Paycode gives biometric identity and access to affordable financial services to the unbanked.
Paycode is an end-to-end payment technology company in Johannesburg, South Africa. Our vision is to give biometric identity and affordable access to basic financial services to the unbanked. We do this by solving these three barriers to financial inclusion: 1. Lack of identity: The problem is that unbanked consumers often do not have any formal documents to prove their identity. Our solution: We create a biometric identity using their ten fingerprints to substitute formal identity documents creating a paperless Know-Your-Customer (KYC) database. 2. Low Connectivity: The problem is that many consumers live in areas where internet infrastructure is non-existent or very unreliable. Our solution: Our technology still works in low connectivity areas. In the event of zero connectivity, two transactions (Make A Payment or Withdraw Cash) can be done offline in real-time. 3. High cost: The problem is that low-income consumers cannot afford the high fees of a traditional bank account. Our solution: We create a national payment (card) scheme that provides bank accounts to consumers at a fraction of the cost of traditional bank accounts. A national payment scheme (like Paycode's proprietary technology solution costs between 25% and 75% less than an EMV (Eurocard, Mastercard, Visa) payment scheme.
Name CEO: Gabe Ruhan
Company founded in: 2016
Country: South Africa
Category: Innovative Banking