TrustPay notches up a SAAS payments first with 1Connect:
TrustPay is the first secure payments enabler to use the Software-as-a-Service (Saas) model to facilitate transactions across the world’s most promising emerging markets.
The African company’s ‘1Connect’ service is a true low-cost, plug-and-play solution that vastly simplifies back-end integration between payment providers and payment sources.
SaaS, in this sense, refers to TrustPay’s centrally-hosted licensed software being used to facilitate on-demand transactions between payment sources and payment providers.
The former are typically online merchants such as sports betting services; travel, tourism and entertainment portals, virtual marketplaces and other web platforms where financial transactions are a central feature of the user experience.
The latter, on the other hand, represent established credit card companies like Visa and MasterCard, as well as emerging market payment providers processing the lion’s share of transactions in these high-potential and fast-growing markets.
The World Bank says 54% of adults in developing world economies have no bank account. This has led to the rise of alternative, non-bank payment providers across the length and breadth of the developing world.
There is a resultant need to seamlessly integrate these payment providers into the web-based platforms of the many online merchants and vendors interested in doing business with Africa’s one billion consumers.
TrustPay’s 1Connect plug-in means once an online payment source is integrated into the SaaS provider’s platform, it can process payments from consumers in almost all African countries. Further emerging market territories will soon be included in TrustPay’s footprint.
In conclusion, TrustPay’s cloud-based SaaS solution, unparalleled emerging markets access and collaboration with established payment sources helps merchants across diverse consumer categories focus on their core business of making sales while TrustPay makes payments.
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: MyPR Alan Straton
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