Allowing merchant vendors to be able to accept payments from a wide variety of users using Mojaloop
Payclide is a payments aggregator that offers digital tools that small and medium enterprises need to accept payments, manage inventory, customer relationships, track sales and access to capital financing. Payclide allows users to make peer-to-peer transfers, cross-border transfers, online and in-store merchant payments. Merchants can also accept payments via Payclide wallet balance, credit cards, debit cards and mobile money; in-store, on their websites or mobile apps.
What they want
PayClide wants to leverage technology to simplify commerce.
What they built
A payment process using a QR code allowing users to pay before being onboarded to the PayClide app.
How Mojaloop helps
Mojaloop will help PayClide support merchant vendors to be able to accept payments from a wide variety of users.
Process Flow Diagram
The Opportunities and Challenges
Metadata within transactional flows: with many companies who are new to Mojaloop, they were very interested to explore using the metadata and possibly user transaction and account data in a credit scoring use case — e.g. an ability to request data on the account holder in order to create a credit score. This would be data on transactions, average balances, and similar information. They wondered if a system could be set up using the metadata fields and returning things in the header. Although Mojaloop provides the opportunity for this as a value added service offered by scheme members, there are no defined rules that help fintechs deal with the legal and privacy issues that result from accessing this data. There appears to be an opportunity for Mojaloop to help define standards around this use case.
Toolkit Selection: Payclide utilized the GSMA Interoperability platform for their prototype but likely would have had more success using the Mojaloop sandbox and the PISP functionality. It was not entirely clear how this decision was made, but as they went through the prototyping exercise after the week of the hackathon, it may have been that they did not utilize the tech resources effectively when making this decision.