Param is an electronic money institution that issues prepaid cards linked to a mobile wallet, enabling consumers to load funds, transfer money, and earn cash‑back on purchases. It also offers merchants integrated payment acceptance via virtual POS APIs, Android‑based and NFC mobile terminals, and a business card solution for expense management, all at a 2.29 % transaction fee with real‑time settlement.
Funding
$52.3M 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
Consumers and small merchants often lack a unified, low‑cost solution for digital payments, cash‑back incentives, and expense tracking, leading to fragmented wallets and high transaction fees. Traditional POS setups require separate hardware, multiple contracts, and complex integrations, which can deter businesses from adopting efficient electronic payment flows.
Solution
Param operates as an electronic money institution that issues prepaid cards linked to a mobile wallet, enabling users to load funds, transfer money, and earn cash‑back on purchases at partner merchants. The same platform provides a suite of merchant services—including virtual POS APIs, Android‑based physical POS terminals, NFC‑enabled mobile POS, and specialized lawyer POS—each integrated with 23 banks and priced at a competitive 2.29 % commission. Businesses can also issue Param Business Cards to centralize corporate spending and automate expense reconciliation. All transactions are processed through a PCI‑DSS‑compliant, tokenized infrastructure that delivers real‑time settlement and detailed reporting via a web dashboard. Developers can embed payment capabilities directly into their applications using Param’s SDK and RESTful APIs, eliminating the need for separate gateway contracts. The combined offering delivers a single, scalable ecosystem for both consumer digital wallets and merchant payment acceptance, reducing operational overhead while enhancing user incentives.
Target Audience
The primary users are individual consumers seeking a cash‑back enabled digital wallet, and merchants—including SMEs, e‑commerce sites, and professional service providers—who need integrated, low‑cost payment acceptance and expense management tools.
Features
- Prepaid Param Card with tiered cash‑back rewards on partner merchant purchases
- Mobile app for instant fund loading, peer‑to‑peer transfers, and QR‑code payments
- Virtual POS API with 23‑bank integration, supporting tokenized card‑not‑present transactions
- Android‑based physical POS terminal with offline fallback and end‑to‑end encryption
- NFC‑enabled mobile POS (Cep POS) that turns any smartphone or tablet into a payment terminal
- Lawyer POS for 24/7 online payments, featuring secure client‑verification workflow
- Marketplace solution for e‑commerce platforms to manage seller payouts and escrow
- Param Business Card with expense categorization, spend limits, and automated reconciliation reports
- Developer SDK (REST/JSON) and webhook notifications for real‑time transaction data
- Low, transparent commission rate (2.29 %) with next‑day settlement and detailed analytics dashboard