WiPay is offering Trinbagonians a new alternative cash payment that will allow them to manage their wallet on-the-go as they pay for goods and services.
The online payment platform allows for cashless transfers for any user with a smartphone.
Users can create a Wipay account, which works as a virtual card and looks like a credit or debit card with a number and signature strip. Unlike a credit or debit card, a WiPay account and card doesn’t provide a source of credit or is linked to a bank account.
Users can top up their account either online by debit card at wipayfinancial.com; bank transfer; loading cash at over 1,000 PayPoint locations throughout the country or direct from their salary.
Speaking at the launch at Digicel IMAX on Monday, WiPay CEO Aldwyn Wayne explained, “Traditional payment methods: cash, debit, credit card, online cash payments have been rolled into one with the WiPay app.
The app allows you to load, pay, transfer, and deposit funds with all the existing electronic devices of payment and fit 80% of the diaspora that may not have a credit or debit card. We’ve added cash to the mix by partnering with NLCB, we used the 1000+ locations nationwide as cash entry points.”
Users with a “WiPay wallet” won’t need any of the traditional items one would typically use to make payments, such as a credit, debit card or cash, but just a smartphone.
Wayne added that the system had several perks for merchants as well. Not only was it something that both large businesses and “mom-and-pop shops” could take advantage of, but also enjoy zero interchange, or the fee that banks charge for moving money from a customer to the merchant account.
“If we remove that interchange fee and leave it with the business, said business can use that money and reinvest to their establishment, whether it be hiring new staff, expanding the company, etc.,” said Wayne.
WiPay has partnered with several establishments including Massy Stores, Hub Box, Unipet, as well as make regional transfers to countries like Jamaica. Derek Winford, CEO of Massy Stores indicated that he hoped the system would be in effect at all branches within one to two months.