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TAP as it is shortly called, aims to create a platform that makes payment easy around the world. Dedicated to quality and innovative solutions, TAP implements new-age IT services in its day-to-day business operations. The Startup incorporates digital technology services to enable communication of ideas, products, services and information through end to end business solutions from idea, prototyping, production, quality checking, product launches to its maintenance by leveraging the use of the NFC (Near Field Communication) technology. The Company is armed with a team of first-class financial services technologists, mobile payments & services, and Near Field Communication (NFC) experts. Apart from being armed with a cerebral and innovative team, TAP is out to construct a distinctive mobile payment and services platform, capturing Offline and Online transactions in a seamless manner. The startup has a unique and robust dashboard and documenting backend technology, the platform enables full visibility into all transactions performed. Its simplified technology assists in solving several problems confronting business owners from small businesses to large organizations such as product accretion to payment concession, thereby, guaranteeing a seamless flow among the players, hence, making the market more attractive and more efficient. Touch and Pay has a unique and robust dashboard and a reporting backend system that allows full visibility into transactions performed. The goal of TAP is to give customers an improved experience in payments for their services.
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Although, TAP started with the digitization of transportation payment, it is now digitizing the entire informal market using contactless cards. This is its way of improving financial inclusion. Their service, through the use of Cowry cards, reproduces financial databases about people that might not even have bank accounts. Interestingly, this Startup has deployed this technology in Kaduna, Oyo and Ogun states. For example, in Kaduna, Cowry cards enable the government to collect revenue from transport operators. According to Oluwole, receiving revenues in cash form created a huge gap in information valuable to the government. Despite receiving periodic revenues from transport operators, the government did not know them or have a database that contained actual bus drivers or owners. Through TAP, this scenario is changing, as the startup provides them ID cards which can enable transporters to fund it and make payments. The more they make payments, the more transporters data are available to the government. This can make giving tax returns or tax relief easy. Furthermore, bus drivers can access insurance through the plethora of data the card payment system provides. According to Oluwole, the Startup’s co-founder, “These are informal transactions, and nobody has been able to penetrate this sector. We are creating a simple platform that provides visibility into these transactions, and all of a sudden, the entire ecosystem changes and now we have data.” The company makes its profit from charging users 2% to 5% at each transaction. Finally, the company was among the 25 Nigerian startups to receive grants – between $50,000 and $100,000 –and mentoring from Google Black Founders Fund. Featured Image Source: Touch And Pay
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