eWallet

How Paynetics adds value:
redefining mobile payments on a digital banking platform

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eWallet

Introduction

The Paynetics eWallet is a digital platform which provides seamless user experience which enables consumers to make payments directly from their phones either online or in-store. Our interoperable eWallet connect shoppers with merchants creating value for both parties. For the consumer, spending analytics, payment notifications, full card control, cashback and digitalization of loyalty cards, vouchers and coupons all offer huge benefits. For the merchants, a customizable app for vouchers and loyalty cards can drive repeat business and generate increase demand.

All in one

Our eWallet proposition combines Software as a Service with Payments as a Service, significantly reducing time to market for our partners

Secure

New technologies ensure safe flow of payment information, money is held securely and transferred in multiple ways

Efficient

Lower fraud risk, reduced transaction fees, and an effective instrument for businesses to reach new customers

some of our clients

What we offer to our partners

With consumers using smartphones for all aspect of their lives, the eWallet solution and payment app is becoming the ‘go-to’ secure and convenient method of payment. Merchants therefore need to support these payment methods as part of providing customers with a secure online payment journey and experience. For consumers, the eWallet is fast-becoming a “must-have” in any digital payment offer.

However, launching a financial or banking service is very laborious and time consuming process, requiring providers to overcome a number of hurdles:

  • Regulatory - need to get through the tough licensing processes and strictly comply with all the regulation, incurring high upfront investment cost
  • Technology - need to build great user experience matching best of class FinTechs, while keeping bank grade security, regulatory compliance and connection to financial infrastructure providers
  • Team - need to get the right people from the industry with deep domain knowledge
  • Time - need to plan 24-36 months to go live

Through our white label eWallet solution, we empower our partners to offer digital banking and financial services in a short period of time – we have implemented a commercial eWallet solution from a client within just three months of signing a contract.

Features of the Paynetics digital banking platform

Our platform has evolved from a pure eWallet solution to a full digital banking infrastructure, offering a wide range of functionality. A key feature of our approach is that we work with easy to integrate modular services, meaning that we can scale quickly and easily with our customers.

We offer full support for IBAN Accounts management and money transfers. On our platform, our partners can:

  • Create and manage IBAN account via simple API
  • Enable your customers to easily send instant P2P, SEPA and SWIFT bank transfers
  • Allow customers to top-up funds via any credit/debit card or through bank transfers
  • Issue and control virtual and physical Mastercard payment cards
  • Use a back-office portal for customer support purposes

And since we offer card acquiring services, we provide a wealth of additional features for our clients and partners:

  • Tap to Pay just by using your phone (supports Apple Pay and Android MDES)
  • Multiple virtual cards, including single use cards
  • Full card management - order and control payment cards from the phone
  • Plastic cards on demand

As we strive to remove friction in the payment process, our eWallet platform offers QR payments as a viable alternative method, driving customer engagement, reducing costs and helping merchants offer the broadest range of payment options to their clients:

  • Lower fees: merchants accepting QR payments benefit from much lower transaction costs via an easy to integrate API
  • Flexible UX: merchant-initiated or user-initiated - users can scan a QR code to pay or generate their QR code which can be scanned to authorize the transaction
  • Merchants web portal allows digital onboarding and business account management like transaction tracking, refunds, reconciliation, cash-out and executing bank transfers

In order to deliver additional value to both merchants and consumers we have integrated a sophisticated loyalty and rewards module, offering:

  • Digitised loyalty cards: users no longer need to carry plastic cards
  • Customer analytics: help merchants to understand their customers’ behavior based on real purchase data across various market verticals
  • Digital vouchers: enable merchants to attract new customers and drive repeat business from existing customers with 100% measurable digital vouchers, delivered via a superior user experience
  • Cashback system: empower merchants with flexible cashback program designed to drive repeat visits while decreasing discount cost. Coalition between retailers enabled.

The power of interoperability

The Paynetics digital banking platform is built to support multiple instances and allow them to be interoperable, creating its own payment infrastructure. We are able to do that as we offer both Software as a Service and Payment as a Service. It creates enormous additional value for all participants – for our partners, for the merchants and for the consumers. As all white label solutions are interoperable, the reinforce each other:

  • Free peer to peer for customers of all wallets
  • Close loop QR payments within the network lowering costs
  • Advanced Merchant Services for retailers boarded on the various wallets
  • Next generation marketing engine, based on coherent and actionable data

Security is the guiding principle

Our eWallets effectively remove inputting payment card information from the process when making online (and offline) transactions. It is a more secure way to pay, as no actual payment data is used to process the transaction (read more about our payment tokenization).
In-person transactions are also more secure. It reduces the risk of losing cash or a payment card, having it stolen, as well as the threat of skimming.

The eWallet solution has benefits for merchants as well. Transactions via our eWallet solution keep sensitive payment card data secure reducing PSI DSS scope and costs. At Paynetics we also use dynamic authentication methods to reduce payment fraud, protecting both customers and merchants from fraudulent activity.

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