StartupTalky

Tag: payments

  • Stripe Marketing Strategy: Building an Unstoppable Brand in Payments

    tripe is very popular among people across the world as a leading financial services company headquartered in both San Francisco and Dublin founded by Patrick Collison and John Collisson.

    They offer payment processing software and application programming interfaces for various e-commerce websites and similar applications in mobile.

    Their marketing strategy is credited for their tremendous growth since their launch in 2009 which took them to $36 billion growth in less than 10 years. From there, in 2024, Stripe is valued at $70 billion. This article will look at their marketing strategies in an in-depth manner.

    About Stripe
    Audience Centric Content Marketing
    Maintaining Contact with Audience
    Niche Marketing
    Being Responsive
    Strengthening Brand Recognition and Loyalty
    Consistency of Product Development
    Hosting Events
    Blogs and Other Social Media

    About Stripe

    Stripe is a payment platform that helps businesses accept money online and in stores. It processes payments from credit cards, debit cards, and digital wallets, then transfers the money to the business’s bank account. Stripe also offers extra features like security tools, automatic retries, and card updates. Developers can use Stripe’s APIs to add it to websites and apps. The process is simple: a customer pays, Stripe connects with their bank, gets approval, and sends the money to the business. Stripe also provides optional services like automatic tax calculation and custom domains. The Stripe logo is prominently featured in their ads, showcasing the brand’s sleek design and commitment to providing seamless payment solutions for businesses worldwide.

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    Audience Centric Content Marketing

    The marketing strategy of Stripe goes beyond the simple tactics of content marketing. They make sure that their content delivery is only after a thorough study of the target audience. These audiences are not just the customers, but also the developers.

    Through this way, they retain their customers in an efficient manner. Hence, it can be rightly concluded that Stripe devises their content marketing strategies around its target audience and not vice versa.

    Maintaining Contact with Audience

    One of the most important initiatives of Stripe with regard to the marketing strategy is their Stripe Sessions which enable them to connect with users directly. It is an annual event where the users are familiarised with the new launches of Stripe and the company listen to the feedback of the users. The sessions are lead by engineers and domain experts from Stripe.

    Stripe Campaign
    Stripe Brand Campaign

    Niche Marketing

    It is a classic marketing strategy of Stripe. They are aware that their primary customers are developers and hence Stripe markets their products, especially for the developers.

    Being Responsive

    Stripe focuses on both customers and products. When people contact them, they respond quickly and take action fast. They know that if someone has a problem and can’t find a solution, it’s important for Stripe to fix it right away.

    Strengthening Brand Recognition and Loyalty

    Their blog posts and contents are heavily driven by a strong desire to build their brand loyalty and recognition. They create an impression where Stripe becomes the dream company to all the developers to who they market the product.

    In that way, Stripe becomes the first choice and people hardly ever look for a second option. This will also facilitate their publicity through word of mouth. They have also instituted high switching costs which have also become a way to retain their customers.

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    Consistency of Product Development

    They have been consistent and efficient in launching the right product at the right time. Unmatched by their rivals, Stripe’s products are beyond payments. Their programmable infrastructure for global money movement called Global Payments and Treasury Network (GPTN) is an example.

    How Stripe Conquered Payments

    Hosting Events

    Stripe started by holding Capture The Flag hackathons every month. When these became popular, they moved them online, helping them build even stronger relationships with developers. Another great way is meetups—Stripe has organized many meetups for developers and hackers over the years and still does today.

    Blogs and Other Social Media

    The CEO of Stripe himself has agreed on the role of writing in their marketing in their initial days. They have a well-kept blog which is a very important channel for communication.

    They have also published various books on the topics that their firm addresses like economics and technology. They also have Stripe Guides which have been instrumental in retaining customers.

    On social media like Twitter, they have more than a hundred thousand followers. These platforms become an extremely efficient pathway for them to market their products and understand the pulse of the users.

    Conclusion

    Stripe leads the way when it comes to materialising one’s vision. Stripe’s advertising focuses on showcasing its seamless payment solutions, highlighting ease of integration and powerful tools for businesses of all sizes. The growth they achieved within such a short span of time is a testament to their handwork and strategic planning. Their marketing strategy goes by the concept ‘customer is king’.

    Moreover, they know what they want and whom they should target to pitch the product in the right manner. Stripe also gives the valuable lesson that no way is a bad way to market your products when you know how to do it.

    FAQ

    What is Stripe?

    Stripe is a technology company that provides payment processing solutions for businesses. It helps companies accept online payments, manage transactions, and streamline financial operations through easy-to-integrate APIs and tools.

    Who is the founder of Stripe?

    Patrick Collison and John Collison founded Stripe in 2009.

    What is Stripe digital marketing?

    Stripe’s digital marketing strategy uses content marketing, SEO, and developer-focused resources to attract tech-savvy entrepreneurs and startups. By providing valuable tutorials, case studies, and user testimonials, Stripe builds trust and drives organic traffic.

  • RBI Guidelines on Digital Lending – Highlights and Implications

    As the digital revolution took over the regular life of people by storm, there are not many areas that remain uninterrupted by it. With the huge impetus given to Digital India by the Government of India, the domain of finance and accounting has also undergone tremendous changes.

    Beginning with online payment with the help of UPI, it has gone to newer avenues, wherein digital platforms offer credits to the user. It is widely called digital lending. Using the technology of credit assessment and authentication, websites and apps these days allow their users to lend money. Today, banks are not far behind in this domain. They have come up with their own digital lending platforms. Their experience in traditional lending further gives them the edge to sustain themselves in the market.

    In India, a large section of the society depends on the unorganized sector for credit which cracks down on poor farmers and micro enterprises with their high rate of interest. In that regard, the popularity of digital lending has, in fact, bought in financial inclusion meeting the hitherto unmet credit requirements of the people. As digital lending got more popular, it became necessary to keep a check on the activities that are taking place in this domain.

    The Reserve Bank of India, in August 2022 released guidelines on digital lending so as to ensure the smooth and safe conduct of transactions through digital platforms. This article will look at important parts and implications of the guidelines issued.

    Applicability of the Guidelines
    What does the Guideline say?
    Payments
    Data Privacy
    Reporting Lending to CICs
    Options to Exit Loans
    Grievance Redressal

    Applicability of the Guidelines

    The Reserve Bank of India has issued these guidelines keeping in mind the lending ecosystem of Regulated Entities (RE) and Lending Service Providers (LSP). They have classified digital lenders into three different groups. Firstly, those entities that are regulated by the Reserve Bank of India for lending business in itself.

    Secondly, those entities authorized to carry out lending are based on the statutes and regulatory provisions of certain other bodies but are not managed by the RBI.

    The third groups include those entities that are outside the purview of any kind of regulatory or statutory provisions.

    All those lending groups that do not come within the discretion of the above-mentioned categories are free to formulate their own rules and regulations alluding to the recommendations of the working group.

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    What does the Guideline say?

    Let’s take a brief look into the highlighting aspects of the guidelines:

    Payments

    The guideline mandates that all digital transactions should be made between the bank accounts of the regulated entity and the borrower. It should not include any third party or pool account. When they say Regulated Entity, it means any banking or non-banking financial company.

    With regard to the payment of fees during the credit intermediation process, the guidelines clarify that the payment is not to be made by the borrower but should be made by the Non-Banking Financial Companies (NBFCs) i.e, the regulated entities.

    If at all there are any penal interest or charges, they are to be disclosed in the key fact statement (KFS) on an annual basis and should be based on the outstanding amount of the loan.

    Data Privacy

    Data Breaches Worldwide
    Data Breaches Worldwide

    Data privacy is one of the most concerning thoughts in today’s digital world. The guidelines carefully address this issue by delineating that the usage of user information should be need-based. The digital lending platforms are barred from accessing the user’s files, contact lists, call logs, media, and other telephonic functions.

    However, they can have one-time access to their camera and microphone to complete their KYC procedures. This will be possible only after the explicit consent of the customer. Additionally, the guideline also states that the user has the option to deny access to certain data, restrict disclosure of certain information to any third party and deny data retention. The user can also revoke the consent given later if they feel so. They can also delete the application and forget the data when it is being uninstalled or deleted.

    While signing up, the digital lending platform needs to disclose the credit limit information related to product features and the related costs. It includes the disclosure of the all-inclusive costs of digital loans in the form of Annual Percentage Rates (APRs). The guidelines also prohibit these platforms from increasing the credit limit without the consent of the borrower.

    Reporting Lending to CICs

    Any form of lending carried out through Digital Lending Applications (DLAs) of RE or LSPs is to be reported to the Credit Information Companies (CICs) irrespective of their tenure or nature.

    The guidelines extend these requirements even to those lending carried out through Buy Now Pay Later model. This is with regard to the provisions of the Credit Information Companies (CIC) Regulation Act, 2005, issued by the Reserve Bank of India at regular intervals.

    Options to Exit Loans

    The RBI guidelines give the user an option to exit the availed digital loan by paying only the principal and proportionate APR without paying any fine within a stipulated time called the cooling-off period or look-up period. The cooling-off time is determined by the boards of the respective regulating entities. Such a time period should not be less than three days for loans having a tenure of seven days or more and one day for loans having a tenure of fewer than seven days. For those borrowers, who continue even after this period, the provisions of pre-payment will be continued based on the extant RBI guidelines.

    Grievance Redressal

    Every Regulated Entity (RE) and Lending Service Provider is required to appoint a grievance redressal officer. They are supposed to address the FinTech and Digital lending-related complaints issues, faced by the customers.

    Apart from that, the issues related to one’s own Digital Lending Applications are also to be addressed by the officer. Apart from facilitating the option to lodge complaints, the contact details of the respective nodal grievance redressal officer have to be visibly displayed on the website of the regulated entity.

    To further foolproof the grievance redressal system, RBI allows the user to file complaints through the Complaint Management System (CMS) portal under the Reserve Bank-Integrated Ombudsman Scheme (RB-IOS) in case the complaint is not resolved within 30 days of filing.

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    Conclusion

    The development of technology services has tremendously contributed to the mushrooming of Digital Lending Services, which gained quick popularity among the young and middle-aged population alike. While such schemes have been helpful to a lot of people, it has also resulted in many unethical and fraudulent practices, wherein users get scammed.

    Apart from that, various platforms also use this service as a way to charge exorbitant interest rates from users. It is in such a context that the guidelines released by the RBI become all the more relevant. There was a need to manage and control the proliferation of this budding service. These guidelines will ensure that lending through digital platforms happens responsibly wherein both the parties benefit from the advancement of fintech facilities.

    FAQs

    When and where was RBI established?

    The Reserve Bank of India was established on 1st April 1935, in Kolkata.

    Where is the central office of RBI?

    RBI headquarters is currently located in Mumbai after it was shifted from Kolkata in 1937.

    Who is the current governor of RBI?

    Shaktikanta Das is the present governor of RBI.

    When did RBI release Guidelines for Digital Lending?

    RBI released the Guidelines for Digital Lending in August 2022.

  • Paytm Vs PhonePe: Which is Better?

    The invention of the ATM revolutionized the way we exchange and handle money. And the advent of digital wallets has put that revolution into oblivion. Why? We now carry out transactions without cash or card in our pockets. Digital wallet or UPI (United Payments Interface) was launched in 2015 by the state-owned National payments corporation of India (NPCI), the organization that manages all the digital payments in India. UPI is racing towards becoming the leading payment mode in India today.

    With the development of the Unified Payments Interface, the battle over digital payments has narrowed down to 3 major players: Google Pay, PhonePe, and Paytm. In the month of February 2021, the National Payments Corporation of India (NPCI) recorded the total Unified Payments Interface (UPI) transactions in India at 2.29 billion as compared to 2.30 billion in January. Paytm achieved over 1.2 billion monthly transactions. Paytm has the highest market share in offline merchant payments with 15 percent month-on-month growth. Whereas, PhonePe in its quarterly report (Q2 2021) stated that the company clocked over 3.94 billion transactions on its platform, with a total payments value of over Rs 7.47 lakh crore.

    E-wallets such as Paytm and PhonePe were saviors for Indians after demonetization took place in November 2016. Imagining transactions without these two mobile wallets is not possible anymore. In fact, the digital payments space has become too crowded with the emergence of several Indian fintech ventures; digital platforms are competing against each other to provide customers with the smoothest transaction experience. Which is better PhonePe or Paytm? Which is more secure Paytm or PhonePe? This StartupTalky post compares Paytm and PhonePe using 10 parameters to solve the debate.

    About Paytm
    About PhonePe
    Paytm Vs PhonePe – 10 Vital Comparison
    FAQs on PhonePe Vs Paytm

    PhonePe vs Paytm vs Google Pay 

    About Paytm

    Paytm was launched by Vijay Shekhar Sharma in 2010. One97 Communication Ltd is Paytm’s parent company. Paytm is counted amongst the best payment apps in India and offers a mobile wallet for carrying out transactions. It also allows bill payment for mobile services, DTH services, and much more. Paytm has established itself as a sophisticated mobile payment application and has catered to more than 250 million users in the last 8 years. It has the capacity of handling more than 5000 transactions per second.

    Some salient features of Paytm are:

    • Zero banking charges
    • Transaction limit of INR 1 lakh for wallet along with UPI bank transfer
    • RBI-approved safe and secure digital wallet
    • The payments bank, ticket booking (for trains, buses, flights, and movies), and UPI payments

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    About PhonePe

    PhonePe is also counted amongst the best payment apps in India. It was founded by Sameer Nigam and Rahum Chari, former Flipkart employees, in 2015. In 2016, PhonePe became the first Android app to provide UPI-based user services. Within just 3 months of its launch, the PhonePe app hit 10 million downloads. PhonePe also reached the 50 million badge on the Google play store pretty quickly. However, it wasn’t a smooth sail for this digital payments provider. In January 2017, ICICI bank and Airtel blocked PhonePe for the violation of NPCI regulations. The matter was resolved in February 2017.

    Some salient features of PhonePe are:

    • Zero banking charges
    • UPI transactions
    • Bill payments, DTH recharge, and ticket bookings
    • The transaction limit is INR 10,000 for wallet and INR 1 lakh for UPI

    Paytm Vs PhonePe – 10 Vital Comparison

    1. Interface

    The user interface (UI) is the most important feature of any app. People are quick to form perceptions just by the user interface. Paytm and PhonePe differ when one considers the user interface.

    • Clarity – When it comes to clarity, PhonePe has an edge over Paytm. PhonePe icons are spaciously placed while Paytm icons are concentrated.
    • Fonts – The fonts used on PhonePe’s app are slightly bigger than the ones used by Paytm. A possible reason could be that Paytm offers more services than PhonePe (e.g. Paytm Mall); hence, showing the icons in bigger fonts could hinder visibility.
    • Ease of Access – Very few icons appear on Paytm’s home page (in its mobile app) and you have to click further to see other options. This is not the case with PhonePe. Every feature can be accessed from a single page in PhonePe’s app. Again, Paytm has different types of services in the form of vouchers, Paytm Mall, education, games, travel entertainment, and food. Showing all of them on one page is not an easy task.
    Paytm VS PhonePe
    Paytm VS PhonePe

    2. UPI Payments Facility

    PhonePe lets you make UPI payments to your contacts and other account holders with the help of the IFSC code. This approach enables you to transfer money from one bank account to another as well. On the PhonePe app’s home page, you find the option of money transfer which can then be used to choose a beneficiary. With a single click, you can reach the payments page by clicking on ‘send to complete the payment’.

    Paytm has a similar process but with some more steps. People find it easier to make UPI payments via PhonePe when compared to Paytm.

    3. Merchant Payment

    PhonePe gives you a comparatively better interface for merchant payment than Paytm. PhonePe has the QR icon on the top of the home page, whereas the QR icon is at the bottom in Paytm’s app. PhonePe saves the merchant name and account number on the home page, similar to how you would save a beneficiary name and account number. Therefore, you don’t need to add any details the next time you pay the same merchant.

    4. Recharge

    When it comes to recharging facilities, both apps support recharge of mobile, DTH services, and other utilities. PhonePe, however, completes this process quicker than Paytm. In Paytm, you need to navigate through multiple pages to perform the recharge. In PhonePe, much navigation isn’t needed.

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    5. Bill Payment

    Recharge facilities such as bill payment are easier in PhonePe since it takes a single click to reach the payments page. Paytm requires you to follow some more steps to land on the payments section.

    Digital Wallet UPI feature Mobile Wallet Bill payment Debit/credit
    Paytm yes yes yes yes
    PhonePe yes yes yes yes
    BHIM yes no no no
    Freecharge yes yes yes yes
    Google yes no no no

    6. Cashback

    Which app gives more cashback Paytm or PhonePe? Both digital payment apps give cashback benefits on your payments. As to which one gives more cashback depends on the circumstance. Your first transaction on either app is likely to give you the highest reward. PhonePe provides cashback on transactions without having to activate some offer. When using Paytm, you need to activate an offer to get the cashback.

    7. Charges

    Both Paytm and PhonePe levy charges for fund transfer from your digital wallet to your bank account. Neither Paytm nor PhonePe gives any kind of relief when it comes to funding transfer charges. The fee is nearly the same for both Paytm and PhonePe.

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    8. Useful Services (Travel Tickets, Movie, Train Status, etc.)

    Paytm offers more services than PhonePe. Just look at the enormity of Paytm Mall! And then there’s the seamless experience of availing services such as movie bookings, etc. Paytm beats PhonePe in some services, whereas PhonePe leads in others. Movie tickets can be easily booked on Paytm. But booking train tickets and checking train status is easier on PhonePe.

    9. Account Management

    The account management feature of PhonePe is better than Paytm’s. You can handle management-related options in just a couple of clicks in PhonePe. Generally, Account Management comprises auto-payment of bills and bill payment reminders. And PhonePe has a better interface for these two options. Just tap on the ‘My Money’ tab and to reach the auto-pay and reminders icons. You can set the auto-pay service for your utility bills and reminders from this space.

    10. Customer Care

    Both Paytm and PhonePe offer dedicated customer service helplines. PhonePe’s ‘help section’ is extensive and covers nearly every imaginable query. Most of your doubts can be resolved by the help section. You can also contact PhonePe representatives and expect a reply within 24 hours. Paytm does not lag behind this aspect. Its 24X7 help desk has improved significantly over time and is at par with some of the best help desks in the world.

    FAQs on PhonePe Vs Paytm

    What is PhonePe?

    PhonePe is a digital wallet platform and online payment company headquartered in Bangalore, India.

    How PhonePe app works?

    PhonePe works on the Unified Payment Interface (UPI) system. All you need is to enter your bank account details and create a UPI ID. You don’t need to recharge the wallet because the money will be directly debited from your bank account at the click of a button in a secure manner.

    Which is more secure Paytm or PhonePe?

    PhonePe is constantly working round the clock on making transactions highly secure and safe. It uses a mix of cutting-edge technology and strong risk & fraud processes to keep fraudsters at bay.

  • Top 5 Companies leading Debit Cards Market in India 2021

    We live in a world where technology has given us an option to carry a thin card instead of huge stacks of paper in a form of money.  Now, we don’t have to carry large sums of money, with risk and in an uncomfortable way. A debit card is a form of a payment card, which can be used for making any kind of purchase and is accepted instead of money. It deducts the amount that you spend while buying anything, directly from your bank account.

    There are many reasons why debit cards are considered more convenient than cash. India has now accustomed to using cards instead of cash. They are safe and convenient to carry.

    Transactions are comparatively faster and are accepted all over the country. It also makes the online transaction easier and the best thing, it doesn’t let you overspend. Therefore, it is safe to say that a Debit card is one of the most popular and appropriate forms of cashless transaction.

    “I’ve always been pretty careful at keeping track of my spending, so using my debit card is often the easiest way of doing that.”

    -Andy Murray

    In the following article, we’ll discuss the features provided by the top banks on debit cards.

    In India, there are several banks that dominate the debit card market. Let’s find about them:

    State Bank of India (SBI)
    HDFC Bank
    Axis Bank
    ICICI Bank
    Kotak Mahindra Bank
    FAQ

    State Bank of India (SBI)

    Termed as the 43rd largest in the world and largest in India, SBI is a multinational public sector bank whose headquarters is situated in Mumbai, India. This financial services company is providing the country’s citizens with its facility since 1955. It is being a big factor in the debit card market of India by holding 33% of the market share.

    Some of the unique features that it provides with its debit cards are:

    • It provides cardholders with high cash withdrawal limits on selected cards.
    • 3D online security service is provided by the bank to have secured transactions.
    • Many exciting offers for shopping from E-Commerce site- Amazon.

    HDFC Bank

    Founded in 1994 by Hasmukhbhai Parekh and Sashidhar Jagdishan, this financial service company is India’s largest private sector bank in the market. The headquarters is situated in Mumbai, India. HDFC holds 4% of the debit card market share in India. It is the subsidiary of Housing Development Finance Corporation.

    HDFC offers some good features to its debit cardholders and they are:

    • It provides customers with a high online payment limit.
    • Numerous website offers exciting amount of cashback and discount if transactions are made by HDFC debit cards.
    • You can set a limit on your card for shopping, so to avoid overspending.
    • HDFC provides EMI offers while buying anything using debit cards.
    • Premium debit cards provide free health insurance coverage.

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    Axis Bank

    This third largest private sector bank in India is serving people since 1993. It holds 3% of the debit card market share in India and the headquarters is situated in Mumbai, India. It changed its name from UTI bank to Axis bank in 2007.

    Some exclusive features provided by Axis Bank to its debit cardholders are:

    • You can print your customized design for your debit card.
    • The bank provides an option to earn reward points, after domestic and international purchases.
    • Up to 20% discounts are available if you dine out in a restaurant that has partnered with Axis bank.
    • Getting vouchers and gifts after expending and making some minimum purchases.

    ICICI Bank

    This bank was established in 1994 and is a subsidiary of Industrial Credit and Investment Corporation of India, which was formed in 1955. It has 5255 branches all over India and is present in 17 countries. Moreover, it is famous for being the first Indian bank for listing itself on New York Stock Exchange. It holds 4% of the debit card market share in India.

    The debit cardholders of ICICI bank enjoy some special features, and they are:

    • Some of the cards offer a good percentage of discounts on hotels.
    • Shopping vouchers are provided for purchasing from numerous E-Commerce websites.
    • Minimum 15% of discounts are offered to the customers for dining in the partnered restaurant.

    Kotak Mahindra Bank

    The third-largest private sector bank was founded in the year 2003 by Uday Kotak. The headquarters is situated in Mumbai, India again. It has over 1600 branches in India. It holds 2% of the debit card market share in India. This bank is popular for its great customer service.

    ICICI provides some exclusive features to the debit cardholders and they are:

    • It provides an unlimited number of withdrawals for its Gold Privilege savings account customers.
    • Day-to-day expenses of the customer made by the card can be traced by them.
    • Premium cards give them the benefits of insurance on Air Accidents.

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    Top Banks that provide Debit Card Services in India

    According to reports, as of now, there are 850 million debit cards are active in India. With a population of over 1.3 billion people, this is not something strange. Some of those banks are:

    • SBI
    • Bank of Baroda
    • HDFC Bank
    • Union Bank
    • Axis Bank
    • ICICI Bank
    • IDBI Bank
    • Bank of India
    • Kotak Mahindra Bank

    Conclusion

    The Indian payment structure saw an evolution since the introduction of payment cards. These cards play a very significant role in our day to day lives, it makes life easier and has made regular transaction safer and convenient. India is a country where the most number of debit cards is in use. The users are increasing day by day, with the motive of making transactions cashless.

    FAQ

    How many Types of Debit Cards are there in India?

    There are six different types of debit cards present in India.

    Who makes Debit Cards in India?

    National Payment Corporation of India (NPCI) makes the debit for which the banks pay the fee to them.

    How many People in India have Debit Cards in India?

    As of 2020, 860 million debit cards are active in India.

  • Payoneer – Should you use it for Your Business?

    We are living in a digital era where jobs and businesses are no more confined to our own country. Small and large businesses have risen above the border restrictions. They are spreading their wings globally. Therefore, Payoneer has entered the picture. It’s a hassle-free payment platform that allows users to send and receive money worldwide. It’s handy and serves you wherever you live.

    Is it worth it? Let’s find out how it serves you and where it’s lacking in performance so you can make a final decision.

    Payoneer Review
    Top Features of Payoneer
    Payoneer – Pros
    Payoneer – Cons
    Payoneer – Pricing
    Payoneer – FAQ

    Payoneer Review

    Payoneer has provided a super solution that we didn’t even know we needed. Its network is spread across many industries including Upwork, Airbnb, Wish, Getty Images, and Fiverr. It seems well-equipped to successfully bridge the gap between various countries. Now freelancers have another option to receive money from foreign employers.

    Once registered, he/she can enjoy automatic money transfers to their local bank account within 24 hours. Requesting payment from international clients has never been easier. Although PayPal, the top competitor of Payoneer, is still leading the race. Top reasons include price difference. Payoneer is working its way into the market well enough considering it’s still young in the business.

    Let’s see how it works.

    Operation is easy. Here’s a step by step guide for you:

    Payoneer Sing-in Page
    Payoneer Sing-in Page
    • Sign in to your Payoneer account
    • Click on ‘request a payment’
    • Select the payer from your list of contacts
    • Enter your personal (name, email) and payment details (currency, amount)
    • Quickly attach all the payment documents and work samples
    • Preview if you want.
    • And DONE.

    A link will be sent to the client on your behalf. When they click on the “Pay Now” link, they’ll be redirected instantly to their Payoneer platform and can send you the money.

    The most difficult task for Payoneer is obviously outdoing PayPal, which has been in the market for much longer time. It all comes down to the user experience though. If the app satisfies the users, more downloads will follow.

    Payoneer customers
    Payoneer Customers

    Top Features of Payoneer

    1. Easy onboarding: You can set up a Payoneer account direct from the website and it’s free. Since credit card is unacceptable, there’s no underwriting process.

    2. Local Currency account: Changing currencies is a tricky task but Payoneer lets you wash your hands off it. You’ll just receive money in your local currency.

    3. Marketplace Network: Its network has spread to almost all popular marketplaces and it’s constantly growing. So, you can always use the same app no matter which industry you work in.

    Payoneer – Pros

    • Hassle-free money transfer
    • Extremely beneficial for freelancers and contract workers. The freelance market is growing and global transactions are necessary. You’ll need this so you can focus on your work only and not the payment hassle.
    • You can increase your reach to the international market without worrying about the currency exchange.

    Payoneer – Cons

    • The cost of exchanging is higher as compared to some top competitors.
    • It charges an annual fee for using Mastercard.
    • According to some customers, the fraud detection system is a bit over reactive as it terminates the account over little suspicion.

    Payoneer – Pricing

    Getting paid directly by clients

    3% on credit cards

    1% on ACH bank debits

    Getting paid by marketplaces

    The fee as set by the marketplace itself

     

     

    Withdrawal in the same currency

    1.50 (dollar, euro, GBP)

    Withdraw to a local bank in local currency

    2%

     

     

    Pay

    1% ACH

    3% Credit Card

     

    1% local bank transfer






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    Payoneer – FAQ

    Is Payoneer safe?

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    What does Payoneer do?

    Payoneer is an online money transferring app that lets you send and receive money from foreign clients and automatically converts currency to your local one when a transaction is made.

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  • Mastercard to invest $100 million in Airtel Africa’s Mobile Money

    The global payments giant Mastercard has announced that it will invest $100 million in Airtel Africa’s mobile money business which runs under Airtel Mobile Commerce BV (AMC BV). Let’s look at the information regarding the deal and the future plans of the company.

    What is Airtel Mobile Commerce BV
    Recent Investments to Airtel Africa’s mobile money
    Future Plans of Mastercard in Africa
    FAQ

    What is Airtel Mobile Commerce BV

    Airtel Mobile Commerce BV is currently the company that undertakes and controls the major mobile money operations of Airtel Africa. The company also intends to operate and own all the mobile money business in 14 other countries of Africa which are operating under Airtel Africa.

    Airtel Mobile Commerce BV’s services are mainly focused on the unbanked market of the 14 countries of Airtel Africa. Their services include mobile wallet deposits, mobile wallet withdrawals, commercial payments, merchant payments, provision of loans, the opportunity for savings, benefit transfers, virtual credit cards, and international money transfers.

    Currently, the company has around 21 million users for its set of mobile payment services. The company had generated a revenue of $110 million in the recent quarter. They have an underlying EBITDA (Earnings before income, tax, depreciation, and amortization) of $54 million.

    Airtel Mobile Commerce BV operates one of the largest financial services in the continent. It has a valuation of around $2.65 billion.

    Number of customers of Bharti Airtel Limited
    Number of customers of Bharti Airtel Limited

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    Recent Investments to Airtel Africa’s mobile money

    Airtel Mobile Commerce BV received a recent investment of $200 million from TPG’s Rise Fund. The company will own a 7.55% stake in the Airtel Africa’s mobile money service company AMC BV.

    After closing the deal with TPG’s Rise Fund the company had plans to have a discussion on selling additional minority stakes of the company which will be around 25% of the issued share capital. They had plans to sell it to potential investors.

    Airtel Mobile Commerce BV had announced its most recent investor which is the global payments giant Mastercard. Mastercard has announced that it would invest an amount of $100 million in the company. The company will own a 3.775% stake in Airtel Africa’s mobile money business after the completion of the deal.

    The transaction of Mastercard is expected to close in two different portions. The first portion is expected to be closed at $75 million which will be finalized by the next 4 months and an amount of $50 million to be invested in the second phase.

    In addition to the investments, they received from TPG’s Rise Fund and the global payments giant Mastercard, Airtel’s Africa is raising funds by selling off some assets. It is reported that recently the company has sold around 1,400 telecommunication towers to Helios in Madagascar and Malawi. The transaction is expected to be $119 million.

    Both the companies Airtel Africa and Helios to trade tower assets in Chad and Gabon. The details regarding this transaction are not yet disclosed.

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    Future Plans of Mastercard in Africa

    Airtel Africa and Mastercard are two individual firms that are stronger to one another. Both the companies had already got into a deal in 2019. The deal provided an opportunity for Airtel Africa’s 100 million subscribers to receive access to the global network of Mastercard.

    There 2019 partnership did not have any money exchange. In the most recent deal of Airtel Africa and Mastercard has extended their commercial agreements and have signed a new commercial structure that is focused on improving their partnership in different countries around the globe.

    They are planning to concentrate on areas such as issuing of cards, payment processing, payment gateway, merchant acceptance, remittance solutions, etc. amongst the other services provided by the companies.

    The CEO of Airtel Africa Raghunath Mandava said, that they were pleased to welcome Mastercard as an investor in their mobile money business. He also added that, this partnership is a continuation of their strategy to increase the minority shareholding of the company’s mobile money business. He said that they have a further intention of listing the business in the next four years.

    The CEO also added that they are working towards strengthening their existing relationship with Mastercard which will help them realize the full potential of their considerable opportunity. This is to improve their financial inclusion in all the countries they are currently operating.

    Airtel Mobile Commerce BV’s plan of selling the minority stake of the company to Ride Fund, Mastercard, and other potential investors is based on the telecom operator Airtel Africa’s belief to raise enough funds to monetize its mobile money business.

    FAQ

    What is Airtel Mastercard?

    The Mastercard virtual card allows Airtel Money customers, to make payments to local and global online merchants that accept Mastercard cards.

    Is Airtel Money wallet safe?

    Airtel Money Wallet is an RBI approved payments wallet.

    Where is the headquarters of Airtel?

    The headquarters of Airtel is located in New Delhi, India.

    Conclusion

    The company’s efforts are to work towards the pursuit of investment opportunities, asset monetization, and ultimately reduction of debt in the company.