Mobile Payments Platform
Mobile payments and money-transfer solution powered by Hyperledger.
Traditional financial services providers have long operated from within their comfort zones, historically prioritising growing revenues ahead of keeping in touch with, and responding quickly to customer needs. It has left them with legacy businesses built on cumbersome technological infrastructure and institutional corporate cultures that have been slow to adapt.
As such, their customers view them as expensive, unresponsive to their needs, offering limited choice and slow to innovate in the face of other industries that are offering 24/7 seamless, personalised and secure digital access to their services, such as Amazon and Netflix.
In 2015, European regulators changed all that, recognising the need to open the industry to much more vigorous competition. They introduced the Payment Services Directive (PSD2), which has revolutionised the way the financial services industry operates. It lays the ground for an open banking environment that fosters greater competition and technological disruption. In essence, it gives third-party service providers, with their customers’ permission, access to their banking information, giving them the power to create all types of fresh and innovative financial products
Fintech entrepreneurs, like Velmie, have responded by creating a myriad of ground-breaking financial services solutions. These include branded payments and loyalty solutions; financial products tailored for specific audiences; existing products augmented with additional payment features and expanded access to financial products for more people.
In the four years since the PSD2 directive was introduced, the benefits of open banking to customers are evident in the wide variety of products that now offer personalised service, wider choice, lower costs and more robust security, often incorporating blockchain technology.
Velmie saw the opportunity to establish itself as a strategic technology partner to companies that want to take advantage of the disruption opportunities presented by open banking in Africa. We saw it as a market offering great potential given the significant proportion of the population who don’t have access to affordable and secure payment services.
We developed a white-label web/mobile payments solution that supports simpler, more secure ways of initiating payments. It also makes it possible for businesses of all kinds to create their own financial ecosystems; establishing trust and closer relationships with their customers.
Our customizable mobile payments platforms have the following features:
Reliable, scalable and inexpensive cloud computing back-end system hosted on Amazon Web Services (AWS)
Private blockchain network on Hyperledger for fast and secure transactional processing
Microservices architecture to effectively handle product customizations for specific clients
iOS, Android, Web wallets for the end-customers
Sophisticated security and robust compliance
Within the first two months after releasing our minimum viable proposition (MVP), we are excited to share the news that three African payment providers have successfully customized and adopted our mobile payments solution.
Carrefour Tunisie, a multinational retailer, implemented a mobile payment and customer loyalty solution we helped develop, which is now successfully running on the mobile devices of their customers.
Central Bank of Tunisia is running a pilot project they developed in partnership with us that enables mobile payments through a private blockchain network across the country.
The Development Bank of Mauritius invested in our mobile payments platform to enable Mauritius Post to offer fast and secure mobile payments.