Архив рубрики: payments

Auto Added by WPeMatico

PayTalk promises to handle all sorts of payments with voice, but the app has a long way to go

Neji Tawo, the founder of boutique software development company Wiscount Corporation, says he was inspired by his dad to become an engineer. When Tawo was a kid, his dad tasked him with coming up with a formula to calculate the gas in the fuel tanks at his family’s station. Tawo then created an app for gas stations to help prevent gas siphoning.
The seed of the idea for Tawo’s latest venture came from a different source: a TV ad for a charity. Frustrated by his experience filling out donation forms, Tawo sought an alternative, faster way to complete such transactions. He settled on voice.
Tawo’s PayTalk, which is one of the first products in Amazon’s Black Founders Build with Alexa Program, uses conversational AI to carry out transactions via smart devices. Using the PayTalk app, users can do things like find a ride, order a meal, pay bills, purchase tickets and even apply for a loan, Tawo says.
“We see the opportunity in a generation that’s already using voice services for day-to-day tasks like checking the weather, playing music, calling friends and more,” Tawo said. “At PayTalk, we feel voice services should function like a person — being capable of doing several things from hailing you a ride to taking your delivery order to paying your phone bills.”

PayTalk is powered by out-of-the-box voice recognition models on the frontend and various API connectors behind the scenes, Tawo explains. In addition to Alexa, the app integrates with Siri and Google Assistant, letting users add voice shortcuts like “Hey Siri, make a reservation on PayTalk.”
“Myself and my team have bootstrapped this all along the way, as many VCs we approached early on were skeptical about voice being the device form factor of the future. The industry is in its nascent stages and many still view it with skepticism,” Tawo said. “With the COVID-19 pandemic and subsequent shift to doing more remotely across different types of transactions (i.e. ordering food from home, shopping online, etc.), we … saw that there was increased interest in the use of voice services. This in turn boosted demand for our product and we believe that we are positioned to continue to expand our offerings and make voice services more useful as a result.”
Tawo’s pitch for PayTalk reminded me much of Viv, the startup launched by Siri co-creator Adam Cheyer (later acquired by Samsung) that proposed voice as the connective tissue between disparate apps and services. It’s a promising idea — tantalizing, even. But where PayTalk is concerned, the execution isn’t quite there yet. 
The PayTalk app is only available for iOS and Android at the moment, and in my experience with it, it’s a little rough around the edges. A chatbot-like flow allows you to type commands — a nice fallback for situations where voice doesn’t make sense (or isn’t appropriate) — but doesn’t transition to activities particularly gracefully. When I used it to look for a cab by typing the suggested “book a ride” command, PayTalk asked for a pickup and dropoff location before throwing me into an Apple Maps screen without any of the information I’d just entered.
The reservation and booking functionality seems broken as well. PayTalk walked me through the steps of finding a restaurant, asking which time I’d like to reserve, the size of my party and so on. But the app let me “confirm” a table for 2 a.m. at SS106 Aperitivo Bar — an Italian restaurant in Alberta — on a day the restaurant closes at 10 p.m.
Image Credits: PayTalk
Other “categories” of commands in PayTalk are very limited in what they can accomplish — or simply nonfunctional. I can only order groceries from two services in my area (Downtown Brooklyn) at present — MNO African Market and Simi African Foods Market. Requesting a loan prompts an email with a link to Glance Capital, a personal loan provider for gig workers, that throws a 404 error when clicked. A command to book “luxury services” like a yacht or “sea plane” (yes, really) fails to reach anything resembling a confirmation screen, while the “pay for parking” command confusingly asks for a zone number.
To fund purchases through PayTalk (e.g. parking), there’s an in-app wallet. I couldn’t figure out a way to transfer money to it, though. The app purports to accept payment cards, but tapping on the “Use Card” button triggers a loading animation that quickly times out.
I could go on. But suffice it to say that PayTalk is in the very earliest stages of development. I began to think the app had been released prematurely, but PayTalk’s official Twitter account has been advertising it for at least the past few months.
Perhaps PayTalk will eventually grow into the shoes of the pitch Tawo gave me, so to speak — Wiscount is kicking off a four-month tenure at the Black Founders Build with Alexa Program. In the meantime, it must be pointed out that Alexa, Google Assistant and Siri are already capable of handling much of what PayTalk promises to one day accomplish.

The battle for voice recognition inside vehicles is heating up

“With the potential $100,000 investment [from the Black Founders Build with Alexa Program], we will seek to raise a seed round to expand our product offerings to include features that would allow customers to seamlessly carry out e-commerce and financial transactions on voice service-powered devices,” Tawo said. “PayTalk is mainly a business-to-consumer platform. However, as we continue to innovate and integrate voice-activated options … we see the potential to support enterprise use cases by replacing and automating the lengthy form filling processes that are common for many industries like healthcare.”
Hopefully, the app’s basic capabilities get attention before anything else.
PayTalk promises to handle all sorts of payments with voice, but the app has a long way to go

Current and upcoming trends in Latin America’s mobile growth

Jen Laloup
Contributor

Jen Laloup is CEO of Mobile Growth Association.

Latin America (LATAM) is home to one of the fastest-growing mobile markets in the world. In 2018, there were 326 million mobile internet users in the region, and that figure is anticipated to increase to over 422 million users by 2025. Part of the reason for such exponential growth is that mobile is the main tool for internet access in Latin America, providing a portable way for people living in rural areas to get online. The social media boom and rise in messaging platforms in recent years have also spurred demand for optimized mobile services.
As mobile penetration continues in LATAM, it is facilitating innovative apps that promote opportunities for social mobility, financial control, access to overseas markets and societal development. And while a difference in maturity levels and local regulations dictates the mobile landscape for individual countries, there are visible trends throughout the region.
These trends are both reactions to LATAM’s unique mobile conditions and broader international influences, so can be telling of future mobile user expectations and behaviors. By recognizing and assimilating these trends, new mobile apps and services can disrupt the market in a more meaningful way.
Here are the current and upcoming trends of mobile growth across Latin America:
Digital wallets
Approximately 70% of Latin America’s population is unbanked or underbanked, meaning there is a huge opportunity to improve financial access. One emerging solution is digital wallets, which work via top-ups and don’t require a bank account with a physical company or branch to set up. Digital wallets, therefore, bypass the mistrust that many Latin Americans have around official banking institutions.
COVID-19 has certainly contributed to the heightened demand for mobile wallets in LATAM. As a predominantly cash-driven location, concerns about handling paper money have been confirmed as new studies reveal that the virus can survive on physical currency for 28 days. In turn, masses of citizens and consumers have begun looking for safer alternatives to cash. In Mexico, digital wallets are thought to occupy a 27.7% share of the business-to-consumer e-commerce payments market by 2021, while Argentina has also been showing high in-store use of digital wallets during the pandemic.
Over in Venezuela, AirTM’s digital wallet has been processing funds promised by interim President Guaidó to essential workers. The company has been instrumental in delivering the money to healthcare staff after the Maduro regime blocked the provider operating in the country. Beyond financial aid, digital wallets in Venezuela and other countries with high inflation rates mean locals don’t have to carry large amounts of bills and coins with them.

Current and upcoming trends in Latin America’s mobile growth

How Reliance Jio Platforms became India’s biggest telecom network

It’s raised $5.7 billion from Facebook. It’s taken $1.5 billion from KKR, another $1.5 billion from Vista Equity Partners, $1.5 billion from Saudi Arabia’s Public Investment Fund, $1.35 billion from Silver Lake, $1.2 billion from Mubadala, $870 million from General Atlantic, $750 million from Abu Dhabi Investment Authority, $600 million from TPG, and $250 million from L Catterton.
And it’s done all that in just nine weeks.
India’s Reliance Jio Platforms is the world’s most ambitious tech company. Founder Mukesh Ambani has made it his dream to provide every Indian with access to affordable and comprehensive telecommunications services, and Jio has so far proven successful, attracting nearly 400 million subscribers in just a few years.
The unparalleled growth of Reliance Jio Platforms, a subsidiary of India’s most-valued firm (Reliance Industries), has shocked rivals and spooked foreign tech companies such as Google and Amazon, both of which are now reportedly eyeing a slice of one of the world’s largest telecom markets.
What can we learn from Reliance Jio Platforms’s growth? What does the future hold for Jio and for India’s tech startup ecosystem in general?
Through a series of reports, Extra Crunch is going to investigate those questions. We previously profiled Mukesh Ambani himself, and in today’s installment, we are going to look at how Reliance Jio went from a telco upstart to the dominant tech company in four years.

India’s richest man built a telecom operator everyone wants a piece of

The birth of a new empire
Months after India’s richest man, Mukesh Ambani, launched his telecom network Reliance Jio, Sunil Mittal of Airtel — his chief rival — was struggling in public to contain his frustration.
That Ambani would try to win over subscribers by offering them free voice calling wasn’t a surprise, Mittal said at the World Economic Forum in January 2017. But making voice calls and the bulk of 4G mobile data completely free for seven months clearly “meant that they have not gotten the attention they wanted,” he said, hopeful the local regulator would soon intervene.
This wasn’t the first time Ambani and Mittal were competing directly against each other: in 2002, Ambani had launched a telecommunications company and sought to win the market by distributing free handsets.
In India, carrier lock-in is not popular as people prefer pay-as-you-go voice and data plans. But luckily for Mittal in their first go around, Ambani’s journey was cut short due to a family feud with his brother — read more about that here.

How Reliance Jio Platforms became India’s biggest telecom network

Daily Crunch: WhatsApp launches payments

WhatsApp is adding support for in-app payments, Apple is upgrading the MacBook Pro and Mac Pro desktop and we argue about the future of startup hubs.
Here’s your Daily Crunch for June 15, 2020.
1. WhatsApp finally launches payments, starting in Brazil
After months of talks and trials, WhatsApp has finally pulled the trigger on payments. Users in Brazil will be the first to be able to send and receive money through the messaging app, using Facebook Pay.
WhatsApp says that the payments service — which currently is free for consumers to use, but comes with a 3.99% processing fee for businesses receiving payments — will work by way of a six-digit PIN or fingerprint to complete transactions.
2. Apple adds new MacBook Pro graphics option and Mac Pro SSD upgrade kit
A week before kicking off WWDC, Apple introduced a pair of upgrades to its pro-level hardware lines. Both the 16-inch MacBook Pro and the Mac Pro desktop are getting select internal upgrades, starting today.
3. 3 perspectives on the future of SF and NYC as startup hubs
Three TechCrunch writers address one of the big questions about the future: Will tech continue to centralize in hubs like San Francisco and New York City, or will remote work and all the other second-order effects lead to a more decentralized startup ecosystem? (Extra Crunch membership required.)
4. Interstellar Technologies’ privately developed MOMO-5 rocket falls short of reaching space
The company first launched a vehicle in 2017, but the launch didn’t go exactly as planned and failed to reach space. In 2019, its MOMO-3 sounding rocket did break the Karman line, though just barely, and unfortunately its MOMO-5 sounding rocket launched over the weekend did not make space, as planned.
5. Introducing The Exchange, your daily dive into the private markets
The Exchange is Alex Wilhelm’s regular dive into the financial side of the startup world, and how the public markets exert gravity (or lift) on private companies. These themes might sound familiar to Daily Crunch readers, since we’ve linked to plenty of Alex’s pieces, but now it’s an official column with an official name.
6. Tesla’s US-made Model 3 vehicles now come equipped with wireless charging and USB-C ports
Tesla Model 3 vehicles produced at its Fremont, Calif. factory will reportedly come standard with a wireless charging pad and USB-C ports, upgrades that were first spotted by Drive Tesla Canada.
7. This week’s TechCrunch podcasts
The latest full-length episode of Equity discusses Facebook’s new startup venture fund, while the Monday news roundup covers the latest problems at Quibi. Over at Original Content, we review the latest season of “Queer Eye.”
The Daily Crunch is TechCrunch’s roundup of our biggest and most important stories. If you’d like to get this delivered to your inbox every day at around 9am Pacific, you can subscribe here.

Daily Crunch: WhatsApp launches payments

WhatsApp eyes credit feature for users in India

WhatsApp, which began testing its mobile payments feature in India two years ago, could offer at least one more financial service to people in its biggest market.
In a filing with the local regulator in India, the company has listed credit as one of the areas it will pursue in the country. The Facebook -owned service declared with the local regulator earlier this month providing credit or loans as one of the “main objects to be pursued by it in the country.” No other financial service is listed in the filing.
At an event in Bangalore late last year, Abhijit Bose, WhatsApp’s head in India, said he believed that the mobile payments market in India, which has attracted dozens of local and international firms in recent years, is still at a very early stage in the country and may eventually see firms move beyond just offering a way for people to send money to one another.
WhatsApp has yet to receive approval from New Delhi for a nationwide rollout of Pay in India. Local media reports claimed earlier this year that WhatsApp had started to expand Pay’s reach in the country in various phases.
Ajit Mohan, a Facebook VP and India head, told TechCrunch in an interview last week that only 1 million WhatsApp users in India, same as before, have access to its mobile payment service.
Dozens of payment services in India have expanded to credit, or online lending, in recent quarters as they search for a business model in the country. A number of firms, including Paytm, India’s most-valued startup, and MobiKwik today offer small ticket credit to millions of users in India.
Tens of millions of users have started to digitally transact money in India in recent years. But the local payments body has removed most of the fees they could levy on banks and merchants to make money. The move has resulted in firms exploring other financial services, such as credit and insurance and target merchants to make money.
This year, Paytm has expanded to serve merchants, launching new gadgets such as a stand that displays QR check-out codes that comes with a calculator and a battery pack, a portable speaker that provides voice confirmations of transactions and a point-of-sale machine with built-in scanner and printer.
The Alibaba and SoftBank-backed company is offering these gadgets as part of a subscription service that helps it establish a steady flow of revenue. Paytm’s Money arm, which offers lending, insurance and investing services, has amassed more than 3 million users.
Flipkart’s PhonePe, another major player in India’s payments market, today serves more than 175 million users and over 8 million merchants. Its app serves as a platform for other businesses to reach users. The company is currently not taking a cut for the real estate on its app.
WhatsApp’s expansion in mobile payments in India, estimated to grow to $1 trillion by 2023 (according to Credit Suisse), could create new challenges for the aforementioned players.
Facebook, which like other American tech giants counts India as one of its biggest markets but makes considerably less revenue in the world’s second largest market, “reaffirmed” its commitment to India this month.
The social giant invested $5.7 billion in Reliance Jio Platforms this month to acquire a 9.99% stake in the Indian telecom giant. Over the weekend, JioMart, an e-commerce venture run by Jio’s parent firm, began testing an “ordering system” on WhatsApp, teasing the first peek at the collaboration between Facebook and Indian telecom giant Reliance Jio Platforms.

WhatsApp eyes credit feature for users in India