Visa prep Flashcards
What is your business model?
We charge a %age of transaction value that is processed through Safepay. There is no integration fees or annual fees.
Future: from Value added payments features we look to extract more revenue.
Who is your competition? or How are you different from (large competitors)?
we think competition is good, in the ecosystem is healthy for any market. and keeping the space hot.
we want to collab with the right team to help our customers
2) Existing banks
3) Other fintechs
Existing Banks: Our largest competitors are 2 banks that offer an online payment gateway to merchants. How are we different? we are more accessible to all kinds of merchants, we don’t charge prohibitive onboarding fees or annual fees, and we onboard faster than them. We are API focused to create custom integrations for emerging business use cases.
we charge per transaction so as the businesses that use safepay grow, we grow with them.
Fintechs: - We are working to solve different problems, there is so much work that needs to be done, instead of treating each other as competitors, the general mindset is to collaborate and grow the proverbial pie.
- collaborating with multiple fintechs to maximise digital payments. Payfast/ nift/ haball.
How do you plan to scale
For us scaling means giving as many businesses as possible the opportunity to accept online payments. being a technology first company this means investing in talent to create:
- documentation that is accessible to businesses of all sorts
- SDKs and libraries that make it easy to integrate
- new and innovative payment experiences tailored to businesses running in this country
providing payment experiences non existent in the market
How do you ensure transactions are secure?
- PCI DSS compliant
- Secure redirect to our own hosted checkout page, removing the burden of security from the merchant.
- Vet thoroughly during onboarding to prevent bad actors from entering our network.
What obstacles could affect your ability to attract customers, scale up, etc?
Out of our control: Regulation change
In our control: what our competitors release and staying ahead of it
-Managing our growth, staying on top of customer service and day to day execution as we grow.
The market: numbers:
- Mobile subscriptions crossed 164 million in 2020,
- 44 million debit and credit cards in the market,
- the number of Smart phones in the market are 81 million
Issuing side,
- people are mobile accounts, issuing cards for their transacting needs, trend that will evolve, while we don’t see cash going away, the reliance of cash and market share of cash will decrease.
Why now?
we are experiencing a moment in time where a number of factors have put Safepay at the right place at the right time.
Regulatory environment is favourable
Covid 19 Impact leading to acceleration of digital payments.
Events such as the Covid 19 pandemic can cause lasting shifts in behaviour. As SARS demonstrated with China, the post Covid world will be more digital
- Mobile phone and 3G/4G/5G penetration: Rising smartphone adoption . Number of smartphones in Pakistan have nearly doubled in the last 2 years, reaching 81 million
- Demographic shift, median age is 22. Digital Business Owners are young, ambitious and globally knowledgeable
Visa: general
Visa is the gold standard in digital payments and what we need to push the needle forward.
We want to be able to process payments visa payment network,
-We’re aspiring to be the easiest way for a business to accept payments online.
- International transactions-
- Domestic payments are happening, but the majority of people trust visa brands, we will process local payments too but for now the way forward is this. Imp strategy.
- Remittances, transactions, donations. Diaspora pays with the visa payment network.
Visa products we are interested in:
Cybersource aligns neatly with what were working towards.
Cybersource:
Payment acceptance
Payment security
Additional services like currency conversion, global tax compliance,
Fraud management
Visa click and pay: This could be introduced through Safepay. With the lack of PayPal and AliPay, Visa cick and pay can gain market share very quickly.
How safepay fits in:
We see safepay at the heart of the interoperability between all the fintechs
We want to give merchants one point of integration so they can reach as many customers using different payment options
Target market:
- Retail & E-Commerce
- Media & Entertainment
- Transportation
- IT & Telecom
- Food & Beverage
- Freelancers
- Education & Learning
- Healthcare
- Marketplace Platforms
- Fundraising Platform for NGOs
- Home-based Registered Business
safepay mission:
- Empower Pakistani businesses by making online payments simpler with cutting edge technology, security and a better user experience
- Our team wants to make a meaningful impact in Pakistan and we want to do this by solving what we believe is an essential problem
customer journey paying through safepay
Safepay securely gathers the payment details, validates them, and forwards them to the relevant payment institution
Data Validation, Real time fraud protection, 3D secure authentication
Customer completes security steps- (OTP)
Transaction approved by card scheme
Customer returned to merchant’s website
Receipt sent to both customer and merchant
onboarding KYC verification
-Onboarding and KYC verification: We will manage onboarding of merchants by screening them and vetting them with an extensive KYC process.
Ensuring businesses are selling goods and services that they say they are selling.
Performing relevant checks to comply with AML/CTF requirements.
stripe inspired pak based opportunity
The explosive expansion in access to opportunity facilitated by the internet. The number of Pakistanis who can start companies has grown.
We’re making improvements in the payments infrastructure.
regulatory landscape/ govt
We work very closely with the relevant team at the Central bank, and by pursuing regulation, and it gives us the opportunity to build what we want to.
Enabling environment for digital payments
Regulatory environment provided by the State Bank of Pakistan has allowed the digital payment ecosystem to grow exponentially.
what is raast:
Raast is Pakistan’s first instant payment system that will enable end-to-end digital payments among individuals, businesses and government entities within seconds. Not only that it will help bring down the high cost of the transactions making small-value retail payments cheap.
Emergence of EMI’s
Alternative digital payment methods, mobile wallets
Suspension of fee charged by banks on inter bank transfer
Launch of RAAST
Launch of Roshan Digital Account Initiative
how will raast impact your business mode
there can be a depression in fees, but we’re banking on the number of merchants, more people joining the digital economy.
Team
11 people and growing
We’ve hired engineers with backgrounds in payments but we’ve been able to leverage our relationship with Stripe to get the right advice when needed.
Right payments engineering talent to achieve our product roadmap.
current products
payment methods are through bank transfer and mobile wallets
Safepay checkout- e commerce store
quick-links- process payments with just a link and no website needed.
plugins-
product roadmap
-recurring payments, marketplace payments- ( explain marketplace payments)
beta period
We were processioning payments through a relationship with a local bank which is connected to cybersources.
terms of service- growth
One of the areas we want to grow into from basic things like recurring payments to more complicated models for marketplace payments.
Ultimately we want to build the foundation to allow other companies to create innovative businesses we haven’t thought about
What is the merchant dashboard?
Our proprietary tool designed to quickly show merchants their performance in accepting online payments through Safepay,
Aggregated information all in one place,
Payment details on rejected transactions,
Smart notifications through account settings,
Easy Transfers Integrated with all banks in Pakistan,
Exported data Merchants download their transaction history in CSV format for deeper analysis (e.g. create customised marketing for particular customers) and reconciliation,
Easy refunds: direct and no long calls to the bank,
Customisation for branding
Sales process
customer acquisition strategy:
trust of big names,
inbound- quite well known in the startup community
outbound- doubled down on going to customers of big businesses of all sizes, and ultimately we have benefited a lot from word of mouth.
we grow with them.
were confident that our product led sdoltuion will help us get marlet share
presentation: answer in 15-30 secs
For complex questions, it’s fine to say something like, “The short answer is yes, we plan to do [XYZ.] For the long answer, let’s talk after this event.”
