AmplifyPay is a FinTech startup with a twist in the online payments sector. It helps businesses collect and manage their online payments. Founded by Segun Adeyemi, AmplifyPay aims to be the number one platform for handling recurrent and subscription-based payments in Nigeria.
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— Amplified Payments (@amplifypay) April 24, 2018
The platform also does one-time payments processing and verifies various transaction responses. It creates subscription plans and charges a returning customer without having them re-enter their card details again.
AmplifyPay Eyes the $32bn Recurrent Payment Market
Over the last couple of years, Nigerian FinTechs have made the most strides in integrating Nigeria into the digital economy. However, most FinTechs have focused too heavily on the payments problem of E-Commerce. Only very few focus on actually helping customers collect payments.
Meanwhile, the payments collection is a huge market–tithes, TV subscriptions, monthly utility bills payment, and internet subscription, are just a few examples of recurrent payments Nigerians do regularly. These recurrent payments amount to $32bn annually in Nigeria.
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— Amplified Payments (@amplifypay) April 19, 2018
Realising this, AmplifyPay is aiming to be the payments solution provider for businesses and individuals for these recurrent payment needs. It seeks to automate recurring type transactions that currently happen via cash, bank transfers, standing orders and postdated cheques. This takes away the need to always remember to pay your bills and prevents being cut off from a service you really need.
This is a big break from the eCommerce-centric nature of online payments. AmplifyPay has a Customer Relational Model (CRM) instead. With a focus on subscription type businesses, the platform allows businesses to create, view, upgrade, monitor, cancel, and analyze different subscription plans.
Beyond subscription-based businesses, the FinTech also works closely with microfinance banks and online lenders. With its payments automation and Card Correction Technology, AmplifyPay can automatically retry failed transactions while informing the involved parties.
The Challenges Ahead
This is quite an innovative twist in the Nigerian online payments solution. However, it’s not perfect and it still has a lot to do. For one thing, Nigerians are not the most comfortable people and so might not be trusted to remember paying their bills on time. Yearly, the electricity companies are vexed about the number of customers who have failed to pay bills. At some point, they threatened to publish the names of debtors.
Also, Nigerians are very skeptical about the security of online payments solutions from non-banking institutions. Luckily, this fear is quickly disappearing but it’s not surprising that a lot of people don’t feel safe giving out their banking details. Now, they also have to worry about a new platform that can deduct sums periodically?
Obviously, sensitizing people about the security and convenience of payments solutions would be key to the success of AmplifyPay in Nigeria.
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