Private Payment Solutions for Retail in emerging and developing markets
High Street Retailers in developing economies are under threat from large retail groups and eCommerce operators moving into their space. Banking and payments are already being disrupted, but retail in these markets is behind in its digital transformation and needs to adapt, quickly. Meanwhile, the consumer market in emerging economies is becoming ever more competitive, with shoppers changing spending habits to seek greater rewards and embracing new ways to spend and save.
Various loyalty options exist in these markets, creating confusion for consumers and integration headaches. Retailers where banking doesn’t have a foothold, have the perfect scenario for launching their own payment ecosystems, with physical footprints and customer bases that allow deployment of services at a suitable scale to achieve critical mass of outlets and users.
Payments and loyalty solutions are often siloed and complicated however, they require significant skill to implement and are costly and time consuming to maintain and enhance. Mainstream payment solutions dominate the market and often involve high transaction fees, and most loyalty solutions are complex to build and typically bespoke to the retailer.
VeryPay creates a single transaction journey (instead of the usual fragmented experience) that combines payment and loyalty for speed and convenience.
High Street Retailers are under threat from large retail groups and eCommerce operators. Banking and payments are already being disrupted, but retail is behind in its digital transformation and needs to adapt, quickly. Meanwhile, the consumer market is becoming ever more competitive, with shoppers changing spending habits to seek greater rewards and embracing new ways to spend and save.
Various loyalty options exist in the market, creating confusion for consumers and integration headaches. Retailers have the perfect scenario for launching their own payment ecosystems, with physical footprints and customer bases that allow deployment of services at a suitable scale to achieve critical mass of outlets and users.
Payments and loyalty solutions are often siloed and complicated however, require significant skill to implement and are costly and time consuming to maintain and enhance. Mainstream payment solutions dominate the market and often involve high transaction fees, and most loyalty solutions are complex to build and typically bespoke to the retailer.
VeryPay creates a single transaction journey (instead of the usual fragmented experience) that combines payment and loyalty for speed and convenience.
Closed Loop Payments for Retail
VeryPay Benefits
Simple, fast rollout
Affordable access to cutting edge technology as a fully functional, ready-to-launch platform, retailers can reduce time to market from years to months.
Defend against big players and eCommerce
Creates a level playing field against global players and big tech and makes it easier to adopt new payment technologies in the future.
Improving value for money for customers in-store
By combining spend and loyalty data, VeryPay allows retailers to offer tailored, higher margin incentives, driving up the average revenue per customer.
Family and friends sharing model
Supports customers who want to delegate spending responsibilities, enabling them control and analyse spend across multiple cards and accounts.
Global
Uganda