Today, Weavr, the open collaboration platform for digital innovators and fintechs, announced its launch partners including some of the most innovation-friendly payment service providers in Europe’s payments ecosystem.
McKinsey estimates that digital commerce payments volume in Europe will grow from $450bn in 2016 to $750bn in 2021, with the portion of non-card payments going up from 40% to 55% in that period. An increasing number of digital business models – as pioneered by brands like Uber and Airbnb – rely on streamlined payments processes across multiple parties and often reaching deep into the supply chain, there is a growing demand for payment models that go beyond the established e-commerce checkout.
Such payment models are not available off-the-shelf from the established e-commerce payments providers, and digital innovators have to build their own, often at huge expense. Even simple bespoke payment solutions such as a prepaid card programme can take in excess of 9 months and cost tens of thousands of pounds before even the first transaction can be made.
Weavr is a unique cloud-based platform that empowers innovators – ranging from entrepreneurs, product managers and digital start-ups – to design, build and test sophisticated digital payment flows and user experiences. Once the payment solution passes the required tests, Weavr matches the services required to run it with payment providers. The whole process takes days instead of months, with starting costs reduced to a few hundreds instead of tens of thousands of pounds.
Weavr’s first payment models will focus on making virtual cards more accessible to innovators, along with all the capabilities – such as funding the cards, performing customer due diligence, executing transfers – needed to design and build virtual card-based payments solutions.
To deliver these virtual cards payment models, Weavr proudly announces the first European partnerships: Global Processing Services (GPS), a card processor associated with many of Europe’s most successful fintechs; Paynetics, an e-money institution with a pan-European issuing and acquiring footprint, and IDenfy, a full-featured and developer-friendly toolkit for identity verification and anti-money laundering based in Lithuania. The innovation-friendly partners will support Weavr’s current closed-beta early adopter, and will also enable Weavr’s public launch later this year.
Alex Mifsud, Co-founder and CEO, Weavr, said: “We are excited to welcome our first partners who between them will empower many digital startups, product managers and other innovators to create and run sophisticated and streamlined payments experiences for their customers in Europe.”
Antonina Martinova, CEO of Paynetics, said: “We are committed to support Weavr’s initiative to democratise program management and allow start-ups to go live in a very short period of time. We have made available our end-to-end payment infrastructure in order to shorten the time to market for innovative concepts, embracing and leveraging on the payment functionality and transaction data.”
Paynetics is an e-money institution, providing end-to-end payment services across the EU. A principal member of VISA, Mastercard, SWIFT and SEPA, Paynetics possesses solid infrastructure in omnichannel acquiring, issuing, e-wallet and account management. It builds upon payment acceptance to offer value-added services including sophisticated loyalty and automated marketing, advanced merchant services built in the e-wallet, first ever acceptance directly on an Android phone. Its unique one-stop payment and banking solution addresses all payment needs of micro, small and medium merchants. www.paynetics.digital
Weavr is a unique online collaboration platform that enables innovators to connect with payments technology and services providers to design, build and test sophisticated digital payment flows and user experiences for many emerging digital business models.
Weavr relies on a unique proprietary technology stack to speed up the process of building, deploying and running complex payment solutions, developed in collaboration with partners from the global card schemes, programme managers, card issuers and start-up accelerators, with funding from the EU Horizon2020 programme.
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