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Youtap launches cloud-based platform

By , ITWeb
Africa , 27 Sep 2017

Youtap launches cloud-based platform

Following the launch of its QR code solution and smartphone apps for its mobile money services in Africa and Asia, Youtap has launched a payment processing platform delivered as a cloud service for mobile money and payments providers in developing markets.

According to a report by Tech trends Kenya, the new platform called 'Youtap Cloud' will enable real-time transaction processing for contactless mobile money and bank wallet payments. The platform also supports QR code payments, as well as NFC technology, including low-cost micro point-of-sale (POS) devices, companion cards and 'tap and pay' using tags or wearables.

Peter Meredith, chief marketing officer for Youtap, explains in the report that providing the payment platform as a cloud-based service allows for faster delivery and implementation. "Mobile money providers can transform their business quickly and gain an edge over the competition in their markets."

The company says the solution is a white-label service with minimal upfront costs, allowing the provider to focus on go-to-market initiatives and merchant acquisition. Youtap Cloud connects to banking and traditional payment networks through a range of interfaces and to Blockchain for digital payments, interbank, interbranch and cross-border settlement.

The service is deployed from regional PCI-compliant data centres as a public or private cloud service.

Based on Java and Oracle, with a range of Android and Apple OS apps, Youtap Cloud provides banks and payment service providers with open APIs to integrate the next generation of mobile payments into their existing banking and payment applications. It can also be integrated with an existing mobile wallet or for new entrant companies requiring a mobile wallet.

Tech trends Kenya says Youtap's cloud-based white label solution can be customised for mobile money services in a matter of weeks, as compared to other solutions that may take months. Merchants with a participating service can download the Android app, register and start processing digital payments.

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