Streamline Your Transactions
NextVenture PayApp simplifies digital payments by integrating with a payment processor that connects banks and major credit card networks, including MasterCard and VISA. Our Payment Application supports two core operations:
a) initiating payments and
b) authorizing transactions.
These operations are handled in collaboration with generic payment processor solutions.
Comprehensive Backend and Panel Solution
Our technical solution includes a backend panel for managing and interacting with completed payments (refunds, installment payments, etc.). The platform is designed to be generic, allowing customization of the graphical interface to match the branding of banks or payment institutions.
Versatile Integration and SDK
Understanding our partners' diverse needs, we offer a comprehensive and easily integrated solution complete with an SDK. This flexibility ensures that partners can seamlessly incorporate payment processing features into their existing systems, adding value and ease of integration. Moreover, our solution includes an API layer designed to facilitate third-party integrations with systems such as Electronic Cash Registers (ECR) and financial management or CRM solutions. The API acts as a bridge, enabling a smooth flow of data across systems, enhancing business operations' functionality and efficiency.
Modern Payment Technology
NextVenture PayApp stands out by leveraging Android-based systems, in contrast to the industry’s traditional focus on outdated, closed payment solutions. Unlike conventional models that rely heavily on physical POS terminals and strict EMV-Co certifications, our solution integrates advanced Android device technology, offering MasterCard and VISA acceptance with easier integration into core banking systems and other financial systems.
By harnessing the power of Android technology, our Payment Application makes it possible to implement payment solutions on cost-effective devices such as Sunmi, as well as standard smartphones and tablets. This innovation not only reduces financial barriers associated with traditional POS devices (around €360 vs. cheaper devices at €120) but also democratizes access to advanced payment systems for businesses of all sizes. Merchants can now transform their existing devices into secure, efficient payment terminals, eliminating the need for substantial upfront investment in specialized equipment.
Aligning with Digital Payment Modernization
NextVenture PayApp aligns with the modernization of digital payments, offering solutions that meet merchants’ needs for mobility, cost efficiency, and security. By simplifying the integration of digital payments into widely available devices, our Payment Application product is at the forefront of the payment acceptance revolution, providing flexibility and new opportunities for businesses in the region.
Strategic Partnerships and Market Presence
NextVenture PayApp is being engineered in collaboration with a regional payment processor serving over 8 banking and non-banking institutions processing payments from MasterCard, VISA, Diners, and AMEX. The payment processor is committed to resources and infrastructure, providing a testing environment for the "Switch" they use for payments and authorizations, which we are working on and testing. Upon successful product completion, we plan to collaborate with the payment processor to offer the service to some of their banking clients in the region. In addition to the mentioned partner, we have had preliminary discussions with two institutions licensed by the Bank of Albania—one bank and one IPE—regarding potential collaboration and have received confirmation that our solution will be evaluated upon completion of all necessary testing and certifications.
Market Opportunity and Growth
Post-COVID, the card payment market has seen a shift towards digital transfers. Even traditionally cash-dominated areas, such as Southeast Europe, have experienced a 200-300% increase in digital payment channels. The rise in tourism and logistics solutions—from restaurants to online stores—redefines the need for digital money transfers. While e-commerce grows, all forms of direct payments (physical presence) must transition to a Payment Application solution (whether POS or SoftPOS). The EU payment market is estimated to exceed €3.013 trillion in 20204, a figure expected to double in the coming years. In our country, there are approximately 17,500 POS terminals (in 2023), with an 80% increase compared to the previous year. This growth trend continues despite the Albanian Government's focus on combating informality and enhancing payment systems. The entire region is experiencing a growth trend in payments, with increasing education on cashless transactions and mobile payments driving volumes of processed digital payments.
Target Clients
Our potential clients are divided into three distinct but interconnected groups within the financial ecosystem, each playing a crucial role in processing and facilitating digital payments:
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1. Payment Processors
These entities act as intermediaries between banks and card networks (MasterCard, Visa, Diners, etc.), managing the complex process of transaction authorization and settlement. This group is essential as they are the primary contact points with banks and other payment processing institutions. Partnering with them reduces marketing costs and engagement with other institutions. Payment processors continuously seek innovative solutions to streamline operations, reduce costs, and enhance security, making NextVenture PayApp an attractive proposition.
2. Banks
Historically, banks are perceived as the primary providers of payment services and other financial services. Banks are always on the lookout for advanced payment solutions to offer their clients, focusing on integration, security, and convenience. By adopting our Payment Application technology, banks can provide a competitive and advanced service that meets the evolving needs of their diverse clientele, from small businesses to large corporations.
3. Licensed Payment Institutions
These clients are authorized entities that facilitate payments on behalf of merchants or consumers. They aim to simplify the payment process, making it faster, more accessible, and often more cost-effective. Each of these groups benefits from the flexibility of integration, security, and efficiency of our solution, making it a compelling choice for modernizing their payment systems and expanding their service offerings.