Page 37 - GS231202_flipbook

NewProducts

Expand checkout options, rewards

with pay-by-bank

Expansive product suite

The Wafi.cash platform consists of three new products:
Wafi Checkout, Wafi Pay and Wafi Connect. They are avail-
able through a single API and described by the company
as follows:
• Wafi Connect: Businesses can quickly and reliably
afi Inc., a payment processing provider for send and receive payments by using Wafi Connect to
banks, launched Wafi.cash. The new offer- verify customers' bank account information.
ing is an ecommerce payment processing • Wafi Checkout: Businesses can accept bank pay-
W platform designed to facilitate fast, secure ments in a fast, secure, and cost-effective way with
and cost-effective processing of pay-by-bank transactions this fast and simple checkout stream.
through a simple API, according to Victor Umunze, found-
er and CEO of Wafi. • Wafi Pay: Businesses can facilitate bank account pay-
ments that reward customers with cash back incen-
"Despite the advancements in technology and payment tives each time they choose the pay-by-bank option.
processing I helped build while at Plaid, we still continue to Easy interface, implementation
see fraud, identity theft, high fees and inconsistent user ex-
periences plague both businesses and consumers," he said. Umunze noted that Wafi.cash setup and deployments are
"At Wafi, we believe that there is a significant opportunity also fast and simple. Merchants, for example, will not need
for improvement in this space." to change banks to implement the system and API docu-
ments are backed by expert support. Wafi's goal, he stated,
Noting that Wafi.cash opens businesses to new payment is to get customers up and running quickly. He added that
opportunities, Umunze stated that cash remains a popu- it approves payments in real time and directs users to mer-
lar payment option for consumers, both online and offline. chants' order confirmation pages, and on payment approv-
Wafi.cash enables merchants to meet customers where they al, Wafi takes on any settlement risks on merchants' behalf.
shop and support their preferred payment methods while
providing a fast, secure and cost-effective solution, he said. Users can select the Pay with Wafi option at checkout, and
those already in the network can check out with a single
Eliminate redundancies click, company representatives noted. First-time users can
Umunze further noted that the platform eliminates redun- connect their bank account information in a secure way, us-
dant entities in payment processing flows, which translates ing the platform's 256 bit AES encryption and smart 2FA
to cost savings and profitability for merchants. Participat- technology. Once a transaction has been processed, they
ing ecommerce businesses that use Wafi can reduce pay- added, users will receive a loyalty cash back reward spon-
ment processing fees by over 50 percent, and their custom- sored by the merchant or Wafi, and users earn cash back
ers can earn up to 0.75 percent cash back on every purchase, every time they pay with Wafi.
which benefits merchants and consumers alike, he added.
Umunze said that Wafi has been shown to reduce fees and "Wafi Inc. is a fast and secure way for consumers to pay
payment failures while increasing conversion rates by capa- with their bank account and earn cash back every time,"
bly managing multiple payment scenarios. The Wafi.cash Umunze said. "Our revolutionary payment processing plat-
platform uses automated workflows and smart fallbacks to form addresses the issues of high fees, payment failures,
reduce costs and mitigate failures, but more importantly, he and fraud while providing a fast, secure, and cost-effective
stated, the platform's advanced security features are a true solution for ecommerce businesses of all sizes."
differentiator.

Wafi.cash uses multilayered security, which includes bank- Company: Wafi Inc.
grade encryption, proprietary fraud detection and smart
two-factor authentication, Umunze pointed out, adding Product: Wafi.cash
that these always-on monitoring, detection and fraud miti- Website: www.wafi.cash
gation capabilities help businesses reduce fraud and ef-
fectively identify end-user customers who transact on the Contact: info@wafi.cash
platform.

37