e-Payment Issuing & Acquiring Business
WAVZ allows its clients to build centralized financial services and products; to be client-centric under the e-Payment systems and standardize the financial services; and drive more revenue and profit by introducing new services and products to its customers, hence increasing its market share in the financial services sector.
Our technical approach is designed to benefit from specialized experts and integrate their experiences together with data and analysis to design the best-fit business model for our clients E-Payment solution.
The payments industry has continuously evolved, but there are still some challenges to make the world cashless.
- Convenience: Reduces the need for customers and merchants to carry cash, thus reducing associated costs, including trips to banks, price inflexibility and opportunity costs (i.e., interest earned)
- Efficiency: Reduces the cash management costs for businesses and financial institutions as fewer bills are exchanged by hand and money movements are settled electronically
- Traceability: Enables a greater degree of visibility into the flow of money for financial institutions and regulators, facilitating taxation, transparency, and information gathering
- Protection: Protects customers and merchants from fraud and theft by documenting transaction records and reducing the need to hold cash
- Merchant Adoption: Electronic payments are not accepted by every merchant due to the infrastructure costs, high fees and settlement delays.
- Facilitation: Small denomination payments are often still conducted, reducing the number of processing steps and time to complete a transaction.
- Accessibility: An under-banked population does not have access to primary accounts, and therefore only uses cash in transactions.
- Fraud: Despite the safety measures increasingly adopted, electronic transactions create opportunities for fraudulent activities.