Co-founded by a team of finance and technology experts, The Payment App is hoping to revolutionise how businesses use “tap-and-go” payment technology amid a growing trend towards a cashless society.
The Payment App Managing Director CEO Allan Evans said as well as handling swift and secure payment transactions, the app used an AI-driven data engine to provide businesses with rich insights into their customers that could be used to tailor advertising, sales opportunities or marketing materials.
He said The Payment App’s technology could be seamlessly integrated with any business’ sales page, and offered a fully customisable display.
“It’s different to platforms such as PayPal and Square because The Payment App’s technology goes beyond simply collecting money,” Evans said.
“Businesses that use The Payment App will have a clear advantage over competitors who stick with their traditional payment gateways.”
Evans has 28 years experience in technology, telecommunications and advertising, including senior management roles at Telstra and Crazy Johns Mobile Phones, while co-founder Benjamin Banks has forged a successful 20-year career in technology, financial and bank- related services, including CEO of global payment technology company Payment Network International.
Evans said the move to create The Payment App was driven in part by the surging popularity of cashless payments in Australia on the back of anxieties around using cards during COVID- 19.
“There is a global opportunity to embrace technology that offers the full spectrum of digital possibility for merchants,” he said.
More than 40% of global online transactions are made using a mobile device 1 , while Australia alone recorded $8.3 billion worth of mobile commerce transactions in 2018.
Meanwhile, companies worldwide are predicted to spend $286 billion this year on Big Data acquisition in a bid to find out how their customers tick so they can target them more effectively.
“The Payment App combines these markets with a unique technology platform that handles the sale and collects consumer data,” said Evans.
“Our technology also protects payment authenticity and will reduce the incidence of non payment and fraud,” said co-founder Benjamin Banks.
With an innovative digital technology platform ready to go, The Payment App is seeking investors who will help grow the business and capitalise on the growing market for full spectrum mobile payment services.
It has already raised $350,000 and is now seeking to raise up to an additional $1 million via a campaign with equity crowdfunding platform OnMarket.