All Posts in Payments

|In: acquisition|Last Updated: | 0 Comments

Last year in March, Truecaller had announced its foray into the digital payments segment, incorporating UPI-based transfers in its app. Truecaller has announced a strategic investment into the payment space in India by acquiring Chillr, India’s first multi-bank payments app launched in 2014.

Image Source – Chillr

The founders of Chillr, Sony Joy, Anoop Sankar, Mohamed Galib and Lishoy Bhaskaran and the rest of the organization will be joining Truecaller, and Sony Joy will be the Vice President of Truecaller Pay. Chillr’s team of engineers and designers have a profound understanding of mobile payments, and a deep passion for products that they will now bring to Truecaller. The company plans to leverage its full reach of over 150 million users in India as well as its 300+ existing partnerships in India to enable Truecaller Pay as a platform.

Nami Zarringhalam, CSO – Truecaller

Nami Zarringhalam, Truecaller Co-founder & Chief Strategy Officer, said

Since launching Truecaller Pay in 2017, we have seen an increasing number of use cases to make the lives of our users in India easier. By acquiring Chillr, we are reaffirming our commitment to mobile payments and strengthening our plans to increase its adoption amongst our user base. We will, together, have a far bigger impact in this space through the foundation of the team’s expertise and a strong user base that trust our platform and use it on a daily basis.

Sony Joy, Co-founder & CEO – Chillr

Sony Joy, Co-founder, Chillr, said

After spending time with the founders and the Truecaller team, we have realized that we share a lot of synergies; values; culture; and a sharp focus on user experience. Our roadmap on payments and financial services which when combined with the scale and resources of Truecaller, can create amazing experiences and solve genuine problems at an accelerated pace.

About Truecaller

People use Truecaller to stay ahead. It helps them know who’s getting in touch, filter out unwanted calls and SMS, and focus on what really matters. The company provides a suite of unique services such as a dialer that offers caller ID, spam detection, messaging and more. Truecaller’s mission is to build trust everywhere by making communication safe and efficient. Headquartered in Stockholm, Sweden, the company was founded in 2009 by Alan Mamedi and Nami Zarringhalam. Investors include Sequoia Capital, Atomico and Kleiner Perkins Caufield Byers.

With the launch of Truecaller Pay 2.0, the company has brought banking and payments features to the forefront of its app, and in the coming months Truecaller is planning on rolling out credit and other financial services to users in Indiain a mobile-first way.

|In: Digital|Last Updated: | 0 Comments

PayPal is one of the most successful payment processors today. It is available in 202 countries with 203 Million active users. There are 770,793 websites currently accepting payments with PayPal, and this number is growing day by day.

PayPal has remarkable founders and employees, who have succeeded in different spheres later in life. Chad Hurley, Steve Chen, Jawed Karim, the former employees of PayPal founded YouTube, Reid Hoffman founded LinkedIn, Elon Musk founded Tesla, Yelp was founded by Russell Simmons and Jeremy Stoppelman.

Find more interesting facts about PayPal in the infographic, that experts from Play-N-Pay compiled for you. Today we will cover the most interesting six facts about PayPal, which you should know.

$20, $10, $5 marketing strategy

In its early years, PayPal was charging money from every new user. At first, it was a $20 fee, then $10, $5 and PayPal grew at almost 10% per day. From March 2000 to August 2000, PayPal’s user base jumped from 1 million to 5 million. After this early success, PayPal quickly went public on NASDAQ.

PayPal went public twice

In 2002, PayPal stock grew to 55% on NASDAQ. After this in July, the same year eBay bought PayPal for $1.5 billion. This money gave the opportunity for PayPal’s founders to reshape much of the technological world we know today. In 2015, Ebay spun off PayPal, and the two companies were divided again. Since then PayPal stock grew about 56%, and eBay’s stock is up by 43%.

PayPal supports 26 currencies

Though PayPal supports 26 currencies, there are differences in the accounts for different countries. For example, there are many countries where PayPal users can’t enjoy some of the financial features that Americans do. They can’t cash out money from their online wallets, but they can still make purchases. Also, PayPal’s currency exchange rate is a bit lower for many currencies. But overall, it is a great help to make and receive payments for many people around the world.

PayPal demographics

43.86% of PayPal users are from the USA. The second comes from Germany with 17.61%, followed by the UK with 14.39%. 87% of millennials in the US use PayPal for receiving and sending money. Around 30% of PayPal transactions are made through mobile devices.

PayPal is all over the world

PayPal has 56 offices in 31 countries. It’s centers and offices are located in Arizona, Nebraska, California, Texas, Germany, Singapore, Malaysia, Ireland, China, India, and many others. Meanwhile, PayPal’s operations center is not in fancy Silicon Valley, but in Nebraska!
PayPal has 18,000 employees of 119 nationalities. 55% of them are millennials.

It is interesting to know, that there are 13 countries [Belarus, North Korea, Iran, and Iraq included] where PayPal is officially prohibited.

PayPal is a partner with numerous large companies such as Google, Facebook, Visa, Master Card, Telcel, and Vodafone.

Users love PayPal

86% of PayPal users are likely to recommend the service to their friends. Additionally, the US citizens consider PayPal to be the second safest payment system after credit card.

Source – Play N Play PayPal success story

Read the amazing story about PayPal and it’s growth here

|In: startups|Last Updated: | 0 Comments

ToneTag, a sound based proximity payment technology provider launched an Audio Pod for merchants. ToneTag Audio Pod is as simple as just tapping a phone on a Pod to complete a transaction. On tapping the phone on the ToneTag Audio Pod, the pod emits a sound wave carrying data that is received by the mobile phone. On confirmation of the same, the payment is complete.

Image Source – ToneTag

From the invention of wheels and flint stone tools to Nano-technology and artificial intelligence, man has always produced technologies and machines that make his life easier. In today’s world, technology is everywhere! Everything we do involves technology. It is completely integrated into our lives and the two have become inseparable. Even the way we make payments has evolved significantly. Today, we have different types of payment technologies available, including cards, mobile payment options such as NFC, QR codes, RFID chips, e-wallets, applications and many more.

But what about a device that can be placed anywhere and can enable payments via sound without any dependency on Wi-fi or internet? Sounds intriguing, right? That is because we do not associate sound with payments, but with more traditional things such as music. But why should the beneficial nature of sound be curtailed or confined to producing just music? Why can’t one utilize sound based technology to make payments? Well, with ToneTag Audio Pod, you can!

Kumar Abhishek, Co-Founder & CEO, ToneTag, said

ToneTag Audio Pod is a device that can be used by any merchant irrespective of their scale of operations or nature of the business. This device can be that trigger which enables mass acceptance of digital mode of payments amongst merchants. In our push towards a digital economy, a device like the ToneTag Audio Pod can bring in both the merchant and the consumer segment to accelerate the digital drive.

ToneTag Audio Pod is a one stop solution for everything in payments.

  • Enables quick and faster checkout at stores, with transactions being completed under three seconds and thereby acting as a queue buster
  • Any issuer, merchant or acquirer can use the ToneTag Audio Pod to receive payments
  • Payment acceptance from any e-wallet or banking application
  • Payment experience is better when compared to prevalent methods
  • No congestion and rush at stores, giving merchants and customers a pleasant retail experience
  • Works in offline conditions. No data connection required
  • Robust build quality, combined with state of the art design features
  • Space efficient and user-friendly

For more information, please visit ToneTag’s Blog on Audio Pod