5 minute read
Conducive Partnerships to Give Customers a Simpler Way to Drive Their Digital Transformation
from The Integrator
TERRAPAY OFFERS SOPHISTICATED B2B, B2C PAYMENT SERVICES
TerraPay, a Netherlands-based global fintech enterprise, offers cross-border payment services for mobile wallets and bank accounts. Bassem Awada, GM - MENA & VP Global at TerraPay speaks to The Integrator on its businessspecific services at Seamless 2022, Dubai
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We understand that you offer lots of B2B Payment Services. Can you explain that to me in a very comprehensive way?
Response: Today as we speak, whatever goes under payments requires a lot of regulations and at the same time a lot of diligence. The question is what kind of payments are we doing? What kind of money movement and where is this money moving from? These are some criteria that need to be added to the equation. TerraPay is licensed and regulated by 26 different licenses across the world. And we do answer to the regulator payments perspective.
We are an infrastructure that connects the dots between two parties- sending and receiving and we would like to consider ourselves as a payment highway so at any moment any entity would like to move money, we are the solution for that. We have rails that give them through the single API, the highway to several products, be it B2B transactions, person to person, business to consumer, etc. From a business perspective, TerraPay today has capabilities to payout across 100 countries- in bank accounts and wallets through our partner network.
Tell me about the API integration you offer. Is it available with all the ERP solutions available in the market?
Response: From a connectivity perspective, our technology is an inhouse technology. We built it from scratch. We did not buy off the shelf. We have limitations for instance, in adjusting or being accommodative to requests. We build it from scratch and accordingly this gives us several attributes to the technology itself. As the technology is very adaptive, scalable, and extremely flexible, we are also available through ERPs by getting capabilities.
Speak about the Middle East prospects you have. What are the key integrations or partnerships you have made in the Middle East?
The Middle East is a magnet for any payment infrastructure and the UAE is extremely advanced and extremely eager to keep evolving with the transition that is happening not only at the level of the commercial side of things but as well as the regulation side. Our strategy is to make sure that our expansion moves across all our portfolios because the region is so fertile.
What about your partnerships with other payment parties in terms of cards or UPI service providers?
One of the main visions of our CEO is to provide financial inclusion through our technology. Build capabilities as affordable and agile as possible. Hence the operators themselves reflect this affordability to their customers and bring them to the legal and legitimate channels.
From a partnership perspective, today, we are in a strategic partnership with Visa and eventually, we're going to be getting into a new partnership with Mastercard. Through this, we will be offering them capabilities to get connections between them for the product on their platform through our interoperable technology.
We have recently signed an agreement with Network International and launched a product called “request to pay,” which is the capability to enhance financial inclusion for mobile wallets across Africa. Imagine this product users of those mobile wallets can now pay through their mobile to a wallet outside of their own country.
Our partners can enjoy the capabilities of sending money regardless of how the money is sent. This helps everyone to become competitive in everything.
INTERVIEW
TEXUB
TEXUB, a Dubai-based IT start-up and global B2B marketplace, offers a secure technology for global B2B IT and mobility trade. It is a digital platform that allows businesses to exchange commerce by offering a list of best-selling products for verified buyers through verified sellers and reduces analytical work. Suchit Kumar, CEO, TEXUB speaks to The Integrator on its scalable cloud platform for brands, distributors, resellers, and all key partners.
assists businesses, both large and small, in establishing themselves in worldwide marketplaces and provides opportunities for expansion by diversifying sources.
Speak about the relevance of a non-subscription-based model in online marketplaces
The subscription model is normally adopted as a customer retention model when software is provided as a service. However, in a marketplace or e-commerce business, the subscription model has not had the desired traction and, therefore, retention has failed.
We did intensive research before deciding to make TEXUB a non-subscription-based online marketplace. The subscription model works well in these scenarios: repeat buying of entertainment content from streaming companies, a subscription to a news or music streaming service, or a software product to be used.
In the business model of E-commerce and marketplaces, the focus is on acquiring new customers and retention is a byproduct of how business transacts. Marketing, transaction value, acquisition, traffic generation, and facilitating the buying and selling successfully are some of the key parameters for the success of a non-subscriptionbased model in online marketplaces.
Suchit Kumar
CEO, TEXUB
Elaborate on the unique qualities of TEXUB as a B2B marketplace compared to the traditional eCommerce marketplaces?
When cultivating the concept of TEXUB, we wanted to bridge the gaps within the IT and mobility market.
Wherever we saw a B2B marketplace, they were either a general B2B marketplace that did not have a niche in terms of what was sold, or they were regionally specific and restricted to one country or geography. We did notice a few IT-specific marketplaces, but they always had subscription models. Finally, no marketplace connected businesses across borders.
Our TEXUB model is a non-subscription-based business that provides verified buyers and sellers with unlimited cross-country access to commercial business and IT transactions.
Sellers can easily upload numerous products on the platform and sell them globally across multiple hubs, with the flexibility to set geographical limits if they want. Buyers can expand their supplier base by purchasing globally at competitive prices. The platform
What sorts of businesses and industry verticals can use TEXUB to enhance their trading?
TEXUB is a global managed B2B marketplace for both IT and Mobility. Our focus is on brands, distributors, and resellers of IT and Mobility. Our digital ecosystem helps these businesses reach new markets with our global opportunities.
Discuss pricing options you offer to SMEs and small businesses
We are a managed B2B marketplace and the verified sellers who are onboarded will be offering the prices. We do not sell to consumers.
That is to say, if an onboarded seller has relevant products they can offer at a saleable price to buyers, and if buyers can scout around for products and pricing to match their requirements, those become the relevant pricing options, not only for SMEs and small businesses but for all users who are registered on the platform.
