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Big Issue Partners With fumopay To Roll Out New Way for Vendors To Take Cashless Payments via Open Banking
Big Issue has partnered with open banking payment provider fumopay to offer its vendors an innovative new way to take cashless payments.
Big Issue sellers taking part in the fumopay pilot have been able to accept instant payments from customers by displaying a QR code to accept instant payments – all without the need for WiFi or charging card readers.
With cash usage in the UK now representing just 12% of all transactions, many Big Issue vendors – who often face multiple barriers to financial and digital inclusion – risk missing out on sales from customers who no longer carry cash.
The fumopay pilot forms part of Big Issue’s wider strategy to ensure vendors are not left behind in an increasingly cashless society. The social enterprise’s award-winning partnership with giffgaff has seen vendors able to take cashless payments via devices and refurbished phones for several years now. The fumopay pilot is complimenting this offering, especially for new vendors who are yet to be set up with giffgaff’s technology.
Catherine Parsons, Managing Director at Big Issue, said: “By providing smartphones and training through our partnership with giffgaff, we’re empowering vendors to build their digital confidence and connect with customers. Introducing innovative payment solutions like fumopay alongside this support simply adds another tool to the toolkit, giving vendors more control and security when selling the magazine.”
Vendors trialling fumopay have already reported greater confidence in taking digital payments, higher magazine sales, and faster access to their earnings. It’s now our intention to roll out the fumopay open banking account-2-account payment solution to the wider vendor community.
One London-based vendor shared: “ I get paid instantly compared to card readers, which usually take a few days. There’s less cash on the streets now, so fumopay helps me sell more magazines and not lose customers.”
The Big Issue and fumopay initiative has also been shortlisted for the 2025 Open Banking Awards in the ‘Open Banking for Good’ category, recognising its contribution to advancing financial and digital inclusion.
Kevin Ludford, founder of fumopay, said: “Working with Big Issue has allowed us to design a solution around vendors’ real needs. We’re proud to complement Big Issue’s broader digital inclusion programme by making payments simpler, faster, and more accessible.”
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"We've spent years building institutional-quality infrastructure to serve the world's most sophisticated investors. Now, we're extending that edge to individuals," said Mike Novogratz, Founder and CEO of Galaxy. "Importantly, GalaxyOne advances our mission of becoming a full-spectrum financial services provider that builds trusted, regulated, and accessible products for all market segments."
GalaxyOne, which is available on mobile (iOS and Android) and online in the U.S., launches with four core products:
- Galaxy Premium Yield 2: Earn 8.00% APY through an investment note issued by Galaxy Digital LP, a subsidiary of Galaxy Digital Inc. and available exclusively to U.S. accredited investors on GalaxyOne. Yield is generated by Galaxy's institutional lending business, active since 2018. Each investment requires a $25,000 minimum and is capped at $1 million per investor with an initial $250 million total investment cap. Interest accrues daily and is paid monthly into the GalaxyOne Cash account.
- GalaxyOne Cash 3: Earn 4.00% APY in a high-yield cash deposit account FDIC insured up to $250,000. Banking services are provided by Cross River Bank, member FDIC.
- GalaxyOne Crypto: Buy, trade, hold and transfer major blue-chip digital assets, including bitcoin (BTC), ethereum (ETH), and solana (SOL). Transparent pricing, recurring purchases and real-time execution are available on the platform.
- GalaxyOne Brokerage: Access commission-free trading of more than 2,000 U.S stocks and ETFs in individual brokerage accounts. Retirement accounts (traditional and Roth IRAs) are also available. Fractional share trading is available with a $10 minimum per trade. Clients have the option to earn passive income by lending their eligible stocks through the GalaxyOne Stock Lending program4.
GalaxyOne was originally developed under the name Fierce, which Galaxy acquired in 2024. The platform is led by Zac Prince, Managing Director at Galaxy, alongside the original development team. Fierce's former CEO, Rob Cornish, will continue to support the platform's operations as Chief Technology Officer of Galaxy. GalaxyOne sits alongside GalaxyOne Institutional as part of a unified suite of products, each tailored to client needs, but both built to Galaxy's institutional standards of security, scale, and risk management.
"As technology reshapes how people invest, expectations are clear: more yield, easier access from a single platform, and opportunities that extend beyond traditional boundaries," said Mr. Prince. "GalaxyOne delivers exactly that: a unified opportunity to earn yield on cash, trade crypto, and access U.S. equities, all supported by Galaxy's financial discipline, institutional oversight, and professional team trusted by some of the world's most sophisticated institutions. We have an exciting roadmap ahead and are excited to deliver a differentiated financial experience to our clients. This is just the beginning."
To sign up and learn more about GalaxyOne, please visit: https://one.galaxy.app/sign-up
EXCLUSIVE: “Taking the Pain Out of Compliance” – Camillo Werdich, Sinpex in ‘The Fintech Magazine’
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U.S. Bank Leverages Gen AI for Banking Services
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