Open Finance Community payment challenge: Wallet Factory

Qorus and Capgemini have identified the leading fintech companies for the payment challenges they organize for the Open Finance Community. One of them is Wallet Factory and its CEO Mikhail Miro tells us more about it.

About Wallet Factory

Wallet Factory is a fintech provider of digital finance services and enterprise-grade platforms. Wallet Factory helps financial companies easily integrate or start their own digital wallet business to grow a customer base and increase profits. All-in-one eWallets with payment solutions, card tokenization services, and customer rewards are a great way to acquire and engage customers, instill loyalty, and monetize new business models.

Can you describe in a few words one of these collaborations (What was the objective? What were the main challenges? What results did your client obtain thanks to the implementation of your solution?)

Since ready-made software failed to meet local specific prerequisites in Belize, we were tasked with delivering a bespoke white-label fintech solution tailored to serve the clients’ interest, improve user banking experiences, and ensure the transition from cash to digital money. 

The results of app implementation are quite impressive as customers and business users started widely utilizing E-kyash in their day-to-day banking operations. In the first two months following the E-kyash app’s launch, 38,000 users enrolled, ~27,000 P2P transactions were successfully performed, 15,000+ purchases were closed using QR codes, and 1100+ stores enabled smooth cash-in/cash-out transactions and QR code payments. In line with our client’s key objectives, the app attracted over 15% of younger generation users aged between 14 and 17, helping to include them in financial services and promote personal finance management.

What is your business model and how easy is it to duplicate to additional geographies? 

Wallet-as-a-Service is a SaaS-like model enabling financial organizations to launch an entire digital wallet business or any of its services on a subscription basis. The WaaS model is a pitch-perfect choice for companies not ready for buying complex enterprise-grade platforms for whatever reason. Also, it is a wise step for those who would like to test-drive the potential of a digital wallet business before upscaling without the risk of wastefully spending their budgets. So, basically, WaaS is a great risk-free way to digitize the value chain through the seamless integration of various digital financial services. The WaaS delivery model allows financial businesses to quickly and efficiently start any B2B or B2C finance project online at a much lower cost compared to traditional out-of-the-box software suites. Clients can opt for one or more service options we offer: 
• E-wallets 
• POS terminals network outsourcing 
• mobile POS terminals 
• cloud-based reward programs for customer loyalty 
• KYC 
• loans management 
• mobile gifts and international gift cards 
• other online payment services 

With WaaS, prospective clients can launch their digital wallet business from scratch or embed any digital service into their current infrastructure. Starting a digital wallet business with WaaS is quite beneficial for a number of reasons. There is no need to spend more for an off-the-shelf software package that might not fit. More importantly, WaaS implies the pay-as-you-grow approach meaning that clients can easily add some other services at any time later when they decide to scale up. The benefits making WaaS be quite a competitive choice are: 

• Easy to launch. WaaS is a great way to go digital with lightning-fast go-to-market rates. 

• White label. Any ready-made software goes with its brand name leaving you fewer chances to promote your own business as such. Or, if you decide to hire an outsourced team, it would take more time to develop your own eWallet app from the ground up. WaaS is second to none here as well. 

• Customizable service range. Businesses are free to choose just one or more WaaS options to see how well they perform in their business niche. Unlike dealing with out-of-the-box software, adding some other services on the go is not an issue any more. 

• KYC compliance. For ready-made software with its architecture etched in stone, it’s not that easy to meet every region’s laws and regulations per se. Service-based models showcase much more flexibility in terms of adhering to various local compliance standards and policies.

Where do you see your fintech company in five years? What impact or difference are you trying to achieve for financial institutions in your portfolio?

We expect bigger recurring revenue share and investment funds. We put a heightened focus on improving financial inclusion in developing countries. While reaching emerging markets, we'll keep helping businesses provide access to digital financial services for unbanked and underbanked communities.