Tapp, Peer-to-Peer mobile payment company raises $9 million.
Payment made easy.
It is risky to carry cash nowadays, and everyone is not a card holder. So the company had to come up with an alternative and think something easy to work through a mobile. Digital Wallet has helped users to spend money online easily, who doesn’t know about prevailing services google wallet , Paytm & PayU. Similarly, This spectacular Finish Company came up with an idea and developed an app called Tapp.
The Buzz : Tapp cashes out $9 million from investors.
Finland-based mobile payment app Tapp Commerce was able to raise $9 million from investors. Australia-based Amma Private Equity, an early-stage investment network came forward and invested in mobile payment app Tapp Commerce.
These funds will be utilised for better operations in Indonesia and then going ahead with expansion in new markets. The company currently has a strength of 77 employees.
Southeast Asia is not having much users of wallet system provides by Google, Apple and Samsung. The startup grants more scope in the area and believes that an alternative payment method would be an effective measure for those who are not happy with existing banking infrastructures.
About Tapp and its functionalities.
Tapp is a mobile payment app for Android platform. Users does not require to have any bank account or credit card for using Tapp.
“The basic issue in the developing world is that more people have a Facebook account than a bank account. Credit cards are actually irrelevant as only basic banking services are required. We learned that only 23 percent of people in the Philippines have a bank account. Most transactions today are carried out in cash,” said Ron Hose, the CEO of Coins.ph, a mobile wallet in the Philippines.
With Tapp user can make any type of payment with the single tap. To update cash anyone can become an agent who is willing to accept cash in exchange for digital currency. Tapp, allows users to prepay for electricity, tuition fees, micro insurance, airtime and music.
“P2P mobile payments and mobile wallets are a great way to enable digital financial inclusion in these developing countries,” said Smrithi Konanur, a Global Product Manager for Payments, Web and Mobile at HPE Data Security. Majority of people in the targetted segment uses cash for payments. Tapp can help local shop owners as a mediator for the service. By offering a reliable platform, users can instantly go cashless with the help of technology. They can do hassle free payment via their Tapp account.
- Tapp is a P2P mobile payment app for android users. With Tapp user can make payment without the need of bank account or credit card.
- Australia-based Amma Private Equity, invest a massive amount of $9 million in Tapp.
- Tapp plans to expand their market in the region of Southeast Asia.