How they describe themselves: Tootpay is a technology company specializing in providing cutting edge mobile payment solutions. The company was established in 2010 after two successful years of research and development through its partnership with leading technology companies around the region. Tootpay’s solution is a mobile financial solution for payments, banking, telecommunication, and remittance industries. It has since gained recognition and acceptance within the local and regional financial communities for its state-of-the-art technology for secure mobile payment services. Tootpay can count more than 500,000 mobile users in Indonesia, Malaysia, and Thailand that utilize its solution.
How they describe their product/innovation: Tootpay’s solution is based on an overlay chip for the customer’s mobile phone. The overlay chip is a stick-on solution that fits onto any standard SIM card of a GSM handset. A menu-based interface is deployed for simplicity and ease of use. It’s not internet or telco dependent and deploys with multiple authentication methods and end-to-end encryption to provide a high level of security for its mobile transactions. As such, barriers to mobile banking such as mobile phone handset incompatibility, dependency on telco service providers, non-existent mobile internet network coverage, fraud, and more are minimized.
Product Distribution Strategy: Through financial institutions and through other fintech companies and platforms