This service enables users to send and receive money via SMS, eliminating the need for smartphones or ATM cards. By using a network of agents and feature phones, it provides accessible financial services to individuals without access to traditional banking infrastructure.
Funding
Funding not disclosed
Founders
Product
Problem
Many individuals, particularly in emerging markets, lack access to smartphones or traditional banking infrastructure, hindering their ability to participate in the digital economy and make or receive payments easily. This exclusion limits financial inclusion and creates barriers to seamless transactions for both personal and business use.
Solution
Paywise offers a payment platform that enables users to send and receive money via SMS and a network of agents, eliminating the need for smartphones or ATM cards. Users can make payments by inputting their phone number and password at a merchant location or by scanning QR codes. The platform also allows users to receive money directly to their phone number, even without a bank account, as long as the phone number is linked to a National Identification Number (NIN). Paywise aims to simplify payment processes for businesses and individuals, ensuring that financial inclusion is a reality for all, regardless of their technological capabilities.
Target Audience
Paywise targets individuals without smartphones or bank accounts, particularly in emerging markets, as well as businesses looking to expand their payment options and reach a broader customer base.
Features
- SMS-based transactions for sending and receiving money without a smartphone
- Agent network to facilitate transactions for users without bank accounts
- QR code payment option for businesses
- Direct-to-phone number payment reception, linked to NIN for security
- Pay with phone number and password feature at merchant locations
- Mobile application for account management and seamless payments
- Wallet funding for making transactions