The digital wallet service was developed in order to ensure efficiency and security for FairPay, a transportation digitalisation initiative that is set to enable cashless operations for agents, customers, and clients.
IMS Ventures’ partnership with Wallet Factory focuses on exploring the possibilities of incorporating a digital wallet engine within the transport card, in addition to the cashless payment solutions platform. Throughout the collaboration, Wallet Factory will provide its expertise in serving banks and NBFIs in several developing countries, while transitioning to a Wallet-as-a-Service model as well.
Following the announcement, the digital wallet engine will provide users with seamless and safe API-based integration of all the needed digital wallet benefits and functionality, while using the customer’s already existing infrastructure and multiple third-party tools.
The approach of Wallet Factory aligns with the need for digital transformation across numerous emerging markets around the world, particularly in Africa, according to the press release. The aim of the company is to enable businesses and firms to use the benefits of digital wallet platforms, as well as mobile eWallet applications. This improves the development of financial inclusion among underserviced global populations.
The API-based solution was developed to easily be integrated with the FairPay card system, in order to give customers and users the possibility to connect their own, as well as third-party services and interfaces in a seamless and secure manner. This initiative prioritises the process of creating a unified ecosystem for public transport operators, agents, and all of the end customers.
The collaboration had multiple key initiatives, including staging environment development (Wallet Factory provided an efficient staging environment for the digital wallet tool on AWS, a secure place that offers improved testing results for the solution’s deployment and other future add-ons, upgrades, and extensions), product flexibility (the digital wallet can be integrated with many other services and interfaces across multiple use cases), comprehensive product onboarding process (the tool was designed with an efficient onboarding and knowledge transfer, which includes in-depth training sessions for each endpoint of the wallet), as well as an efficient deployment approach. Wallet Factory’s strategy of development
Wallet Factory announced the implementation of its customer loyalty platform for the Ukraine-based energy supplier YASNO in July 2023. The deal happened after Wallet Factory won the user’s bid. It designed and implemented an effective and secure solution that was suited to YASNO and its retail clients.
Following the announcement, the enterprise was provided with tech-enabled services that focused on its development process, reasonably relied on the experience of Wallet Factory in the design of revenue-generating eWallets, as well as loyalty rewards projects in the dynamic markets of MENA, Latin America, and Africa.
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