SoftPos - betalingsterminal på mobilen

Offentlig prosjektsammendrag

To accept card payments, a merchant must enroll in a scheme, go through a vetting, fill in forms, and wait from 3 days to 2 weeks to get a card reader. The device requires integration and maintenance. An entry-level card reader costs in a range of 30 Euro. For the big players, the small burden of getting card readers is easily outweighed by the benefit of higher revenue. But for the local hair salon, kebab-shop or café, it is another story. Micro businesses are cost-sensitive, liquidity focused, and operate on short cost/revenue cycles. Sustaining the expenditure on hardware, overcoming the obstacles and technical complexities to enroll, and having to wait several days for a transaction to be available on their account, are barriers to entry. These are simply too high for many micro merchants to overcome. This makes them more likely to just operate in cash, and less likely to have bank records or data necessary for access to credit. This is a massive issue. SMEs and micro merchants make up the backbone of the world economy. According to the World Trade Organization, small-and medium-sized enterprises (SMEs) represent over 90 per cent of the business population, 60-70% of employment and 55% of GDP in developed economies. Despite being such a big part of the economy, this segment is struggling to grow. We develop a software that transform phones into payment points. This means any phone can soon download our app, and act as a a card reader. Merchants get the ability to accept cards, without the cost or logistics of hardware. Reducing their reliance on cash, increasing revenue, and removing hassles and risks associated with cash operations. This may not be the most important development for the Norwegian market but looking world wide we believe this can really be a Game changer and drive Financial inclusion. Full article here: https://www.linkedin.com/pulse/cash-enemy-financial-inclusion-christoffer-thorsheim/