How they describe themselves: LifePay is a young company in the fast-growing Russian mPOS market. We develop, integrate, customize and improve bank card receiving systems on smartphones. Our target is small and medium business in Russia: stores “near home” format, taxi companies, courier services, freelance, insurance, travel agents, etc. We popularize cashless to ensure the purity of doing business based on Russian legislation.
How they describe their product/innovation: At Finovate Europe 2014 we talked about our evolution from ordinary mobile card reader solution to the LifePay Ecosystem. Over 1.5 years of existence, we have connected more than 8,000 companies to LifePay, and also created a complete closed system of inside interaction. The components of LifePay Ecosystem include:
- Mobile app builder for business apps (iOS, Android, WinMobile)
- Consumer downloads building app with order delivery via LifePay mPOS (accepts card payment; SMS receipt with LifePay Wallet offer)
The app tracks all transactions and gives the opportunity to pay for further bargains without taking your card out of your pocket. LifePay Stand, a free tablet for business with preinstalled ecosystem software.
Product Distribution Strategy: Direct to Business (B2B), through other fintech companies and platforms