Payment WITH A HEART – Dr Narisa Chauvidul-Aw
My solution to this challenge is to examine the payments eco-system to create a friendlier way to send and receive money. I want to combine business with my passion to help people and this is why we devised an instant payment system for individuals and small businesses to make secure, international transfers between Europe and Asia.
Currently, it’s expensive to convert money into another currency and this affects foreign workers, students, overseas travellers and those with family abroad. We’ve turned the conventional currency exchange process inside-out to provide low currency conversion rates so that customers save more of the money that they’re sending internationally.
We want KogoPAY to be a much-loved brand which supports people as they travel around the globe.
For small traders, KogoPAY will open a new world of opportunity. Customers can easily pay vendors by finding them in the KogoPAY app and instantly transferring payment.
There’s no need for a bank account as funds can be easily added to the app – and the vendor no longer needs a card machine. Added to this, we are also developing a QR code payment solution where customers can scan a code in a shop or on a market stall. This will make payment even quicker and involves no physical contact.
Mobile payments are set to grow by 900 per cent in the next six years, with most of this growth in Asia. My hope is that KogoPAY’s QR payments will eventually be accepted in every territory, even places that do not accept card payments.
I can see the potential, not just for business but community projects like charity events, where payment can be made instantly without the need for expensive card machines.
The European aspect of this is very interesting. Whilst China, Thailand and many countries in Asia are accustomed to using QR code payment, this method is hardly used in Europe at all.
People in Europe are used to contactless card payment, so they don’t see the need – but QR codes are cheaper to operate and easier to set up.
We are excited about these opportunities and the progress that KogoPAY has made so far. I am honoured that within the last year I have been recognised by the business community with the Women in Tech Award,
The Mayor of London’s London & Partners mentoring programme, the HSBC mentoring programme and the London & Partners Female Founder Virtual Mission to Silicon Valley. We have had a successful crowdfunding raise on Crowdcube, a major Series