Bayfikr is a mobile platform that enables instant cross-border value-added payments for migrants through secure digital wallets and real-time transaction processing. The service reduces high fees and lengthy transfer times associated with traditional remittance methods.
Funding
$660K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Migrants often face high fees and slow transfer times when sending money home through traditional remittance services. Setting up bank accounts for recipients can be cumbersome, creating barriers to efficient and affordable cross-border payments.
Solution
Bayfikr provides a mobile platform that enables migrants to make instant, value-added payments directly to billers in their home country. The application eliminates the need for recipients to have bank accounts by allowing senders to pay utility, school, hospital, and government bills on their behalf. Bayfikr leverages secure digital wallets and real-time transaction processing to offer a convenient and reliable payment experience. The platform streamlines the process of sending money home, ensuring that payments are made on time and with confidence.
Target Audience
The primary target audience is migrants who regularly send money home to pay bills for their families.
Features
- Direct bill payment to thousands of billers, eliminating the need for bank accounts
- Secure payment processing compliant with partner and regulatory standards
- Instant payment confirmation
- Option to save billers for faster future payments
- Easy addition of credit and debit cards
- Mobile application available on iOS and Android