LEADER unveils its unique payment application PayStore to market
Tags:
PayStore
Payment system LEADER in December presented PayStore, its unique payment platform for smartphones and tablets, to the public. The development of this new application, according to company's top management, was carried out within the framework of the company’s new growth strategy.
This strategy, according to Olga Vilkul, the LEADER’s board chairperson, is aimed at transforming the company’s existing business model on the domestic and international markets.
The sum of investment in the project, according to the board chairperson, was about $1mln. This figure refers only to the capital invested in the development of the product and the servers on which it is placed, Vilkul noted. In other words, the entire cost of creating this new product would have been much higher, but the fact that it was built on the company’s existing technological platform reduced the overall development cost, she explained.
A revolutionary and unique payment platform
PayStore is a unique new financial service designed to simplify lives for users. It is a new revolutionary product that has no analogs not only on the Russian mobile payment applications market, but also throughout the whole world, Vilkul noted.
The financial market is so large that today all players now have only one competitor, cash, the board chairperson continued. LEADER is offering a solution that combines all financial services across the world: accounts and their balances, government payments and purchase of tickets, hotel bookings, etc. “Each market participant can link up to our platform and receive all services, which are constantly expanding and improving.”
“PayStore is a unique new financial service designed to simplify lives for users. It is a new revolutionary product without analogs not only on the Russian mobile payment applications market, but also throughout the whole world.”
The uniqueness of PayStore lies in its capability to independently configure the settings of applications of different service providers and synchronize with them. At the moment, PayStore gives access to over 1,000 service providers across the globe. Consequently, there is no need for users to go into dozens of private personal accounts on different suppliers’ applications to access their data there. This is because all such data - finances, points, bonuses and other useful information – are now stored in a single personal payments space - PayStore.
In other words, the list of service providers is individually configured for a specific user, giving him the opportunity to configure applications of different service providers and synchronize them with the PayStore mobile application, company representatives said.
Possibility of constant control over all personal accounts’ balances
Currently, PayStore application is already available for free downloading in AppStore, Play Market, Google Play and Windows Phone Store. The main concept is to provide PayStore users the possibility to combine different “private personal accounts” in a single application, company representatives said.
The basic idea is to control balances of all users’ personal accounts – such as those used to pay mobile operators, Internet service providers, pay-per-view TV, e-wallets, loyalty programs, ticket prices, promotion programs, etc. All these services can now be done in one click, in a comfortable, friendly and fully customizable interface.
In other words, this product gives users not just a mobile platform for conducting a variety of operations with just “one click,” but also enables them to control all their accounts in real time, the first of such service on the Russian market, LEADER Vice President Andrei Shishlo noted.
The program automatically tracks the account’s status and notifies the users of new invoices, about remaining volume of cash used in paying for services. Depending on what is needed, the program can suggest either payment for service or replenishment of account in one click.
PayStore gives unlimited possibilities to each participant in the financial ecosystem. A bank credit card, used once in the system, will automatically appear in all applications, because the account created for it by a service provider becomes accessible to each application, which the service provider is using, according to company representatives. In other words, a user connected to the system through a single provider automatically has access to the other providers in the user’s region, the country or the world as a whole, when new payment methods emerge, for example, payment directly from a user’s bank account. Thanks to this capability, a team, which is responsible for creating a financial application, does not waste time trying to negotiate terms of service with each bank or partners.Today, LEADER intends to charge some commission for its operations. But as explained by company representatives, the management is actively working to reduce the commission size and is also planning to give up commission as a whole in the future.
Reliable security for all transactions
The security of all PayStore operations in general, and bank credit card transactions have been resolved in full compliance with the PCI DSS standards. According to PayStore developers, all information on bank cards in this mobile application is processed by the international payments giant Visa, Inc.
“This product gives users not just a mobile platform for conducting a variety of operations with just “one click,” but also enables them to control all their accounts in real time, the first of such service on the Russian market.”
Bank credit card data are transmitted in an encrypted format via secure servers CyberSource, an affiliate of Visa, Inc. Also, as a part of the security system the company has used the 3D Secure technology. This entails confirmation of operations via one-time password as well as request for and reception of an SMS confirmation via mobile phone.
LEADER’s currency balance as of Nov. 1, 2013 stood at RUB1.018bln, which represented a year-on-year growth of 60%. The turnovers of all LEADER system users in the first 10 months of 2013 were over RUB20bln, a figure that doubled the total corresponding figure for the whole of 2012.
Web design,