1.Background
We are at the astonishing developing world and everything is permanently in its repeatable iteration, no doubt for the transaction. Indeed, we have already past lasting long time with the dumb and tedious payment methods by valued items or cash we defined, which is also what we get used of now without any improvement. At this moment, the digital era, the data-sharing world, it is the time to take the breakthrough as we should catch the accurate timing and precious opportunities.
There are a large number of improvements in this field, some countries have actually completed this stage and leap into another so-called era.
2. Youtap Introduction
Youtap’s leapfrogging traditional payment processing across growth markets and:
Creating millions of new digital merchants
Enabling cashless merchant and supply-chain payments
Delivering financial services to these aspirational merchants
Youtap aims at creating the cashless ecosystem, it means that all the transactions will be done without any physical payment: cash, credit card, debit card, cheque, or even store-valued card. As the result of development in this aspect, speeding up the transactions with enhanced security, and enriching the market improvement, inspiring more advanced technologies for the payment and also for the supply chain are not far from us.
Youtap is born to bring the convenience and neat lifestyle for the users.
3.Solutions
1.Merchant Payment
“Create a new class of mass market digital merchant” is the slogan from them. Regarding their narration in the official website, 690m people are using mobile money in 90 growth markets, not to mention the growing use of emerging services such as Go-Jek & Grab. Youpay, the solution for merchant payment, turns these services into everyday accounts through the enablement of ubiquitous payment acceptance.
There three points they highlighted:
Payment processing, software, and hardware solutions that deliver results
Take the stress out of rolling out your network
The right solution for merchant across the road
In this condition, merchants get more speedy transactions and then they will be more attractive when they face the potential customers, by using the cashless payment method.
Besides, it also helps merchants get the simpler and faster shipment from their suppliers, online orders and all-in-one transactions help a lot in this step.
Overall, as the merchant, by deploying Youtap solution, they are able to relish the convenience both from customers and suppliers. It is a definite win-win strategy for them and will be the underlying tendency in the future.
2.Supply Chain
As we mentioned in the last paragraph, the supply chain is a primary and vital basic for all the business. Youtap designed the all-in-one solution to enable kinds of suppliers to connect with their customer detailers, and it is supported with secure payments and seamless shipment.
The high requirements entailed the high-density inspections, but the manual inspections for the transactions are not sufficient for these business behaviors. The all-in-one solution makes great progress in the aspect of saving cost and efficiency.
The main points are below:
One merchant wallet
Working capital support
Real-time settlement
APP & Devices
Merchant incentives
In conclusion, even if there are more than thousands of suppliers for just one detailer, they only own one wallet with the e-money, this wallet is in high-level protection and with high-integrated functions.
By the support of this e-wallet, Youtap solution smoothes the cashflow access and also bring the real-time settlement of the transactions. Besides, the specific applications and specialized devices accelerate the speed of the payment, and with merchant incentives, it is more attractive than others.
3.Agency Banking
The estimated statistics from Youtap, around 2 million people do not have bank accounts or do not access to the bank agency and get the related services.
Youtap pointed out the following contents:
Remote CICO (cash in cash out)
Real-time registration
Bulk transfer
Multiple transfers
Contactless banking
To illustrate every item they mentioned in the Agency Banking solution, we have to understand the initial invention of this solution: serve the underserved and the hardness to reach.
It is not like the online bank (still powered by the bank), Youtap Agency Banking solution create an applicable and intuitive method to help everyone to get all the services from the bank.
Using their own banking service means that all the reachless parts are much closer than before, as these are becoming transparent in a management platform.
4.Microfinance
This solution is introduced for the loan service. As we knew capital loans are highly related to business growth, especially for the start-ups. This is an extended solution, which is outside the merchants, suppliers, and customers.
Regarding the background, the MicroFinance solution helps the users to pass the needed assurance stage and facilitates applying for the loan with accelerated tempo, get the satisfied loan amount eventually.
Apart from these two advantages in the step of applying for the loan, Micro Finance solution platform will also push the latest recommended services or promotions, which is in situ. As a helpful assistant, it will also store all the caches and default settings from the users. It is terribly useful in this digital era and it will stimulate more investments for the future.
The main functions are:
Credit profiling |
Facilities in applying |
Push potential services |
Manage caches and defaults |
Extended services |
✓ |
✓ |
✓ |
✓ |
✓ |
5.Transport
The Transport solution enables the online-offline e-money acceptance on trains, buses, taxis, motorbikes, in short, it is for all forms of transport.
No matter the transport form is normal or not, with the secure and durable devices, it will smooth your journey all over the world without the bothering of disparate languages or line-ups in front of the ticket information or automation ticket machines. As the citizens, we invocate the ubiquitous service like this, as it benefits both the locals and tourists.
The main points of this solution are below:
Formal acceptance: trains, buses, ferries
Informal acceptance: taxis, shared taxis, lorries, motorbikes
acceptance: Mass-market transport services have unique ecosystems, ensure the player is rewarded for increased usage.
Online-offline: Transport payments must be instant. Youtap brings offline transactions and top-ups to online e-money.
The tight devices: Youtap meets the market with the best devices for each service -- low cost, durable, secure.
6.Aid and Disbursement
This solution focuses on the management of distribution, use of disbursed welfare and aid. For every specific disbursed welfare or aid has its selected merchants and corresponding items, the management of this disbursement system has been becoming harder than others.
Imagine that if we have the shared data back-end for all, and also the secure, accurate, real-time system for the operations, it will be humanized and enjoy the great reputation and population for it helps a large amount of the aids.
We split this solution into the following stages:
Register as the users or distributors
Distributors upgrade the related welfare information over-the-air
Users enjoy welfare by using the specialized platform/application/device
7.Topup and Money Transfer
In general, the top-up operation takes a long time if use the remittance service which is powered by the bank. The minimum period is 1 day, it will charge some extras if high-speed remittance, but still within two hours which is not sufficient for the emergency happens sometimes. This developing tempo teaches us to be preemptive and then you can catch every valuable chance in front of you.
It is not efficient and helpful enough by using the traditional dumb transaction methods as before, but only the one integrated with digital service, security, and high speed is feasible and applicable for modern life.
The detailed steps are:
Pre: insert the Youtap service
Find a convenience store or others which owns the Youtap service
Input the remittance amount and select the receiver
Biometric verification in fingerprint pad (which belongs to the store)
Real-time remittance is completed
The time of the whole top-up or money transfer process is limited within 5 minutes, compared with all the former remittance methods, it could be the most efficient.
And the biometric verification ensures the financial security and provides the physical place for users to do the remittance which helps some conventional users to feel that they and their account are in protection.
4.Solution Conclusion
After the precise introduction of each specific solution and the service in this solution above, the vogue shadow of this integrated solution became much clearer.
Youtap separates a generic transaction pie into several specialized solutions for every concentrated part, as we illustrated above.
Besides, they considered another part is named Engagement & Loyalty, as the reward system to encourage higher use frequency and ever-lasting using habit, which is valued in building and consolidating the ecosystem of transaction. It is also helpful in advertising the new items like the notification but with the benefited point, such as some coupons or little welcoming gifts to remind the users that there will be some brand-new items coming or in-sale.
5.Technology
In the aspect of technology, they introduced three parts here:
Platform
Application
Device
The generic technology support includes these three parts.
1.Platform
Youtap’s carrier-grade real-time payment processing and wallet engine, engineered from the ground up for interoperable e-money services.
Transaction Methods |
NFC tags & Wearables |
Companion Card |
Biometrics |
Apps |
Status |
✓ |
✓ |
✓ |
✓ |
Acceptance Methods |
QR Codes |
Youtap Merchant App |
Youtap X8& other mPOS |
Traditional POS Networks |
Status |
✓ |
✓ |
✓ |
✓ |
2.Application
Available in both OS (Android & IOS), called a white-label merchant app, which supports contactless NFC and QR code e-money payment and transfer.
They divide it into two main applications:
Merchant App
Pay & Wallet App
The clear classification helps users to use the proper application and get the unmatched experience as never before.
3.Device
Youtap collaborates with multiple devices, such as some no-street-value devices, smart POS devices.
It is able to be deployed in retail shops, support the following functions:
Retail payments
Cash-in and cash-out
PIN-less payments
Transport payments
Give back change
Airtime top-up
Tag registration
And it owns the following benefits:
Very low cost
Fast NFC transactions
Discrete and strong
Big buttons which are more intuitive and humanized
Bright low energy screen
GPRS or 3G
Long battery life
6.Overall Conclusion
As it is designed for a complete cashless e-money ecosystem, it includes the complicated contents from the hardware, software to solutions.
The context above is the detailed illustration for each part and we highlighted the solution part in this report to clarify the exact meaning of their disparate divisions:
Merchant payment
Supply chain
Agency banking
Microfinance
Engagement
Transport
Disbursement
Top-up & Money transfer