JazzyPay offers low-cost digital payment system to merchants
JazzyPay is a web and mobile app that allows businesses to accept cashless payments. There are no setup or subscription fees, neither is there a monthly sales volume quota. Partner merchants are charged only for every successful payment transaction.
Payments are received within 2–3 days, instead of the usual 14, and are accepted through 27 payment methods, including credit and debit cards, online banking, digital wallets, and over-the-counter cash deposits.
Since representing the Philippine startup community at InnoVEX 2019 in Taipei City, Taiwan, JazzyPay has secured a US $500,000 seed financing round from Cocoon Capital, a venture capital from Singapore that focuses on Southeast Asian early-stage technology companies.
JazzyPay 2.0, its latest iteration, has a feature that allows merchants to send an invoice with a secure text or e-mail payment link. It also has a QR scanning option.
The platform recently got an Operator of Payment System (OPS) license from the Bangko Sentral ng Pilipinas (BSP). It also earned the highest Payment Card Industry Data Security Standard (PCI DSS) certification level for security by the SISA Information Security.
A Mastercard study in April showed that 74% of people worldwide and 75% in the Asia Pacific said they would keep using contactless after the pandemic is over. The shift towards a “frictionless” economy is partly from the fear of coming in contact with the virus on the surface of bills or through human interactions.
While the needs of the unbanked are met by the platform via the over-the-counter cash deposit option, JazzyPay COO and co-founder Kathleen Acosta hopes that, by collaborating closely with merchants, it can play a role in educating the public about a cashless future.
“Coupled with the government’s push, we’re excited to see society accelerate its adoption of cashless payments in the near future,” she said. “In the long-term, solving this problem will require a good synergy among [stakeholders]. We also need to ensure that the infrastructure is ready to support this advancement, else there will still be hindrances before it can reach those at the bottom of the pyramid.” — Patricia B. Mirasol