Johannesburg, South Africa, July 17, 2023 – Wallet Factory, a renowned FinTech company specializing in digital wallet solutions, has achieved a significant milestone by developing and deploying a state-of-the-art backend digital wallet engine for IMS Ventures’ groundbreaking FairPay transport digitization project. This innovative wallet solution is set to revolutionize cashless operations for customers and agents, ensuring efficiency and driving financial inclusion in emerging markets.
Transforming transport payments with Digital Wallet innovation
In response to the surging demand for seamless digital financial services across emerging markets, Wallet Factory’s cutting-edge digital wallet engine aligns perfectly with the evolving needs of businesses. The solution enables them to leverage the benefits of digital wallet platforms and mobile eWallet apps, fostering financial inclusion among underserved populations.
Wallet Factory’s ideal partnership with IMS Ventures
Recognizing the immense potential in the South African market, IMS Ventures collaborated with Wallet Factory to explore integrating a powerful digital wallet engine with the FairPay transport card and cashless payment services platform. Leveraging their extensive experience in developing solutions for banks and non-banking financial institutions (NBFIs) in developing countries, Wallet Factory’s transition to a Wallet-as-a-Service (WaaS) model made them the ideal partner for this transformative project.
We are thrilled to have collaborated with IMS Ventures on this groundbreaking project. Wallet Factory’s API-based solution empowers businesses in rapidly growing markets, streamlining the transport card platform with digital wallet functionality. By driving financial inclusion and economic growth in South Africa, we’re revolutionizing the future of digital financial servicesMikhail Miro, Co-Founder and CEO at Wallet Factory
Seamlessly integrated Digital Wallet solution
Wallet Factory didn’t just create a standalone digital wallet app. They delivered a highly customizable API-based wallet solution that seamlessly integrates with the FairPay card system. This flexible ledger solution empowers the client to connect their own and third-party services and interfaces effortlessly, creating a unified and streamlined ecosystem for public transport operators, agents, and end customers.
👉 Read our recent blog article about the benefits of integrating mobile wallet apps, from new acquisition opportunities to revenue diversification and improved financial inclusion..
Digital wallet integration: Key collaborative initiatives
- Backend Development and Integration: Wallet Factory worked closely with IMS Ventures to develop and integrate its robust digital wallet core solution with the client’s current platform, ensuring higher performance of the digital wallet and business infrastructure as a whole.
- Staging Environment Creation: Wallet Factory established an efficient staging environment for the digital wallet product on Amazon Web Services (AWS), providing greater testing results for the solution’s deployment and future add-ons and extensions.
- Efficient Deployment Approach: Leveraging innovative techniques, Wallet Factory ensured the most effective deployment approach for its digital wallet backend solution, guaranteeing high performance, reliability, and scalability.
- Comprehensive Product Onboarding: Wallet Factory provided IMS Ventures with comprehensive onboarding and knowledge transfer, including in-depth training sessions on each of the digital wallet’s endpoints.
- Product Flexibility: The digital wallet’s powerful core functionality provides greater flexibility than ready-made competitors, easily integrating with various services and interfaces across multiple use cases to meet the client’s specific requirements.
The integration of Wallet Factory’s powerful digital wallet engine with FairPay has been transformational for our transport digitization business. This reliable wallet solution opens up new possibilities for enhancing our cashless payments ecosystem. With the added business value and remarkable flexibility, we’re poised for future expansions and partnershipsMuthoni Kirumbi, CEO at IMS Ventures
Unlocking Business Value and Future Expansion
Through Wallet Factory’s backend software solution, IMS Ventures has unlocked tremendous business value and flexibility across various use cases. The seamless integration with the FairPay transport card and wallet platform empowers them to drive better customer experiences, while also opening doors to future third-party coalitions and software expansions.
Spearheading Digital Wallet Innovation
Wallet Factory continues to spearhead digital wallet innovation, empowering businesses worldwide to embrace the transformative power of financial technology. With a strong focus on emerging markets, Wallet Factory remains committed to developing comprehensive solutions that revolutionize the way digital financial services are delivered.
About Wallet Factory
Wallet Factory is a leading FinTech company specializing in digital wallet solutions. With a global presence, Wallet Factory serves banks and non-banking financial institutions in emerging markets, enabling seamless digital financial services. Their comprehensive Digital Wallet, Card, and Rewards platforms along with the transition to a Wallet-as-a-Service (WaaS) model have positioned them as a key player in the industry.
About IMS Ventures
IMS Ventures is a digital mobile financial company and agile solutions provider with a presence in emerging markets – Africa being its key focus. IMS Ventures works with Fintech and Telecoms service providers, enabling them to deliver digital finance services and content to their customers. The company has a clear, simple vision: to create digital technology solutions that financially empower and enrich the lives of lower-income consumers in emerging markets.
Wallet Factory: Mikhail Miro CEO and Co-Founder [email protected]
IMS Ventures: Muthoni Kirumbi CEO [email protected]
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