If you were to launch a payments startup one year from now, what kind of business would you build?
Payments
Asked by Question Bot11/Oct/20141 answer
1 Answer
F
Faisal Khan
Answered 11/Oct/2014
Personally, for myself, the most lucrative market is in the developing world, where margins are decent and innovation is welcomed (though not always).
A great area to start in would be a localized (e)Wallet. A card with which you can connect numerous financial instruments (bank accounts, mobile, credit/debit) and then build a network & switch around this idea that the eWallet can be used everywhere (physically, electronically, online/offline, mobile, etc.) This is a system that has perimterised itself from the large Schemes (like Visa, Mastercard, etc.) and/or other large interbank networks costly payment system operators.
The whole point is to have something that is bank and mobile carrier agnostic. Build a product that touches all facets of society at the grassroots level and you could possibly have a winner.
Whilst the backend is complicated, the concept is simple, a card you can buy anywhere just like the phone card, and then you immediately have access to a whole wealth of services, POS, ATM, Bank, Mobile, P2P Payments, Bill Payment, Remittance Payouts, Loading/Off-loading of cash at every possible store, etc.
I know of 3 countries where such an attempt is being sketched on the drawing board. I hope something like this takes off, because the market can sure use it.
A great area to start in would be a localized (e)Wallet. A card with which you can connect numerous financial instruments (bank accounts, mobile, credit/debit) and then build a network & switch around this idea that the eWallet can be used everywhere (physically, electronically, online/offline, mobile, etc.) This is a system that has perimterised itself from the large Schemes (like Visa, Mastercard, etc.) and/or other large interbank networks costly payment system operators.
The whole point is to have something that is bank and mobile carrier agnostic. Build a product that touches all facets of society at the grassroots level and you could possibly have a winner.
Whilst the backend is complicated, the concept is simple, a card you can buy anywhere just like the phone card, and then you immediately have access to a whole wealth of services, POS, ATM, Bank, Mobile, P2P Payments, Bill Payment, Remittance Payouts, Loading/Off-loading of cash at every possible store, etc.
I know of 3 countries where such an attempt is being sketched on the drawing board. I hope something like this takes off, because the market can sure use it.