AppOpay

AppOpay’s global QR code platform is the next-generation banking technology that facilitates the future of a cashless economy. It combines the functionalities of digital wallets, banking, payments, and money transfers from a single centralized app.

AppOpay delivers a personal wallet account and virtual debit card upon enrollment. The wallet is connected to user bank account and is integrated with EMV-QR code, enabling users to make real-time P-2-P money transfers, pay bills, shop online or in-store, top-up airtime, and withdraw cash at participating ATMs or AppOpay’s agent locations.

These digital banking competencies, under one umbrella, allow users to utilize their funds without the security concerns of carrying cash. By scanning the QRC, they can make payments seamlessly.

This is made possible through AppOpay’s strategic alliances with UnionPay International and their network of 42 million global QR Codes, Europlay MasterCard, Visa (EMVCo) and near-field communication (NFC) payment methods. Additionally, AppOpay has alliances with regional banks, telcos and payment gateway processors to provide uniform QRC payment solutions for the benefit of both the merchants and consumers.

“We do not compete with financial institutions but work behind the scene as their partners through our core banking software, which converts cash accounts into digital accounts, resulting in easy cashless transactions,” says Moe Alharazi, CEO of AppOpay.

One of the biggest challenges AppOpay solves is merchant payment acceptance. Merchants are often charged 5 to 7 percent in credit card processing fees, excluding many from participating in the digital economy. AppOpay’s Merchant Solution provides a global standardized payment platform that benefits merchants and consumers.

It empowers merchants with lower fees, frictionless and contactless EMVCo and NFC-QR payment methods, enabling customers to experience hassle-free checkouts.

This way, merchants can stay at the helm of the digital payment ecosystem without worrying about high transactional costs or expensive POS terminals, as QRC can be read through a mobile with a camera. Transaction information is never exposed as tokenization is used throughout the payment process, preventing skimmers from stealing information.

AppOpay brings many advantages, especially to cooperatives; its core banking software brings them into the digital age, enabling their members to use their funds any time. Further, it allows cooperatives to expand through shared branching improving customer satisfaction.

“We encourage cooperatives to join our network as our banking software helps them comply with stringent AML/ KYC laws throughout Latin America and enable their merchants and members to become part of the digital world,” says Don Pitts, CFO of AppOpay.

Going above and beyond, AppOpay is paving the path for digital financial inclusion for the unbanked and underbanked. It delivers financial services directly to the unbanked, near doorstep, through its agent network and shared branching. Using its built-in KYC functionality, agents can open accounts quickly and securely for users to make global digital transactions.

A testament to this approach is evidenced when a Paraguayan Cooperativa Federation leveraged AppOpay’s core banking solution to enable all 57 of their cooperatives to step out of their siloed framework to communicate and collaborate seamlessly together. Any issues or concerns are now resolved in real-time.

This is just one success story that highlights how AppOpay is not just a wallet but rather a digital mobile ecosystem that provides everyone with the opportunity to participate in the digital economy regardless of their social class.