Ese Precious
Ese Precious
Fintech writer at AskWallet.io

Genome: financial platform for fast and secure payments

Genome entered the digital financial services industry to give people a technologically advanced product through which they can experience banking that is without complicated processes, easily accessible, and safe. How well has it been able to achieve this? Let us find out.

2 min read 31.03.2022

Pros & Cons

  • Multicurrency IBAN accounts
  • 5 to 15 secondary multicurrency accounts for personal and business users
  • Fast SEPA money transfers (SWIFT - coming soon)
  • 1% flat rate for currency conversion
  • iOS and Android apps
  • Worldwide ATM withdrawals with Genome Visa debit card
  • Referral bonuses for individual and business account users
  • Free instant money transfers
  • Batch payments
  • Online merchant account opening
  • 40 payment methods
  • 20 currencies to accept merchant payments
  • No cryptocurrency support
  • Not suitable for currency conversions beyond EUR, USD, and GBP
  • Limited currency options for multicurrency accounts

Individuals, merchants, and companies find Genome useful for daily operations from onboarding and account management to money transfers and payment processing. With just a smartphone or computer connected to the internet, account management, payment processing, and wire transfers can be completed conveniently in EUR, USD, and GBP. Genome is a licensed electronic wallet, app, and debit card for opening single EUR and multi-currency accounts and making payments in fiat currencies. It is useful in e-commerce, healthcare, travelling, logistics, financial, marketing, insurance, event industries.

What is Genome?

Genome is a financial platform for individuals, merchants, and businesses. With it, they can open digital accounts and their own physical or virtual with which they can easily and safely make online and in-store payments, transfer fiat money domestically and internationally, and exchange currencies using its mobile application and website. This platform was founded in 2018 by a UAB Maneuver LT in Vilnius – the capital city of Lithuania.

Is Genome Safe?

Genome holds a licence from the Bank of Lithuania, which is one of the members of the European System of Central Banks (ESCB). It is supervised by the same bank and has been operating as a safe electronic money institution since its creation.

By following the legal requirements and security standards of the ESCB, Genome provides high-level security for all accounts opened by individuals and businesses. It uses many modern security tools to protect users’ personal and corporate data, funds, payments, and money transfers. One of the security features is two-factor authentication when logging into your account, thereby providing second-layer security, and making it difficult for another person to gain unauthorised access to your account.

Genome is compliant with:

  • PCI DSS - Stands for international control and security of transactions;
  • GDPR - The EU regulation law for data and privacy protection standards;
  • PSD2 - Regulates payment services together with PSPs within the EU.

Genome partnered with an identity verification service powered by AI technology that covers over 4,600 document types from 195 countries for the onboarding verification. 

Genome provides secure payments with Covery — a fraud prevention system that relies on the multi-factor confirmation of identity during transactions and payments. Real-time transaction monitoring allows to detect and prevent fraudulent transactions immediately.

Furthermore, Genome is a principal member of Visa. It achieved this feat in 2020 when it obtained a licence to issue both physical and virtual Visa debit cards to companies worldwide. Besides, apart from benefiting from Visa’s multi-layer security technology, which includes tokenization and one-time code generation to prevent counterfeit fraud, every participant or member of Visa’s ecosystem is required to protect users’ sensitive payment data from getting compromised.

So, is Genome a safe financial platform to use? Yes! Based on the facts highlighted above, with Genome, your money is in safe hands.

What can I Use Genome for?

Individuals use Genome for personal transactions. They use it for making payments to merchants online and offline, cash withdrawals at ATMs, and wire transfers locally and overseas through the SEPA system. You can also use it for scheduling utilities and subscription payments in advance, cash withdrawal from ATMs that accept Visa cards worldwide, and other financial transactions.

In the e-Commerce industry, merchants use Genome to offer secure, fast, and easy online payment services to clients. It allows merchants to accept over 20 currencies with more than 40 alternative payment methods available. Also, Genome has checkout pages that can be customised to the convenience of the user.

Transport and logistics companies use Genome to create a payment system that passengers and customers can use to pay their fares quickly. Its payment gateway can easily be integrated into mobile apps so that customers of transport companies can pay directly from their travel apps.

Merchants in the fast-changing event industry have also found Genome very useful for smooth financial operations. They are using it to accept payments on their event website. Also, to prevent payment fraud, which is common in this industry, many event business owners use Genome because it has anti-fraud prevention technology that is driven by artificial intelligence.

Lastly, in the travel and tourism industry, Genome has helped many merchants to expand internationally and helped tourists to make payments in local and foreign currencies. Businesses use Genome’s fast SEPA international money transfer capabilities to process cross-border payments to partners and branches quickly. Also, its multicurrency accounts can be directly linked to the account of the merchant for free settlement of funds acquired in foreign currencies.

Conclusion

Genome offers an easy account opening process and a splendid array of modern digital wallet features. It is licensed and regulated in Europe and safe for use. Its website is detailed with well-presented information for customers, potential users, and visitors. Individuals, businesses, and merchants can use its safe, fast, and convenient platform to make or accept payments and wire money locally and internationally. While the providers of this digital wallet are more focused on e-Commerce, transportation, event, and travel industries as their target markets, the rich features of Genome make it suitable for use in nearly any other industry. However, its lack of additional currency conversion options beyond EUR, GBP, and the USD makes it not suitable for cheap payments in other parts of the world where these currencies are not much in use.

FAQ

How can I receive a Genome prepaid card in my country?

Check whether your country is on the list of supported countries for card delivery.

If you find it on the list, then place your order online and wait for about 15 days for it to arrive.


 

Is cash withdrawal available at any ATM?
  • Yes, but at only ATMs that accept Visa cards.
  • So, look for the Visa logo on the ATM you want to use.
  • If you do not find it, then you will not be able to use it.
What are the fees of a Genome physical card?

You will pay 8 EUR for its delivery or replacement at any time.

How many countries are allowed for transaction processing?

Genome allows you to operate in 82 countries around the world. A full list of countries for transactions can be found on this page.


 

What are the fees of a Genome virtual card?

This card attracts a fee of 1 EUR for its activation.
 

How can I receive a Genome prepaid card in my country?

Check whether your country is on the list of supported countries for card delivery.

If you find it on the list, then place your order online and wait for about 15 days for it to arrive.


 

How many countries are allowed for transaction processing?

Genome allows you to operate in 82 countries around the world. A full list of countries for transactions can be found on this page.


 

Is cash withdrawal available at any ATM?
  • Yes, but at only ATMs that accept Visa cards.
  • So, look for the Visa logo on the ATM you want to use.
  • If you do not find it, then you will not be able to use it.
What are the fees of a Genome virtual card?

This card attracts a fee of 1 EUR for its activation.
 

What are the fees of a Genome physical card?

You will pay 8 EUR for its delivery or replacement at any time.

3.70 We calculate the rating from AskWallet editorial and user ratings
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Ese Precious
Ese Precious
Ese has been working in the finance industry since 2020. She enjoys enlightening you about digital payment systems