Digital Wallet For Cashless Micropayments | Fintech solution | Case Study
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FINTECH

Digital Wallet For Cashless Micropayments

The global E-wallet market is expected to grow up to USD 2.1 trillion with a CAGR (Compounded Annual Growth Rate) of 15% by end of 2023. The emergence of eCommerce and the digital economy is leading to migrate from cash payments to plastic money, and now it is taking a leap towards contactless payments. Azilen with its FinTech expertise has formulated an easy to use, secured, and futuristic wallet solution.

Business Scenario

The Client is a South African veteran, providing banking & payments services to SMME’s (Small, Medium & Micro Enterprises), banks & telcos. With a firm aim to accelerate the overall economic growth, the client ideated an innovative concept to revolutionize the current trend of Micropayment transactions.

Azilen engaged with the Client to devise a digital wallet service that allows secure micropayment settlements even without access to any banking service or smart device. This solution brings in full-fledged financial inclusion, intimately bound with social interactions and woven into everyday economic lives.

Key Highlights

Digital KYC

Cash withdrawal from Wallet

USSD Based Transactions

WhatsApp Bot

E-commerce & POS integration

Enterprise-grade security

Challenges

  • AI Engine for Authorization
  • Fraud and Chargebacks prevention
  • Financial Data Security
  • E-Wallet Top-up with Cash
  • Regulatory Compliant

Solution

Azilen implemented a safe and secured ecosystem to accomplish a Digital Wallet that enables individuals to send or receive payment, bringing ease and continuous novelty leveraging technology.

The solution enhanced the users to move forward into a secured digital space and to a better opportunity to manage and track all their spending under a single roof.

With a target to reach out to the maximum number of the user group, the platform also supported wallet usage without the need for any bank account/plastic money or even a smartphone.

The users were able to register with assisted registration & top-up their wallets from defined spots around their regions. The solution also supported to send/receive payment and keep of track of their wallet via USSD (Unstructured Supplementary Service Data) from any simple GSM device.

An innovative product was implemented that can be utilized in a form to bring in financial inclusion with :

  • AI-based user identity verification & registration to prevent frauds.
  • Variety of interface for end-user: Mobile application for iOS & Android, web platform, WhatsApp Bot & USSD based transaction.
  • E-Commerce portal and retailers with POS system were able to easily integrate with the ready available API’s and library.
  • A web-based administrative panel for managing all the platforms & providing an intuitive customer experience.
  • The solution was also integrated with Masterpass that allowed the users & local store owners to receive payment from any of the Mastercard enabled application.
  • Geo-fence based location tracking to withdraw and deposit cash from nearby ATM’s.
  • Also, users were able to make various bills payment from the mobile application & an in-app-shop to purchase mobile vouchers and coupons.

Cloud-based Enterprise Architecture

We implemented a powerful architectural solution for fintech consumer management by forming a Digital Wallet which contained - payment gateways, card issuing & acceptance, bank integration & authentication, KYC, QR code payments and numerous other capabilities required by an enterprise fintech industry, in a PCI compliant cloud-based environment.

  • POPIA compliant SaaS in a Serverless Environment, offering a Unified Reactive & Imperative Programming Model to optimally addresses a wider range of distributed application architectures with a reduced cost and time
  • SOC 2 and ISO 27001 compliant multi-tenant architecture having SaaS-based orchestration framework and cohesive design with loosely coupled APIs
  • AAA (Authorization Authentication Accounting) secured framework for crypto currency, cross border payment, payment integrations, VAS and many more such functionalities
  • Microservices Architecture, transformed from Monolith, having multi-layered networking for a highly secured firewall and payment transactions

Thought Leadership

Digital wallets have been an electronic ticket to the world to include financial convenience, security and efficiency never experienced before. Today every individual owning a smartphone tends to be using one or the other digital wallet service. Within the pool of such services, some of them are highly adaptable that provides :

  • One-Touch Payment
  • Add-on Benefits & Rewards
  • Easy integration service
  • Reach to maximum retailers & public

The key functional features of this solution include following:

End-User Facility

  • Contactless Payments
  • Bill Payment & Recharge
  • Shopping
  • Scheduled Payments
  • Physical & Virtual Card Operation
  • Reward, Coupons & Discounts
  • Favourites
  • Transaction History
  • Cash Withdrawal
  • In-app store for user shoppingx`

Platform Administration

  • User Management
  • Dashboard & Analytics
  • Advanced Reporting
  • User’s Wallet Operations
  • Store Management

SALIENT CHARACTERISTICS

  • Robust User Experience
  • Service-Oriented Architecture
  • API Gateway for external Integration
  • Payment Security

Achievements

MASTERPASS

Enabled

K

Subscribed user within 3 month of Launch

Average Daily Transactions