50 Best Companies to Watch 2022
Finance—perhaps more than anything else—keeps the wheels of the global economy running. For a long time now, large financial institutions that drive the capital markets have made little effort to extend financial services to those at the margins of society.
Enterprises generally view payments as just another form of customer touchpoint. Still, the tremendous technological shift has proved that electronic payments will create many opportunities for businesses to grow faster. Because of the constant technical advancements, electronic payments have witnessed a sudden revolution. With an electronic payments system, you do not need to visit your banks frequently to deposit your payments.
Electronic payments are becoming seamless, fast, and simple payments. But many businesses still have not accepted electronic payments because they know little about it.
Digital payments are expected to grow to $10.5 trillion by 2025, made possible by the smartphone’s and mobile internet’s ubiquity. The disruption we are witnessing in the payments space is welcome as it helps resolve some longstanding issues plaguing society’s unbanked.
U-Payments is one of the best firms to help your business with digital payments needs and technology. U-Payments is a fintech company dedicated to consulting, advising, implementing, and comprehensive administration of means of payment platforms to find state-of-the-art technological solutions to meet the needs of various firms and organizations that work towards quality financial education.
U-Payments develops high-reach technological platforms with greater performance and profitability, complying with industry standards and current regulations in each country. It differentiates by offering a proactive service with a high-performance team that provides long-term creative solutions.
In conversation with Paulo Paulek, CEO of U-Payments
Q. How is U-Payments distinct from other payment services?
U-Payments is an integrated ecosystem that provides access to the industry to any player who wants to tap into this field but doesn’t have the infrastructure, compliance requirements, or the time to come to market. In that scenario, U – Payments comes as an end-to-end solution, providing access, processing, security, and issuing prepaid cards. For example, if a ride-hailing company wants its own prepaid card to pay directly to its drivers, we could provide a physical and/or digital prepaid card. The company will deposit the payments to the drivers on that prepaid card. At the same time, we can provide access to a cross-border platform so the drivers can send money abroad if they are in need, directly from their Driver App.
And on top of that, we can provide the processing of each transaction on both ends; the driver’s app and the final user’s one, with the highest security and reliability based on a cloud platform that complies with the highest standards. We call that a “turnkey” solution, where we give access to a comprehensive platform from one integration.
Q. What is a conciliator, and why is it important?
The conciliator is the process that allows payments to go from one account to the other. Therefore, this is one of the main features of our own cloud-based platform, “U-Pay Processing”; the real gateway to the whole U-Payments ecosystem that includes Bin Sponsor, security, and cross-border payments, among other things.
Q. How are your physical and digital means of payment convenient to your customers?
Our solution allows our customers to issue both physical and/or digital cards without taking care of the hassle that implies the issuing, including relevant aspects from the funding capacity to obtain a license from the local regulator to the processing and the onboarding. Therefore, we take that burden out of them to let them focus on what they can do better, such as their own business.
In addition, our alliances with world-leading partners such as Mastercard, Visa, Microsoft, Cisco, and Oracle allow U-Payments to offer a modern, flexible, scalable, secure, and highly configurable platform enabling its customers to increase sales, reduce costs and build client loyalty.
Q. What can we achieve with Money Send?
U-Money Send is a solution that allows cross-border transactions in any enabled app. Thus, it will let the app user reach several countries, more than 60 currencies, and 90% of the world’s population from a single tap of his phone. We provide access to that platform to each customer who wants to deploy this kind of functionalities in their apps to their user base—giving access to an industry that moves over $ 550.5 billion worldwide, including P2P and B2B payments. That is a real game changer for many companies that are not necessarily in the cross-border payments industry but, given the proximity of their business and the kind of users they cater to, feel the pain of their base regarding this sensitive issue.
Q. Why is U-Pay Card essential?
U-Pay Card is an App integrated into a digital and/or physical card that allows from P2P payments to cross-border transactions. With 3DS security and enabled for QR and NFC standards.
Also, the solution allows them to access U-Pay Processing, our cloud-based ecosystem that enables digital payments. And thus, access to our whole ecosystem.
Throw light on your credit, debit, and prepaid platform.
The prepaid platform we provide to each customer to let them issue their cards is leveraged over our U-Pay Processing platform. But that is just the entrance to an extensive ecosystem that includes digital wallets and cross-border payments. Thus, a company that partners with U-Payments can provide financial inclusion to its user base.
Enabling business access to physical and digital payment through innovative and hassle-free fintech solutions
Paulo Paulek is the CEO of U-Payments. Paulo is an entrepreneur and an expert in Payment Solutions in Latin American and Caribbean countries. With over 20 years of experience in Chile, Colombia, Brazil and Perú, Paulo has provided technological solutions and comprehensive services in complex, sensitive, and regulated scenarios, such as Banking and Retail.