Tokapay is a digital wallet that facilitates interbank transfers through its application. The platform allows users to send and receive payments directly between different bank accounts.
Funding
Funding not disclosed
Founders
Product
Problem
Traditional interbank transfers can be slow, cumbersome, and often involve fees, creating friction for users needing to move money quickly and efficiently. Existing mobile payment solutions may lack the full functionality of a traditional bank account, limiting their utility for everyday financial management.
Solution
Tokapay provides a mobile application that functions as an electronic funds payment account, enabling users to manage their money and conduct interbank transfers. Upon downloading the app, users automatically receive a free electronic funds payment account and a digital Mastercard. Users can transfer funds between Tokapay accounts via QR code, make interbank transfers, and receive funds from other banks. The app also allows users to set spending limits on their cards and save money in a virtual "piggy bank" linked to each purchase.
Target Audience
Tokapay targets individuals seeking a convenient mobile solution for managing their finances, making payments, and conducting interbank transfers, as well as businesses looking for a platform to disburse funds to employees.
Features
- Automatic generation of an electronic funds payment account and a digital Mastercard upon registration
- Interbank transfers to and from other financial institutions
- Contactless payments via physical Mastercard
- QR code transfers between Tokapay accounts
- Savings feature to allocate a portion of each transaction to a virtual "piggy bank"
- Bill payment for over 160 services
- Ability to block or unblock Tokapay cards
- Real-time transaction history, balance inquiries, and statements
- Multi-level account verification based on transaction volume
- Tokanet platform for businesses to transfer funds to employee Tokapay accounts