Beeda white paper
Beeda Mega-App Introduction
Digital innovation has been transforming the on demand industry, ecommerce and financial services. Innovations in financial technology such as mobile money, peer-to-peer (P2P) or marketplace lending, insurance technology has emerged in central and south east asia in what has been dubbed the superapp.
Beeda Mega- App has taken the concept of superapps further by leveraging the power of lighter and faster development tools to create a single ecosystem that create a one stop shop for consumers, we have place marketplace, woocommerce, ridesharing, last mile delivery, social media, movies and entertainment, nft’s and peer to peer payments in on single app.
In the past decade, fintech has already driven greater access to and convenience of financial services for retail users. Meanwhile, artificial intelligence (AI), cloud services, and distributed ledger technology (DLT) are transforming wholesale markets in areas as diverse as financial market trading and regulatory and supervisory technology (regtech and suptech). A host of new firms have sprung up to apply new technologies to meet customer demand and most incumbents indicate that digital transformation is a strategic priority.
At Beeda we have discovered that including all these emerging technology in one mega-app empowers the user to be more efficient while closing gaps in digitization of internal processes and customer offerings, Beeda have the potential to make markets more diverse, competitive, efficient, and inclusive, but could also increase concentration. Innovation has introduced competition and increased inclusion, particularly in emerging markets and developing economies.
Beeda Pay / Digital Wallet?
A digital wallet refers to software, an electronic device, or an online service that enables individuals or businesses to make transactions electronically. It stores the payment information of users for different payment modes on various websites, along with other items such as gift coupons and peer to peer. A digital wallet is also known as an e-wallet.
traditionally carried in the form of a smartphone app, a digital wallet can also exist in other forms, such as a desktop. However, the mobile app is the most popular version of the digital wallet, owing to its mobility and flexibility.
Digital wallets are not only convenient to use in certain cases but also safer than traditional wallets. Users of digital wallets need to download the specific apps created by banks or trusted third parties to avail of the service.
Beeda wallet securely stores all the payment information of users in a compact form. Thus, it greatly reduces the need to carry physical wallets.
Many developing countries now using digital wallets are able to increase their participation in the global financial market.
Digital wallets allow users to transfer funds to friends and family residing in same or different countries.
Moreover, digital wallets eliminate the need for physical banks and companies in order to open and maintain a bank account. Hence, they also connect individuals and businesses in rural areas.
A digital wallet is required to make transactions and maintain balances of all transaction within wallet ecosystem.
Beeda app is built on Level 1 compliance in the PCI Data Security Standard (PCI-DSS). This standard protects users and their personal information from different (unseen) attacks. The PCI-DSS compliance checklist requires us to go through 12 different assessments that will verify whether or not the app our app is a safe and trusted one.
Types of Digital Wallets
The following are the three types of digital wallets:
1. Closed Wallet
A company selling products and/or services can develop a closed wallet for customers. Users of a closed wallet can use the funds stored to
make transactions with only the issuer of the wallet. The money from cancellations, returns, or refunds is stored in the wallets. Amazon Pay is an
example of a closed wallet.
2. Semi-closed Wallet
A semi-closed wallet allows users to make transactions at listed merchants and locations. Although the coverage area of such wallets is restricted, both
online and offline buying can be done through the wallets. However, merchants need to enter into agreements or contracts with the issuers for
accepting payments from the mobile wallets.
3. Open Wallet
Banks or institutes partnered with banks issue open wallets. Users with open wallets can use them for all transactions allowed with a semi-closed wallet
in addition to withdrawal of funds from banks and ATMs and transfer of funds.
Beeda pay/ wallet falls within a open wallet criteria
Examples of Digital Wallets
1. PayPal One Touch™
The PayPal One Touch™ app is an extension of the usual services offered by PayPal. It enables users to make payments or transfer funds faster by allowing them to skip the login screen and eliminate the need to enter passwords. PayPal’s mobile wallet app can also be operated on a desktop, laptop, or tablet.
2. Apple Pay
The Apple Pay digital app is streamlined and available exclusively for users of iPhones, iPads, and Apple watches. It allows users to make transactions for both online and in-store purchases. For in-store transactions, users can unlock their phones and hold them near a compatible point of sale system. The Apple Pay app enables a seamless and secure way of payments, providing ease of experience.
3. Google Pay
The Google Pay app enables users to make transactions on an app or any website using debit or credit card details saved to the users’ Google Account, Google Play, Chrome, YouTube, Android phones, and watches. The app also supports other electronic documents such as student ID, movie tickets, gift coupons, store cards, and transportation tickets.
The Zelle instant payment service was launched in June 2017. Previously, the Zelle service was known as clearXchange, which offered payment services through member financial institutions and a website. Launched in April 2011, clearXchange was originally owned by Bank of America, JPMorgan Chase, and Wells Fargo. After Capital One and US Bank joined as partners, clearXchange was sold to Early Warning Services in January 2016. In December 2017, all clearXchange accounts for person-to-person payment services became Zelle accounts.
Formerly known as Square Cash App, this free peer-to-peer payment app is at the forefront of digital financing. It allows you to transfer your money hassle-free without the need of shelling out some (unnecessary) pennies.
Beeda pay Simplify transfers, adapting all the features these exisiting digital wallets products in the market currently offers
Beeda Pay/ wallet Functionality
1. Instant Payments Between Wallets
Instant payment means the money transfer between the payer wallet and the payee wallet happens within seconds, instead of within hours or business days.
This feature provides great benefits, such as allowing payments anytime and anywhere, making funds immediately available, and increasing the control of personal and business funds.
In our cashless society, instant payments are more than a good feature. They are becoming inevitable.
2. Payments To And From Bank Accounts
Beeda wallet allows a seamless money transfer to any bank account, including your own accounts in the same bank, as well as transfers to another person’s account in different banks.
Mobile wallet owners should have a variety of options for sending and receiving personal or business money with just a few clicks wherever they are and whenever they need.
3. Bill Payments/ Mobile recharge
This is one of the critical mobile wallet features because people today prefer to pay every bill online – utilities, mortgages, loans, rent, tuition, to name a few.
As digital cash is here, mobile wallets are becoming an important part of daily life and they should be able to provide an effortless bill payments solution – be it a prepaid or postpaid payment service.
4. Management of Physical and Virtual Card Operations
Beeda Pay store a user’s balance ,credit/debit card data, which can be used to make money transactions at any time. In this way the e-wallet simplifies the user’s finances conveniently aggregating all their cards in one central space.
Furthermore, a mobile wallet is safer than carrying all your cards with you because it doesn’t store card numbers. Instead, card data is encrypted with high-grade security.
5. Merchant Payments via Contactless Technologies (NFC or QR code Scanning)
Needless to say, in our digital world, more and more merchants have started to realize the need for deploying various technologies that accept digital wallets.
Retail clients can make in-store payments using Beeda pay via contactless methods like near-field communication (NFC) and QR-code.
NFC is a contactless remote technology that works within a close distance (up to 10 cm) and provides people with secure payment between POS devices and smartphones.
QR code is short for Quick Response code and is very similar to a barcode. The user can easily scan the QR code via the camera on a smartphone. The smartphone interprets the barcode, and a related application or website opens.
Considering the ever-increasing user demand for contactless transfers and the convenience it offers, providing NFC and QR payment is a must-have wallet feature.
When you provide mobile financial services, security comes first. Money transactions have to be safe and secure from end to end.
Beeda Mobile wallets is secured with plenty of robust technologies, such as tokenization, passwords, biometrics, security questions, point-to-point encryption, out-of-band authentication, and one-time password (OTP) via SMS.
Despite the fact that digital wallets are more secure than credit cards, security concerns remain the main obstacle to wallet adoption by consumers.
This is why you need to provide your customers with an m-wallet app that is packed with powerful security capabilities.
7. Easy and Fast Self-Registration
Mobile wallets are all about saving people’s time, efforts, and nerves, self-registration on Beeda is absolutely easy and fast to accomplish.
Generally, self-registration has these steps:
Download the app and run it
Sign up by providing the required details (name, e-mail, phone, ID cards, photos, etc.)
Confirm registration (via OTP)
Set up password and log in
Link debit/credit card if necessary
Add money via debit/credit card or Beeda gift card and start using the wallet
8. Rewards, Coupons, Discounts
The power of coupons and rewards is well-known among marketers and sales teams. Mobile wallets are an ideal environment to provide deal-seeking consumers with these benefits in a relevant context.
Beeda Pay allows the easy creation and managing of coupons, discounts, tickets, loyalty points, etc.
9. Split Bill
When it comes to modern features simplifying people’s everyday tasks, splitting the bill is a no-brainer. And simplicity is a powerful competitive advantage for our beeda digital wallet.
This functionality allows users to split the payment when going to dinner with their friends, for example. It happens within the same app and is as easy as selecting the phone numbers of the friends involved.
10. Cash In/ Out at Bank Branch or ATM
Holders of beeda pay/ wallet can make an ATM cash withdrawal without using a physical credit card. They can also choose to withdraw cash from an agent/branch bank.
When it comes to ATMs, we have employed the use of NFC technology – the same contactless technology that lets users pay by tapping their smartphone against a POS terminal.