Local company Triloq Payment Services (TPS), part of the World of Avatar Group of companies, has recently launched a new online payment solution called 1-2-Pay-Online. The solution was developed in collaboration with Standard Bank and Master Card and makes it easier for customers without a debit or credit card to shop online.
The online payment solution is aimed at individuals who either do not own a debit or credit card and therefore cannot shop online or those who can shop online but fear online fraud. Any banked South African with a valid ID number can register and use 1-2-Pay-Online.
This is how it works: After registering with the service via the 1-2-Pay-Online website, users can then load their online profile by depositing funds into a Standard Bank Trust Account. Once the funds are cleared and allocated to the users online profile, virtual prepaid cards can then be created. These virtual cards may be created via the website or via a mobile phone. Registered users can create a virtual prepaid card up to a maximum value of R200 per card. For added safety some security details of the virtual prepaid card are sent via sms to the registered user’s mobile number.
Every time a virtual prepaid card is created, the user incurs a fee of 3.5% based on the value of the card created and no additional charges apply. The card can then be used for a single online purchase on any local website accepting VISA or Master Card. To ensure the security of the process, any virtual prepaid card can only be issued once. Assuming that all the funds on the virtual prepaid card created are not used, then the residual funds are credited back to the user’s profile.
The TPS team will soon be launching their updated version of the 1-2-Pay-Online payment solution that will allow virtual prepaid cards to be created with a greater value than R200. This will be followed by the ability for users to use the 1-2-Pay-Online payment solution on overseas websites.
For founder, Veeren Naidoo, CEO of TPS, 1-2-Pay-Online aims to provide online shoppers with a retail payment solution for the limitations customers may experience with shopping online. In addition, with most online shoppers wanting instant gratification, the service ensures that payment is completed and authorized immediately ensuring that products purchased are delivered right away.
TPS sets itself apart by having created a company with employees who are entrepreneurs in their own right and have been involved in payment businesses before and have lived through the customer hype cycles and challenges of launching retail payment products. 1-2-Pay-Online prides itself on having a strong technical development team who understand the South African banking system. Naidoo adds that “the company is focussed on specific services in the payment value chain with strong partnerships translating into a low total cost of operation.”
That partnership includes World of Avatar as one of the shareholders in TPS who Naidoo says “brings valuable business networks and access to startup knowledge and expertise.”
As for the more immediate future Naidoo aims for 1-2-Pay-Online to be a “self-funding, profitable and strong business in South Africa and SADC.”
To register with 1-2-Pay-Online click here.
