Practical Payments SolutionsDelivered By Terence Adjei-Otchwemah,
Digital Marketing & Media Relations, DreamOval Ltd.
@ Th...
Payments Is An Evolving Area
Money, and the ways in which it is used, has seen constant evolution throughout human history...
Barter Trade
We started off with barter systems
Where goods or services were
exchanged with others deemed to be
of even va...
Money In All Its Shapes and Forms
Different Societies
developed different
objects to be used as
‘money’ for payments
but t...
Rise of Banking Systems
Money brought along banking
systems.
Banks became not only storehouses of
money but served as paym...
Credit Cards
In the 1950s the Diners Club Card
began the wave of credit cards as
a viable means of payment
This soon allow...
Mobile & Internet Payments
The invention of mobile phones and the
Internet created new pathways for payments.
Credit cards...
Change Is Good, but…
•The Old School Still Works
•Change Is Not Valuable
Merely for being change
•Technology accessibility...
The Old School of Payment Still
Works
The vast majority of payments around the
world are still made with cash
Individuals ...
‘Change’ Alone Isn’t Good Enough
Because of that, individuals and
businesses need to be given a reason
better than ‘it’s t...
Access To Technology Is Not Equal
Everywhere
In considering how to make payments
practical we have to accept that the
tech...
Making Modern Payments Truly Practical
Making ePayments Make Sense
‘Practical’ is only achieved where people find it most useful
Electronic payments are a relati...
1. Use What Is Available
It is important for any payments solution provider to take into account the
technology that is al...
TIGO Family Care Insurance
In Africa it has not been the internet payments
revolution of the west that succeeded
Rather, A...
2. Know Your Customers
Payments solutions for particular areas must strive to reflect nature and habits of the people ther...
Square
Square today processes ~$8billion in
annualized payments
Square works by leveraging American
consumers comfort with...
3. Go Beyond Mere Payments
Ok, your service can offer online payments. So what?
Hundreds if not thousands of electronic pa...
Big Data Analysis for Payments
The beauty of using an electronic system for processing
payments is the ability to track ev...
How does DreamOval Achieve This?
DreamOval has its own online payments service:
However, our strategy has been to build va...
For eCommerce Clients
For eCommerce clients we provide
a total package that allows for
creation of simple eStores with our...
Even for Event Organizers
For event organizers we offer a cloud
ticketing system (Xylo) that integrates
our payments servi...
Practical Payments for Africa
The Way Forward
To be practical here is to both acknowledge the current situation and adapt our
solutions so that they fit...
THANK YOU
CONTACT US: INFO@DREAMOVAL.COM
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Practical Payments Solutions

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How can modern online payments solutions rising up in Africa today serve the practical needs of people? Beyond the code, payments solutions have to be truly practical to be successful. A presentation given by myself at the 1st Ghana eCommerce Expo

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  • Practical Payments SolutionsPayments is an evolving area (Old to New School)Barter Systems – The Rise of Modern bankingThe ATM RevolutionThe Mobile/Internet Revolution of the 90sChange is good as we all know. But we have to realize some key things:The Old School Still WorksChange is Not Valuable Merely For Being ChangeTechnology Accessibility Around the World Is not At ParityMaking Modern Payments Truly Practical.Making payments practical requires meeting three key objectivesUsing current technologiesAppreciating the Educational Level of the Target AudienceGoing Beyond Mere Payments
  • Practical Payments Solutions

    1. 1. Practical Payments SolutionsDelivered By Terence Adjei-Otchwemah, Digital Marketing & Media Relations, DreamOval Ltd. @ The 1st Ghana eCommerce Expo
    2. 2. Payments Is An Evolving Area Money, and the ways in which it is used, has seen constant evolution throughout human history. We have found, and continue to find, innovative ways of using money to make our lives easier and transfer value. A brief history of payments models:
    3. 3. Barter Trade We started off with barter systems Where goods or services were exchanged with others deemed to be of even value This was soon replaced by the rise of money. Uniform objects commonly agreed to store/represent value
    4. 4. Money In All Its Shapes and Forms Different Societies developed different objects to be used as ‘money’ for payments but the idea of money itself flourished
    5. 5. Rise of Banking Systems Money brought along banking systems. Banks became not only storehouses of money but served as payment mediums This occurred through the provision of checks and other payment models..
    6. 6. Credit Cards In the 1950s the Diners Club Card began the wave of credit cards as a viable means of payment This soon allowed for far greater flexibility in payments as the card could be carried around and used repeatedly in place of cash
    7. 7. Mobile & Internet Payments The invention of mobile phones and the Internet created new pathways for payments. Credit cards were easily extended to serve internet payments And mobile solutions for payments arose soon after These two forms of payments comprise the ‘new school’ of payments
    8. 8. Change Is Good, but… •The Old School Still Works •Change Is Not Valuable Merely for being change •Technology accessibility around the world is not equal We need to make 3 key realizations before we proceed:
    9. 9. The Old School of Payment Still Works The vast majority of payments around the world are still made with cash Individuals in our society prefer to use cash and businesses are comfortable using banking systems for larger transactions. For the common man in our society, there is no great impetus to seek out online or mobile forms of payment.
    10. 10. ‘Change’ Alone Isn’t Good Enough Because of that, individuals and businesses need to be given a reason better than ‘it’s the new thing’ in order to commit to using new forms of payments. Youthful exuberance will not be enough to change the minds and decisions of millions who are comfortable with the current order
    11. 11. Access To Technology Is Not Equal Everywhere In considering how to make payments practical we have to accept that the technology that allow for one system to succeed in one area may be unavailable elsewhere. This is true not only for technology accessibility but for educational levels in any given area.
    12. 12. Making Modern Payments Truly Practical
    13. 13. Making ePayments Make Sense ‘Practical’ is only achieved where people find it most useful Electronic payments are a relatively new area which will need time to gain widespread trust and adoption. Moreover it will need to prove that it directly and visibly benefits the lives of users in order to succeed. Key objectives: 1. Using currently accessible technologies efficiently 2. Knowing and adapting to your target 3. Going beyond mere payments
    14. 14. 1. Use What Is Available It is important for any payments solution provider to take into account the technology that is already accessible to the people and familiar to them. By leveraging a familiar interface the solutions provider can ensure quicker adoption of their service. Case Study: TIGO Family Care Insurance
    15. 15. TIGO Family Care Insurance In Africa it has not been the internet payments revolution of the west that succeeded Rather, Africans saw the success of mobile payments solutions TIGO’s Micro-Insurance facility leverages the widespread adoption of the mobile phone As well as the existing channel of airtime charges. TIGO’s FCI gained over 270,000 paying customers in little over a year
    16. 16. 2. Know Your Customers Payments solutions for particular areas must strive to reflect nature and habits of the people there We have far too many foreign services or ideas being transplanted wholesale without any attempt at localization. The practical solution is always one that recognizes the peculiarities of its target users and is shaped to conform to them The practical solution must speak their language and live their life. Case Study: Square
    17. 17. Square Square today processes ~$8billion in annualized payments Square works by leveraging American consumers comfort with credit cards and the widespread availability of smartphones The resulting business model allowed square to quickly gain a foothold in the market without disrupting their users lifestyle
    18. 18. 3. Go Beyond Mere Payments Ok, your service can offer online payments. So what? Hundreds if not thousands of electronic payments solutions now exist, what makes yours different? How can you offer greater value to your customers than simply processing their money? Payments solutions providers must provide extra value around their services to convince prospective customers. One way some businesses do this is through Big Data Analysis
    19. 19. Big Data Analysis for Payments The beauty of using an electronic system for processing payments is the ability to track everything. This data can then be leveraged by a business to gain additional insight and value from customers How often do payments come in? Which times are the best for business? Which order were seasonal purchases? These are all questions that can be answered by analysis of e-payments data. The question is, do you leave your customers to figure it out for themselves? Or is it part of what you offer?
    20. 20. How does DreamOval Achieve This? DreamOval has its own online payments service: However, our strategy has been to build value added services around iWallet These value added services prove the worth of iWallet to clients in specific instances. It is not merely about providing the payment solution and leaving it at that. We build the necessary value around the payment solutions to drive home its importance.
    21. 21. For eCommerce Clients For eCommerce clients we provide a total package that allows for creation of simple eStores with our payment service integrated Or we allow for simple and easy integrations of our payment service across all major eCommerce platforms
    22. 22. Even for Event Organizers For event organizers we offer a cloud ticketing system (Xylo) that integrates our payments service to provide deep insight into ticket sales and event attendance. This offers relevance not only to physical ticket vendors but also those who choose to use online payment systems
    23. 23. Practical Payments for Africa
    24. 24. The Way Forward To be practical here is to both acknowledge the current situation and adapt our solutions so that they fit this market If we are to provide practical payments solutions in this country they must be solutions that are tailored to our local audience Whilst recognizing that even within our continent we are not homogeneous. At the end of the day practical payment solutions will receive the greatest reward of all, the patronage of users.
    25. 25. THANK YOU CONTACT US: INFO@DREAMOVAL.COM

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