Introducing Wafi.cash: A fast, secure, and cost effective payment processing platform for ecommerce businesses

Introduction:

We have always had a need to transact, and transactions have evolved overtime, from a trade by barter system to exchanging goods and services for cash. As a result, a seamless payment processing system is critical to global commerce.

While we’ve made significant progress in helping people pay for goods and services everywhere payment processing is still not great. Fraud, identity theft, high processing fees, and poor disparate user experiences continue to plague businesses and their customers.

Today, we are announcing the launch of Wafi.cash, a payment processing platform that provides you with a simple API to process bank payments in a fast, secure and cost effective way. Wafi eliminates redundant entities in the payment processing flow giving you 10x lower payment processing fees as a result.

Wafi opens businesses to new payment opportunities

Over the last few years there has been a shift in consumer behavior towards cash spending online and offline – in 2021, debit card usage grew by 23%. Wafi enables you to take advantage of this shift in user behavior by opening you up to new tools and technologies:

• Real time payments: Wafi gives you access to Real Time Payment (RTP) rails which makes it possible to settle bank payments in seconds instead of days. Our API and webhook enables you to send Real Time Payments (RTP) requests and receive settlement responses in real time.
• Open banking: Wafi gives you access to open banking. Open banking enables trusted third party financial services (like Wafi) to access consumer bank data in order to process payments. By plugging into our platform, you are able to leverage this system to increase payment reliability and reduce fraud.
• Security and Convenience: Wafi comes built from the ground up with security and convenience as core principles. Our platform is built with bank grade encryption to protect data at rest and in transit. We’ve also deployed a smart multi factor authentication (2FA) system that allows users to pay securely with a single click.
• Loyalty: Wafi Checkout closes the loop between payment processing and loyalty. The product enables you to create bespoke loyalty programs (with zero code) to encourage customers to make repeat purchases and become loyal users.

Introducing three new products built into a simple API

Wafi Checkout: We built Wafi Checkout to enable ecommerce businesses to accept bank payments in a fast, secure and cost effective way. When users pay with Wafi at checkout, you save 50% or more in payment processing fees and users earn up to 0.75% cash back every time.

Learn more

Wafi Pay: Wafi Pay is a smart way to send and receive bank payments. Wafi automatically optimizes payments for speed, risk and cost. This product enables you to build your own unique bank payment experiences powered by Wafi.

Learn more

Wafi Connect: Wafi Connect enables you to get your customer’s verified bank account information in order to confidently process their payments.

Learn more

Early feedback from our Beta partners:

“At Cerebelly, we are re-imagining baby food that tastes amazing AND that is packed with meaningful amounts of nutrients that science shows babies’ growing brains need. Wafi.cash gives Cerebelly the ability to offer our customers an innovative payment method that enables them to pay with their bank account and earn cash back every time. – Connor Mcleod, VP of Ecommerce, Cerebelly.”

“Takeoff gives users the ability to create a trip, invite their friends, book things to do, and even split payments - all through a simple app. Wafi.cash enables Takeoff to offer users a low cost way to make payments directly inside the app, while also allowing us to increase our profitability compared to other payment methods. – Chase Harris, CEO, Takeoff.”

What Wafi can do for your business:

• Reduce payment processing fees: Wafi offers you significant cost savings. If profitability is important to you Wafi is the platform for you. Wafi enables you to reduce payment processing fees by over 50%.
• Reduce payment failures: Wafi is built-in with automated workflows that help you reduce payment failures. Wafi has smart fall backs that handle multiple payment scenarios in order to reduce payment failures and increase payment success rate.
• Reduce fraud: Wafi comes packed with tools and features that help you reduce fraud. Our smart 2FA solution ensures that people paying with Wafi are known. Our proprietary fraud detection technology also enables us to automatically detect and prevent fraudulent transactions. 

‍Sign up today:

Whether you are an ecommerce business looking to build new payment experiences for your customers or a retailer looking for ways to reduce your payment processing fees and increase your profitability — We’re ready to partner with you and help you launch a next generation bank payment product that your customers will love.

Learn more and sign up here.

‍