Youtap, Kenya based provider of contactless mobile payments and financial services software, has launched a payment processing platform, which will be delivered as a cloud service for mobile money and payment providers in developing markets.
The Youtap Cloud will enable real-time transaction processing for contactless mobile money and bank wallet payments. It supports QR code payments, as well as NFC technology, including low-cost micro point-of-sale (POS) devices, companion cards and ‘tap and pay’ using tags or wearables. The solution is a white-label service with minimal upfront costs, allowing the provider to focus on go-to-market initiatives and merchant acquisition.
Describing the product, Peter Meredith, chief marketing officer for Youtap, noted that Youtap Cloud connects to banking and traditional payment networks through a range of interfaces and to blockchain for digital payments, interbank, interbranch and cross-border settlement. “Mobile money providers can transform their business quickly and gain an edge over the competition in their markets,” he said.
The service is deployed from regional PCI-compliant data centres as a public or private cloud service. Based on Java and Oracle, with a range of Android and Apple OS apps, Youtap Cloud provides banks and payment service providers with open APIs to integrate the next generation of mobile payments into their existing banking and payment applications. It can be integrated with an existing mobile wallet or for new entrant companies requiring a mobile wallet.