Automating Funds Securely
Automating Funds Securely: CNP fraud is as of now the biggest form of card misrepresentation in South Africa. As indicated by The South African Banking Risk Information Center (SABRIC), CNP fraud represents 66.8% of all fraud cases tracked by them. CNP fraud happens when an illegal exchange happens on the web, without the utilization of a physical card and without the authorization of the card holder. This sort of extortion generally happens through the purchase of products online. Fraudsters gain access to important card related details by means of phishing, malware and breaches of data inside systems that don’t make utilization of 3D-secure. Thus, there are heaps of people who are endeavoring to veer far from credit and would rather bargain in cash, and frequently, the comfort of online shopping turns into a genuine drag when you’re attempting to pay by means of EFT.
Enters i-Pay, a startup, which is attempting to change all that by making it simpler and more secure to pay by means of EFT when shopping online. So, what is i-Pay, you ask? i-Pay is a fantastic payment gateway that allows online payments over a variety of channels (like email, SMS, push payments, and QR code) and multiple devices. And because of this versatility, i-Pay is hugely beneficial to both merchants as well as buyers.
i-Pay is the brainchild of the 3 founders – Mitchan Adams, Lyle Eckstein and Thomas Pays. The founders noted a gap in the payments industry that they could solve with their combined institutional knowledge. South Africa has a staggeringly high number of bank accounts – namely 49 million bank account holders, with only 13 million credit card holders. As such, there was a market opportunity to create a simple and efficient bank to bank payment option that would allow the myriad of bank account holders to transact in a safer and more secure way. And thus, i-Pay was born.
Frictionless payment service at its best!
Any disruption needs to gain mass adoption, which is only accomplished through educating the applicable consumer and merchant base. The value of 15 years of experience in scaling various digital businesses has been evident – it has taught i-Pay management how to effectively market an innovative product to millions of people in a cost-effective manner, while still achieving a great return on investment.
Today, i-Pay allows any merchant to register an account and start accepting payments within one day. As for the clients of the company’s merchants, they do not need to effect any registration or software download to use i-Pay. Consumers simply authenticate their transaction on i-Pay using their online banking credentials and within 10 seconds they are able to initiate a payment without having to manually capture any banking details. The i-Pay payment service is thus frictionless and admin-free – cutting down the normal cumbersome manual bank to bank payment process from 2 minutes to below 10 seconds by simply using i-Pay.
A hunger for innovation is the soul of entrepreneurship.
While the African entrepreneurial terrain is intensely risky – if navigated carefully, it will yield abundant successes. The greatest stumbling block is ensuring adequate support from an investment perspective. If an entrepreneur is not able to secure funding from strategic investors, the entrepreneur journey will be a difficult and lonely one. Fortunately, Thomas has had the benefit of over 15 years of experience in knowledge building, networking and scaling various digital businesses. As such, each entrepreneurial effort on his part has grown and benefited from his increasing experience, strategic network and continued creative growth. A good entrepreneur is like an artist, the more experience he gets, the better he becomes at shaping and creating, and i-Pay is the culmination of years of creative shaping and growing.
Simplicity is the key to success!
Within just a short span of time, i-Pay has partnered with some of the biggest players in several sectors, including instant payment services, accounting software, and point-of-sale systems for large retailers. But the one thing that has kept customers stick to them is i-Pay’s simplicity. The i-Pay business is able to retain clients by providing the best payment solution that removes friction, saves clients time and allows such clients to transact online at a lower cost than other payment services.
Moreover, Thomas considers Apple as a great analogy for the future of i-Pay. Because in less than 4 years, i-Pay has only achieved about 1% of what it would want to accomplish as there are many innovative ideas that are being geared to be launched. Similar to the constant innovation that is released from Apple, be it the iPad or constant upgrades to the iPhone, i-Pay will be constantly transforming its payment services. Stay tuned and follow i-Pay on its social media pages to remain up to date with the growth!
Meet a serial entrepreneur
From humble beginnings, Thomas Pays has used his limitless hunger for success and his impressive business acumen to become one of South Africa’s biggest digital players today. With an impressive résumé of past successes to his name, he spends his days as CEO of i-Pay Payment Solutions, an innovative instant EFT start-up which continues to gain momentum throughout Africa. Just Perfect Digital–a fast growing digital marketing agency, in Johannesburg–was one of his previously owned companies which grew under his leadership. Insisting that Africa remains an untouched land of opportunity for e-commerce, he is showing no signs of slowing down in the near future.
