What is PayKey’s mission statement and how is it used to keep your company competitive in the current market?
PayKey’s mission is to bridge the gap between social and banking. Millennials spend most of their time online and in social networks and, to make a P2P transfer to a friend or a family member, they need to leave the social conversation and use their bank application or a dedicated electronic wallet solution. PayKey’s integration with the bank enables bridging the gap to social with a solution that will appeal to the lifestyle and needs of millennials.
You won the 2016 Agora Fund Run Digital ID & Cyber Competition. What are the main elements that make PayKey stand out from other mobile payment services, in terms of security?
The PayKey solution is based on an SDK integration with the bank’s mobile app, becoming an integral part of the bank application. This architecture is built with the same security characteristics that a bank has and does not initiate any networking activities, thus being completely resilient to breach threats.
You recently closed a USD 6 million Series A Funding. How will the funding be used?
The funding will be used for the development of PayKey’s offering to banks as well as to expand our sales and marketing activities globally.
Since your mobile app is widely used for banking purposes, what benefits does it bring to users? And to banks?
With PayKey, everyday banking becomes simple and frictionless. Users enjoy trusted, instantaneous, and contextual money transfer capabilities while chatting with friends and family. No need to open a dedicated app in order to transfer money – one payment button supports all apps!
The payment experience is intuitive and quick without the need to type in the recipient's bank account details.
With PayKey, banks can regain P2P transactions that are now lost to digital wallets and dedicated solutions. Implementation of PayKey helps to position any bank as an innovation leader and first to market with social payments. It also serves as a strategic driver for promoting mobile banking services and increasing millennial retention.
What challenges do you foresee for the mobile payments industry in 2017 and how do you plan to overcome them?
With the continuous development of new financial services, banks are facing constant disruption and challenges. Yet, with all the innovation around them, users’ trust in new financial services remains uncertain.
The opportunity we see at PayKey is to continue the development of social financial services that will appeal to the lifestyle of millennials while also benefitting from the bank’s trusted security.
About Guy Talmi:
A seasoned executive with 20 years of experience in global marketing, sales and business development. Diverse experience and deep knowledge in Mobile Technologies, Financial Services, Online & Offline Marketing.
Excellent track record of building high profile brands, planning and executing go-to market strategies, creating high volume sales, establishing strategic partnerships.
PayKey enables banks to provide their users with peer-to-peer payment options just when they are needed most – while they are engaged in social interactions. Initiating a payment transaction right from the social app keeps the payment experience intuitive, contextual and simple without needing to share the details of the recipient's bank account. Users enjoy instantaneous money transfer capabilities while chatting with friends and family members on any social messaging platform.
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