentas, Inc.
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https://www.accesswire.com/713767/Cuentas-Announces-Exclusive-Software-Licensing-and-Transaction-Sharing-Agreement-with-The-OLB-Group-to-Serve-32000-Nationwide-Bodega-and- Convenience Store Network