Photo - Text And Pay Me
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Text And Pay Me

Keyboard app, which allows to text and pay anyone, anywhere.

Armenia
Market: Financial services, Mobile applications
Stage of the project: Prototype or product is ready

Date of last change: 08.06.2021
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Idea

Text And Pay Me is the next generation e-wallet application powered with its own payment keyboard which enables you to send money instantly in any messaging app. With Text And Pay Me you don't even have to leave the chat window to make a simple transaction. Just type the receiver's name and the amount you want to send․ That's it, you made a transfer!

Current Status

We have already a working Android application.
Also we have a signed agreement with a pan-european financial institution, and we are in the technical integration process. Under the terms of the agreement, we will provide them our keyboard and we will share the revenue from every transaction executed via our keyboard.

Market

B2C - 16-40 years old, active users of social media and messengers, medium and large companies' employees, users who regularly make online payments and money transfers.
Targeted regions are: CIS, EU, Latin America and Asian emerging countries.

B2B - SMEs which are selling their goods and services through social media and messengers. SMEs can increase their sales for more than 30% by monetizing time which users spend in the messengers by being able to receive payment right in social apps, again, without worrying which platform they use.

Problem or Opportunity

All the conversations about money are not happening in the banking apps, or e-wallets, but - in the social apps. And every time, when you need to do a simple transaction, you have to leave the chat window, enter the mobile banking app, or e-wallet, pass the authentication, fill in the receiver’s information, do the transaction, and then, come back to your messaging app.

Time is money and unfortunately this flow is more time-consuming compared to what we offer: less steps yet the same result.

Similarly, small and medium businesses still do not have an all-in-one solution which allows them to receive money from clients without having 20 different QR codes, POS terminals and payment solutions.

Solution (product or service)

The solution would be the bridge to connect messaging apps, banks and SMEs.

Text And Pay Me is an e-wallet app (with its own payment keyboard), which allows you to make instant P2P transactions directly in any messaging app (WhatsApp, Viber, FB Messenger, Telegram, etc.).

With the help of our product all you need to do is - type the receiver's name, the amount you want to send and that is it.

Without needing to integrate with messaging apps our solution works anywhere, where you can open a keyboard. Like other e-wallets you just need to download it, sign up and make a replenishment.

Competitors

Our closest direct competitor is PayKey (Based in Israel). PayKey is a tech company which sells white label payment keyboards to banks and telecom companies.

Also there are hundreds of mobile banking apps, that enable us to send money.

Advantages or differentiators

Our key differentiators are:
1. They (PayKey) sell only white label to financial institutions and telecom but not going to B2C sector.
2. B2B model for SMEs (restaurants, cafes, e-commerce, online gambling, etc.).
3. Business model which lets us generate more revenue.
4. Our solution is flexible enough to require no integration and does not depend on the community (e.g. users bank).

Finance

1. Commission fee of 1-1.5% from wallet to card and wallet to bank account transactions.
2. Transaction packages for in-wallet transactions.
3. Commission fee of 2-2,5% from SMEs․

We consider to sell transaction packages (100, 200, 500, 1000 transactions) as the main business model. 100 transaction package prices will be different from country to country.

Business model

Marketing channels:

Social media marketing (Facebook, Instagram, WhatsApp, Messenger);
Website content, blog;
SEO;
Content marketing;
Referral programs;
Participation in industry events, conferences, trade shows, etc.;
Articles in newspapers, other relevant blogs.

Money will be spent on

The funding will be spent on development, marketing and administrative costs.
Development: iOS development and finalizing the first version of the product;
Marketing: the big portion of marketing costs for the first year will be spent on marketing campaign, referral program and social medias;
General and administrative: salaries, legal and other consulting costs.

Offer for investor

For the USD 150,000 investment we are ready to offer the investor 10% share of the company.

Team or Management

Risks

The main risk is the absence of the electronic money institution license (EMI), but we are covering it by cooperating with already licensed financial institutions (providing them our keyboard or entering a market under their license).

Incubation/Acceleration programs accomplishment

In 2020 we have participated in the Startup Wise Guys' online acceleration program.
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video