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A quick and easy payment solution.

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Problem

  • There is no easy and quick payment solution in the Western Balkans
    • No-access to ApplePay, GooglePay, N26, Revolut and many other easy-to-use fintech products
    • Complicated integrations for credit cards, especially for small merchants
    • Cumbersome process: finding the right card in the wallet, then enter the pin, etc...

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Solution

  • qPay - pay with a mobile device only by scanning a QR code
    • Great user experience, completely contactless, quick and easy for merchants, even quicker and easier for end-users
    • Use it anywhere as a merchant or a user, just with your mobile phone
    • Use any credit/debit card or bank
    • Easy tracking of expenses

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How it works

  • Can be used in e-commerce, retail, taxi, restaurants and bars, utility bills, or as a cash-on-delivery replacement
  • Merchant can print or show on any screen a QR code generated by QPay
  • User scans the QR Code and confirms the payment with their biometrical data (Fingerprint, FaceID)
  • That’s all! Completely contactless!

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Business model

  • Fee based model
    • 2,5% transaction fee for the merchants
    • Free forever for the end-users
  • 30-50% profit margin
  • License based model if banks want to support qPay directly from their apps

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Traction

  • 1 potential merchant - with 70+ vending machines
  • Talks in progress with 2 banks for partnership

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The team

Valentin Gjorgjioski

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Dean Todoroski

Antonio Djakov

Jovan Risteski

Makes it happen: Turning ideas into production in matter of weeks�Superpower: produces solutions without coffee

Leadership material: Leading a successful IT company since 2009�Hardworker: Summa cum laude undergraduate degree and Phd in ML

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The geek of the team: Backend/DevOps engineer with 3 years of experience�Gets things done: Persistent in finding solutions and executing

Mobile-developer: Rocks the Android development�One-man-band: Reliably perform multiple development tasks

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Competition

  • Contactless Mastercard is now a possibility for paying transportation in Belgrade, placing it among the 100 smart cities.
  • MeaWallet mobile payments and mobile wallet solutions in Serbia, Bosnia-Herzegovina and Montenegro.
  • Raiffeisen Bank offers a similar mobile payment solution(openPay)
  • Gemalto offers market-leading NFC solutions for contactless mobile payments and services

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Roadmap and scaling-up

  • September 2020: Beta version in Macedonia
  • January 2021: Official start in Macedonia
  • June 2021: Official start in other countries in the region

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Market potential

  • 66% (or ⅔) of people are buying everyday on Internet in the WB countries
  • Only in Macedonia 133 millions euros were spent paying online, and around 15 millions euros cash-on-delivery. In all of the 6 WB countries together the numbers are 10 times higher.
  • If we include utility bills then the number above doubles and it is estimated on 3 billion euros in all 6 WB countries.
  • The COVID-19 pandemic hit the six Western Balkans(WB6) amidst a reacceleration of economic activity and promising economic outlook for 2020