VeriPark's all-in-one Mobile Payments solution stands out as a new way of managing payments and finances through one single application, accessible 24/7 at the tips of customers’ fingers. Customers can now make P2P contactless payments in real time and use QR codes or NFC (Near Field Communication) to facilitate faster mobile payments.  Whether you need just one component of the solution, the entire package, or a more complex customized approach, Mobile Payments enables your organization to offer comprehensive mobile payments, including:

• Mobile payments with NFC on Android phones and QR,
• P2P money transfers between users,
• Discounts, cashbacks, and location-based campaigns,
• Flexible payment plans to convert any spending to a micro loan

Key Features

Pre-staging

Enables the customers to use their smartphones to start a transaction, such as a withdrawal, before going to a branch or ATM, thus eliminating multiple steps at the ATM.

Contactless Payment

Payment used to be tied to a location. Not anymore. HCE (Host Card Emulation) enables to do faster and easier transactions securely.

Payment options with QR code or NFC

Offers a more convenient way to facilitate mobile payments where customers can walk in and make a payment without logging into their mobile banking account or using a POS machine or cash register.

P2P Payments

Provides the ability to create a secure link to share bill payments or credit card transactions to recipients. Customers will be able to share the single-use payment request link with each recipient.

Payment Holidays

Provides material relief for borrowers facing repayment difficulties by enabling them to apply for a Loan Repayment Holiday on their mobile.

Smart Installment Plan

Enables the customer to request a new equal payment plan for their recent transaction that they made against the credit card.

Budget Planning

Enables customers to log and allocate their finances.

Card Spending Details

Allows to view credit card spending details on the go, anytime, anywhere, and helps to stay within the budget.

Key Benefits

VeriPark's Mobile Payments solution is not just a payment tool, financial institutions can use it to deliver value to customers in multiple ways:

For Financial Institutions

• Providing easy payment plans to increase the purchasing power of customers.
• Digitalization in banking by providing new digital payment infrastructure for both credit card, debit card, and P2P transfers.
• Improving the efficiency of microfinance and embedded finance projects and expanding the geographic range of service areas.
• Providing access to financial services to the unbanked and underbanked population with a cost-to-serve ratio of around 5% compared to a conventional bank.

For End-users

• Instantly performing transactions through a single mobile application on the go, using contactless payments.
• Deferring payments or paying for purchases in installments splitting up a full payment into smaller bits and paying off at regular intervals over a set period.
• Monitoring expenses, identifying the favorite area of spending and instantly reaching the campaigns in the area of interest.
• Reaping the benefits of complete banking services, including the provision of a mobile wallet account.