VersusPay: Send And Receive Payment Frictionlessly Using QR Codes
Dec. 19, 2022, 10:31 a.m.
There are so many frictions with the generally preferred forms of payment, starting with the need to remember long account numbers for multi-account holders to the time it takes to process traditional inter-bank payments and then confirming the status and legitimacy of processed transactions.
VersusPay eliminates this problem by building quick-response-based financial solutions for the everyday business and mobile money user with a clear focus on ease of use, security, and super speed. By championing a QR-first approach to building its payments solutions, VersusPay allows users to send and receive payments in under 5 seconds with their uniquely encrypted Quick-response code that prevents targeted frauds or fake transfers, delayed payments, and undue reversals.
VersusPay vision and mission are championed by a young team of vibrant innovators bringing their diverse experiences and expertise in areas like payments, technology, operations, and business to create futuristic payment solutions for Africa and the rest of the world. Abel Adugam, the Founder & CEO, is an International conference speaker and a product person Co-driving this vision with John Oseni, Co-founder & CTO, one of the top 100 child prodigies in the world and a multi-tasking full-stack developer. Godspower Eseurhobo & Keren lead marketing efforts & lead partnerships.
The concept of VersusPay as an idea has been in the works since 2020 when the founder found himself in a queue to buy food while at the university in Abuja, Nigeria. While on campus, after spending several minutes when he made an electronic transfer payment to cover a meal, he had to wait for close to 5 minutes for his payment to reflect in the food vendor's account.
He noticed many students had a similar challenge and thought of ways this process could be improved, especially after seeing about five people waiting for their payments to reflect like him. Since then, VersusPay was moved from the idea stage to a fully functional product and operational company to deliver its promise of simplifying the payment experience across Africa and beyond.
From a business perspective, the overall goal is to deliver the highest customer impact to businesses and mobile money users, leveraging VersusPay to enjoy a safe, secure, and smart world-class payment experience.
"Our major offerings as a financial technology company are focused on simplifying payments between merchants and their customers through our scan, pay, and go solution while championing cashless convenience and smart money choices through our various product offerings," the VersusPay team told DT Africa.
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"Currently, VersusPay is expanding its footprint in new commercial regions and major campuses across Nigeria while working with its new leadership team of technological and growth experts to drive international expansion across Africa and other parts of the world."
While VersusPay's central feature is the quick scan-to-pay as a service for businesses and mobile money users, its value proposition of ensuring its users enjoy cashless convenience while spending easily and smartly is made possible through its unique set of feature offerings like expense tracking, smart budgeting and shopping checklist for spend management. Finally, the fintech startup makes it easy for users to create a network of friends, family, and businesses who love stress-free payments by simply adding them to their network of V-buddies to transact at lightning speed.
“VersusPay is the go-to fintech app for everyday mobile money users who want efficiency, convenience, and smart payments; building our core system on the backbone of one the most reliable solutions in QR code makes Versuspay the solution anyone could trust to deliver at super speed, any day, anywhere and anytime, while guaranteeing the utmost security that is lacking in most financial applications that solely depend on passwords and pins that can be easily breached in the event of exposure or targeted fraud.”
"Our focus for our product is delivering more solutions around automated carting and dynamic payment codes that would serve multiple purposes for over-the-counter payments and internationally supported payments. While we can't go into the details of what we are cooking as we are in a highly competitive space, these features focus on making payments less of a challenge for the everyday business or mobile money user."
"We are doubling on efforts to make simplified payments the norm across Africa. One key way to achieve this is through ecosystem partnerships that would supercharge our partners to deliver faster, smarter, and better payment experiences through the power of smart QR codes. Most of these partnerships are in the works and will be announced in time while we keep charting to make people's everyday lives much easier," the Africa fintech startup elaborated.
tag: Africa, financial inclusion, tech, Fintech, Payment Service Provider, Nigeria, Financial Services, Payments,
Verny Joy Author
Verny loves to write poetry, fiction and quotes. Her love for writing landed her in journalism. She loves gadgets and travelling to explore new places.