WiPay launches new financial products at WiDay 2020

COVID19 has accelerated demand for Caribbean financial technology (fintech) firm WiPay's services, leading to an increase in online transactions and people signing up for the service, CEO Aldwyn Wayne said at a virtual event on Tuesday. “WiPay has morphed its platform to provide a number of services that would enable every walk of society to participate in financial services,” he said.

WiPay hosted its WiDay 2020 – The Evolution Continues via Zoom, where it launched a number of new financial product solutions. This type of event was the new normal, Wayne. “It’s something that we are very proud of. To know that we helped this region understand and be ready for digital and virtual payments... Having this payment platform provide online payments was the first step in what we thought the region as a whole needed, to have financial inclusion and financial equity in terms of payments,” said Wayne.

Some of the payment solutions launched at the Zoom event included a new EPoS QR code (electronic point-of-sale quick response bar code); electronic money transfer apps WiPay Me and peer-to-peer transfer; and WiShops – an e-commerce business solution. Covid19, Wayne said, allowed everyone to “understand the value of an e-commerce space.

Businesses that use WiPay can now accept contactless point-of-sale payments with the EPoS QR code.

Sacha Thompson, WiPay’s chief operating officer said the EPoS QR code provides a cost-effective alternative to physical cash and card payments.

“Harnessing the power of mobile technology, our solution allows customers to scan a QR code with their mobile phone to pay for goods and services right there at the check-out in the store. It is secure, it’s smart, it’s easy and it’s safe – especially in these social distancing times.”

The other payment solution, WiPay Me, allows people who are not WiPay account holders to directly transfer money to WiPay account holders with the use of a unique payment link (from the account holder) and a credit or debit card. Alternatively, WiPay account holders can instantly send money to fellow WiPay users, at no cost, using the peer-to-peer transfer feature.

WiPay’s chief strategic officer, John Mollenthiel explained the peer to peer feature, saying, “With the advent of the new visa debit cards we can take advantage of tokenisation, and you can store your card details on our platform and voila – peer-to-peer payments are now a reality.”

WiPay also launched WiShops, an e-commerce solution that allows customers to build their own business website. Customers can choose from over 800 ready-to-go design themes and templates to customise their website in keeping with their brand. Customers can also build their product inventory with images, descriptions and prices.