mPOS

Clik to Launch in Cambodia in 2019

clik-to-launch-in-cambodia.jpg
  • Cambodian startup Clik raised more than $2 million before its 2019 launch

  • Observers say that Clik is a good addition to Cambodia’s fintech scene

  • While Clik is primarily an analytics app, its CEO says that the company respects the privacy of would-be clients  

 A new payments app is about to enter the Cambodian market and it raised over $2 million before its scheduled launch. Clik is poised to launch a new payment gateway and aggregator and many are said to be excited about the event.

The only downside about the report, according to fintech observers in Phnom Penh, is the fact that there is no mention of overseas transfer rates or that users can transfer money internationally through the app.

The good news is, the app will make transferring payments between consumers and businesses more seamless. According to the fintech, Clik users can use the app to pay for goods and all they need to do is to input their credit cards or e-wallets into the app.

“Our app will be very easy to use, much easier than a payment terminal with 25 buttons on it”, explained Clik CEO and founder Matthew Tippetts while talking to Southeast Asia Globe. “The consumer will have a wide array of payment capabilities in one place – simple, seamless and safe to use”, he added.

The company notes that the app is a useful addition to the set of tools that businesses have. Tippetts said that merchants can use the app to grow their business. Clik is described by Tippetts as: “a new data company” driven by analytics. Its main purpose is to “enable offline businesses to have the same data as online businesses so that they can grow”.

According to Clik executives, the app will be aggregating user transactions and will provide merchant partners with basic data analytics. The latter will provide businesses with better insights on marketing techniques. Merchants will have the capability to offer a better and a more personalised experience to their target market as well.

The app attracted the attention of Limestone Technology, an international business headed by SeedIn’s founder Eddie Lee. It also caught the attention of Openway, a software vendor. Investments from these companies, along with money put in by a number of Cambodia’s angel investors, made it possible for Clik to raise over $2 million. The capital was raised long before the business’ scheduled launch. The company is reportedly planning to raise another million by early 2019.

Clik is primarily a data analytics app, but Tippetts made it clear that the company respects the privacy of its would-be clients. He noted that companies like Clik “need to be ethical” when collecting data, adding that he will make sure that the app is compliant with all of the data collection laws in Cambodia.

In an interview, Tippetts said: “We definitely aren’t giving out individuals’ personal data, and we’re not selling or giving any information to third parties.”

Find out more about the payment and remittance industry here.

Source: FXcompared Magazine

Cambodian Fintech Startup Clik Secures Seed Funding From OpenWay

holiday-shopping-1921658_1280.jpg

Cambodian payment startup Clik has announced the closing of a $2-million seed funding round led by global tech firms Limestone Technology and OpenWay and joined by several angel investors from Cambodia’s retail sector.

In an official release, the startup said it is considering raising an additional $1 million to further complement its latest funding round. Founded in 2016 by serial entrepreneurs, Matthew Tippetts, Skye Cornell and Darren Jensen, Clik is a payment gateway and aggregator that aims to provide a safe, seamless and simple payment experience.

Through utilisation of the latest technology, including mPOS, machine learning, and biometrics, Clik’s payment aggregator app facilitates swift payments using their own e-wallet or other platforms.

The company says it will be officially launching its platform in Cambodia in Q2 of 2019 upon receiving its Payment Service Provider license from the National Bank of Cambodia.

By targeting the Cambodian market, Clik will be looking to leverage on internet economy boasting over 7 million internet users and 8.4 million smartphones, which is also seeing a growing electronic payment industry.

According to Clik Co-Founder and Chief Technology Officer Darren Jensen, the proceeds from the seed funding round, which is nearly complete, has been used to drive product development for the beta version and commercial release preparations.

Clik’s funding comes in the same week as a mega-deal announced by Grab, which has paved the way for it to become the first company to launch e-money licensed payments services across six major ASEAN countries. Grab announced yesterday that it raised a $50 million strategic investment from Thailand-based KASIKORNBANK (KBank), which at the same time, marks the entry of its payment arm into the Thai market, having already established operations in Singapore, Malaysia, Indonesia, Vietnam, the Philippines. 

Source: Deal Street Asia

OpenWay Certified SellbyCell mPOS Solution with Chip&PIN Support

Certification of a mobile acquiring solution with Chip&PIN support is a first for the Russian market.

OpenWay Certified SellbyCell mPOS Solution with Chip&PIN Support.png

OpenWay and SBC Technologies (SellbyCell trademark) announced certification of the first mobile POS Chip&PIN solution in Russia for compliance with OpenWay technical requirements for EMV support and compatibility with the WAY4 payment card issuing software solution. 

A mobile payment batch service for acquirers using WAY4 card processing by OpenWay has been implemented on the Russian market for the first time. The SellbyCell solution includes a mobile application and dual wireless card-reader, integrated with the payment gate.

SellbyCell's mPOS Chip&PIN solution supports authorization for Visa and MasterCard EMV cards with PIN entry to confirm a transaction. Implementation of this technology not only allows a merchant to confirm the identity of a cardholder and guarantee a transaction, but means the responsibility for fraudulent transactions is transferred from the merchant to the issuing bank. 

"This certification has allowed us to implement full-fledged service for payments through mPOS using PINs, compliant with requirements comparable with the high standard for accepting EMV cards on standard POS acquiring channels. As a result, the SellbyCell mPOS solution makes it possible to create one's own new-generation POS terminal/mPOS networks for merchants and banks", commented Filipp Dorovskikh, Vice President of the PaynetEasy group. 

"Certification of the SellbyCell Chip&PIN solution allows SBC Technologies to offer acquirers and merchants whose business requires accepting payments outside the office a high-tech solution that will fully comply with strict security requirements. Moreover, considering that January 1, 2015 Russian legislation on a move to issuing chip cards will come into effect, support of Chip&PIN technology becomes especially important.

Working together with mPOS vendors in the area of certification, OpenWay strives to increase the quality of mobile acquiring services on the Russian market", says Anton Kolomiets, director of OpenWay's office in Moscow.

SBC Technologies

SBC Technologies is part of the PaynetEasy group and specializes in developing and implementing modern payment solutions for electronic and mobile commerce as well as offline acquiring in Russia and the CIS. "SBC Technologies" launched SellbyCell mPOS service first introduced at the St. Petersburg International Economic Forum in 2012. SellbyCell was the first on the Russian mobile acquiring market to implement a certified combined mPOS solution recommended by MasterCard and VISA in countries with a high penetration of chip cards. The SellbyCell mPOS solution is included in the Visa Ready list of solutions and MasterCard Mobile POS program.

2Can and OpenWay Certify EMV-approved mPOS

OpenWay, a recognized leader in e-payment processing and omni-channel banking software, and 2сan, a Russian market pioneer in mobile acquiring, have completed certification of the first EMV-enabled mPOS solution in Russia.

2Can and OpenWay Certify EMV-approved mPOS.png

Earlier, the 2can service solution was certified according to EMV Level 1 and Level 2 standards and PCI DSS. This solution consists of a mobile application, combined (dual) card reader, and processing platform. Certification is actual for all Android and iOS mobile devices. 

"Thanks to certification of the 2can mPOS solution, our clients get full payment services with a proven level of functionality and security to accept magnetic stripe and EMV cards", commented Nikolai Zhmurenko, General Director, "Smartfin" (2can trademark). "2сan terminals can be used for transactions by all acquirers working with OpenWay’s WAY4 processing system". 

OpenWay provided technical support and consultation to 2can for the entire certification period.

"Many banks and processors whom OpenWay serves internationally are interested in mobile acquiring services. We hope that 2can's well-timed solution will accelerate small business development and simplify payment relations between small merchants and their clients", remarked Anton Kolomiets, Director, OpenWay's Moscow office.

Support of Сhip&PIN technology by the mPOS solution is planned by the end of 2014.


About Smartfin (2сan trademark)

Smartfin (2сan trademark) is a leading Russian developer of mobile acquiring services. The 2can mobile application and a card reader turn Android and iOS smartphones/tablets into terminals for accepting Visa and MasterCard cards. The 2can service was brought to the Russian market at the end of September 2012 and was the first mobile acquiring service in the Russian Federation to meet Visa and MasterCard card payment security requirements. The first Russian participant in MasterCard mPOS Best Practices– a program stimulating the development of technology for the use of mobile devices as bankcard acceptance terminals and combining best practices, present knowledge and international experience in the industry. More than 200 mobile devices are compatible with the 2can service. Data security is provided by encryption on the card reader level; the 2can processing platform has a PCI-DSS Level1 security certificate. Smartfin/2can's partners include: Promsvyazbank, Bank Russkiy Standart, Raiffaisen Bank, Bank Otkritiye and Yandex.Dengi. InVenture Partners, Almaz Capital Partners, ESN group and a number of angel investors have invested in the project.