KORIPASS is an electronic wallet that links to physical payment devices like bracelets and key rings, enabling contactless payments for mobile money users. The wallet integrates with existing mobile money services, allowing users to make quick and easy transactions using their preferred mobile payment method.
Funding
Funding not disclosed
Founders
Product
Problem
In many regions, especially in emerging markets, a significant portion of the population relies on mobile money for daily transactions, but lacks access to convenient and universally accepted contactless payment methods. Existing mobile money solutions often require users to navigate complex menus or share sensitive information, creating friction and security concerns during point-of-sale interactions.
Solution
KORIPASS offers a Near Field Communication (NFC) and QR code-enabled electronic wallet that links to physical payment devices such as stickers, bracelets, and keychains, enabling mobile money users to make quick, contactless payments. Users can load their KORIPASS wallet using their existing mobile money accounts or cash at participating merchants. At the point of sale, customers simply tap their KORIPASS device on the merchant's terminal, automatically debiting the exact amount from their linked mobile money account. The KORIPASS mobile application allows users to manage their wallet, track transactions, and reload funds, while also providing a secure and user-friendly payment experience.
Target Audience
The primary target audience includes mobile money users in regions with limited access to traditional banking services, as well as merchants seeking to offer convenient and secure contactless payment options to their customers.
Features
- NFC and QR code-based contactless payments via physical devices (stickers, bracelets, keychains)
- Integration with existing mobile money services (e.g., Orange Money, Free Money, E-money)
- Mobile application for wallet management, transaction history, and balance tracking
- Rechargeable wallet, allowing users to add funds via mobile money or cash at merchant locations
- Compatibility with merchant terminals supporting NFC or QR code payments
- Secure transactions with automatic debiting of the exact payment amount
- Option to activate and manage KORIPASS accounts without a smartphone through participating merchants