The startup offers a payment processing platform that enables users to conduct contactless transactions, including peer-to-peer transfers and crowdfunding, through a digital payment system. By providing a prepaid card option, the platform facilitates global banking access for users, addressing the need for convenient and secure payment solutions.
Funding
$3.2M 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
Many individuals, especially foreign nationals, expats, freelancers, and the unbanked, lack access to traditional banking services, hindering their ability to send and receive money easily, instantly, and affordably, both domestically and internationally. Existing solutions often involve complex procedures, high fees, and delays.
Solution
S1lkPay provides a peer-to-peer service for sharing virtual cards, enabling users to share money without traditional cash transfers. Users can issue a new digital card/token from their existing prepaid, credit, or debit card balance and send it to a recipient, who can then use it online or offline. The platform offers access to banking services with a simple app download, facilitating international money transfers and payments for those underserved by traditional financial institutions.
Target Audience
The primary target audience includes foreign nationals, expats, freelancers, and unbanked individuals who require accessible and affordable solutions for international money transfers and payments. S1lkpay also targets businesses seeking to integrate banking services into their platforms via BaaS.
Features
- Virtual card issuance and sharing for P2P money transfers
- Reloadable virtual cards usable for international online transactions
- Integration with Apple Wallet and Samsung Pay for contactless in-store payments
- Compliance with PCI DSS and 3D Secure standards for transaction security
- Mobile app available for iOS and Android
- API available for Banking-as-a-Service (BaaS) integration, offering card issuance, payments, e-wallets, and e-payment accounts
- Mastercard partnership enabling global acceptance