Stephen Quinn, Inpay: "The right payment setup is the oxygen of any online business"

Could you share with our readers some background information on Inpay, its payment platform and the different industries serviced by the company?

Inpay was founded in 2007, by a successful Danish entrepreneur. Since then we have been building our global bank infrastructure to where it is today: headquartered in Copenhagen and with a number of global offices in the regions that hold tremendous potential for us such as Asia, Latin America and Africa. Our founder is our CEO - we have no shareholders or investors. This means that we are able to be agile and often create solutions for our merchants in timeframes that would just not be possible for others. Technology and compliance is at the core of all that we do, ensuring that what we say we deliver, we deliver and do so in a stable and regulated environment that our merchants can rely upon. Through a single connection, we offer our merchants the potential to transact in a secure, compliant environment, adapting to regional variations in regulation and payment infrastructure, that protects them as well as well as their customers. We work with a multitude of industry sectors including ecommerce, travel and financial services. 

How can online bank e-payments (OBeP) impact cross-border ecommerce?

OBeP can impact cross border commerce in a multitude of ways. The impact can be measured from both the merchant and the consumer’s perspective. For merchants, it reduces cost, enhances customer experience and reduces risk. It allows them to deliver their products and services into more markets, creating opportunities that may not have been available previously. From a consumer’s perspective, they feel comfortable in the knowledge that they are dealing directly within the trusted bank network, protecting them from the potential risk of identity theft. The impact of this is that more consumers complete their transactions which in turn increases conversion and average return per user.

Inpay is a regulated financial institution and delivers a bank-to-bank solution in over 60 different countries. Where do you think the greatest ecommerce potential lies in, geographically speaking, and what are the major challenges that need to be overcome?

There is potential everywhere for a product such as Inpay. However, there are some key geographic locations that we see as being strategically important for us in the next 12-18 months. The emerging markets such as Latam and Asia are where the most potential lie- all of these are vast expanses with different complexities to each. The complexities generally are usually consistent - for us to deliver a solution, regulation and taxation are often the most difficult to both understand and meet with. This is, of course, where we add value to our merchants by removing some of these challenges for them.

How important is it to tailor the payment setup (including alternative payment methods) in different countries and how can a PSP achieve that?

The right payment setup is the oxygen of any online business and PSPs are there to allow you to leverage their experience in getting this right. Consumers require options, as they are all different and want to transact in different ways. They like to feel secure, knowing that they are in a safe environment, that their personal information is protected and that the experience even though remote, is a local one. For a merchant, the right setup will help protect his business from fraud, chargebacks and have a positive impact on the brand identity.

Which is the best approach to tackle the cultural barriers when it comes to the adoption of alternative payment methods?

It is very simple: to ensure that, within each market, the methods offered culturally fit with the way people like and want to pay. The experience has to be - or feel - like a local one. The value of your relationship with a PSP is that through one connection this can be delivered, with the local knowledge of what works and does not work in any given market.

In your opinion, which are the future trends in the European ecommerce and how regulation can help PSPs go cross-border?

Emerging payments will play a central role in the development of European ecommerce. Merchants require the engagement with consumers to be as frictionless as possible and payment is central to this. Mobile and digital-currency are going to be the drivers, as the exchange of funds becomes truly borderless. Regulation is the gatekeeper to this adoption and development. Until it is clearly recognised and regulated, PSPs will never be in a position to offer the myriad of advancing fintech technologies out there today, and these technologies could have a real impact on how we behave and engage in the ecommerce world.

Could, somewhere in the future, block chain capabilities link the gap between banks and non-banking payments services providers and, therefore, all of them work in a global zero-friction grid?

Theoretically and in a utopian scenario – yes. For this to work and for the ledger created to be effective there would need to be a tremendous element of trust in the sharing of information and a great accuracy of the information shared. It would also require firstly a global zero-friction grid of regulation, something which is very unlikely to happen, and for block chain technology to be several orders of magnitude more efficient than today.

As alternative payments systems from non-banking providers flourish, can banks find a one-size-fits-all solution for cross-border payments? Or, on the contrary, will partnerships among non-banking players become a clear market trend?

Banks will always have an advantage, as the non-banking providers still need the support of banks. Ultimately, the most important element is that consumers and merchants have competitive solutions in the market that make it easier to buy and sell. The emergence of products such as Apple Pay are a clear sign of a future where partnerships will be a main trend. These partnerships are likely to be between banks, who have the infrastructure, and non-banking providers who deliver cutting edge technology. This is something that Inpay potentially keeps an eye on for the future, which is something we are hoping to reveal over the next few months.

How do you see the company moving forward in the next interval?

Our future looks very positive, as our business is expanding and our portfolio of merchants is growing. We are moving into new geographies, something which will better outline our vision as the leading global provider for bank transfers. For now, we are well on our way to achieving this and are very much looking forward to the future.

About Stephen Quinn

Stephen Quinn is the Chief Commercial Officer at Inpay. With over 10 years’ experience within the payments industry, having previously held leadership positions at Ukash, Neopay and Clickanbuy he currently oversees the business’s global sales effort during this exciting period of growth for the business

About Inpay

Inpay is a global payment network working with major banks to enable the instant transfer of funds across the world and has provided a reliable, fast and secure system of making and receiving payments across borders for many companies since 2007. Regulated by the Danish and Swiss Financial Standards Authorities