Summer of startups: PayKey

Efma feature

19 July 2018

Guy Talmi, CMO of PayKey, told Boris Plantier about the social banking and mobile P2P payment solution that enables mobile users to access financial services from any application.

The idea for PayKey was born in 2015, in response to the need for banks engage with meet customers where they are – in social media and messaging apps. “During our participation in the Citi Accelerator Tel Aviv (end of 2015) we identified the growing traction of social media players and messaging apps in the payment space,” says Guy Talmi, CMO of PayKey. “P2P payments were offered by these players, enabling users for the first time to make financial transactions outside the traditional banking and cards ecosystems. We felt that banks need to fight back in order not to lose customer engagement. When we researched consumers globally we realized that their trust is still with the banks, but the customer experienced provided by the banks’ apps is not satisfactory. Users spend most of the time in social networks and messaging apps. This is where they also want to make their payments.”

This drove the company to develop its solution, which is based on a Mobile Banking Keyboard. “Once we brought the payment experience into the keyboard we instantly enabled banking services across any social network and messaging app, without having to integrate specifically with any of them,” says Talmi. “That is a winning proposition!”

At the core of PayKey’s Social Banking solution is the patent pending Mobile Banking Keyboard. This seamlessly integrates with the mobile banking application, enabling users to initiate a range of financial services, including P2P payments, request payment, balance check, cardless cash withdrawal and more, from within any mobile application without needing to open a dedicated app. “PayKey’s white label solution easily integrates on the API level and retains the bank authentication method without compromising the security level,” says Talmi. “The experience can be personalized according to each bank’s look and feel.”

PayKey’s customers include Banco Daviviena in Colombia, which used the solution to create a keyboard button that enables users to send money through any social network. In Singapore, UOB created MyKey, which allows users to send money by text.

The company is already expanding its solution to prepare for future growth. “We have expanded from our initial use case – P2P transfer – into supporting a variety of financial services including: account info, request payment, chatbot, promotions and notifications,” says Talmi. “With that we have developed a menu which is fully customized and white labeled. In addition, we have expanded our reach into the telco space and now offer a similar solution to telco users including prepaid top-up, account information, customer support and promotions.”

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Keywords : API/Open banking , Fintech , P2P payments/Money transfer , Digital/Mobile channels , Customer experience

Geography : Israel