PayKey is a fintech startup bridging the gap between social apps and traditional financial services, enabling banks, telcos, digital wallets, and more to gain control of the customer interface and have their brands become a part of their customers’ social and messaging experience. PayKey enables service providers to offer their customers the ability to initiate and complete a range of financial services, including P2P payments, balance check, credit top-up and transfer, cardless withdrawal, and more, from within any mobile app, including all social and messaging applications. Offering cross-platform access to services via a dedicated button on the smartphone’s keyboard boosts brand engagement and customer loyalty while making the user experience quick, contextual, and frictionless.
PayKey has raised a total of $16 million in funding from strategic investors Mastercard, Santander InnoVentures, SBI Group, Digital Ventures – the fintech subsidiary of Siam Commercial Bank, as well as from leading VCs Magma Ventures, e.ventures, and MizMaa. PayKey currently has seven commercial deals with banks around the world, including Westpac Australia, UOB Singapore, Davivienda Columbia, Leumi Israel, and more.
Solution at a Glance
With PayKey, telcos and banks can drive engagement, increase brand loyalty, and improve the customer experience by transforming the smartphone keyboard into a new channel for services, information, and communication. At the core of PayKey’s solution is the patent pending smart keyboard that seamlessly integrates with the telco or banking application, enabling users to initiate and complete financial services from within any mobile application, without having to open a dedicated app. PayKey enables banks and telcos to provide their customers with the ability to access any service already offered in their mobile application, including P2P payments, prepaid top-up, balance check, chatbot engagement, and more, from within all social and messaging applications.
PayKey offers banks and telcos a fully customizable smart keyboard that enables their customers to access a variety of services such as prepaid top-up, P2P payments, balance check, and more, from within any mobile application, including all social and messaging apps. For banks and telcos, PayKey increases brand loyalty, boosts engagement, and improves the customer experience, while reducing commission fees paid to resellers.
Customer Challenges and Benefits
Existing mobile prepaid top-up processes are fragmented and have a high level of friction. Mobile operators today rely on costly third party channels and lose out on customer engagement. For banks, despite their best efforts, millennials are often dissatisfied with their ability to access financial services and are losing out to third-party competitors. PayKey enables telcos and banks to provide an easily accessible and an intuitive interface to their services from the smartphone’s keyboard. With that, they boost brand exposure while increasing loyalty by offering a first-of-its-kind frictionless cross-channel experience.
Unique Selling Points and Differentiators
PayKey is the only solution available that enables banks and telcos to deliver their services from within any social and messaging app. Most other solutions are not channel-agnostic and are based on building “private garden” solutions that work only within their application. Because PayKey integrates directly with the bank or telco’s existing mobile application only at the API level, all security and authentication methods remain the same. PayKey offers innovation at speed, with a typical integration process taking just 30 days.
Company References and Strategic Partners
PayKey has seven commercial agreements with banks and digital wallets around the world including Westpac Australia, UOB Singapore, Davivienda Columbia, Leumi Israel, and more. PayKey has support from leading financial institutions, counting Mastercard, Santander InnoVentures, SBI Group, Digital Ventures – the fintech subsidiary of Siam Commercial Bank, and more as investors.