Fintech Startup PayedIn Launches Easy Secure Electronic Payment Solution In Nigeria

January 25, 2022 | 3 minutes read

Nigerian fintech startup PayedIn has started its new safe and secure electronic payment solution to accelerate society towards the future of cashless payments.

The Nigerian fintech industry is booming. Everyday tech innovators are sculpting new solutions to help people in attaining financial services to support the fragile economy. As recently,  a successful fintech startup PayedIn in Nigeria has launched its ePayment services. The key reason behind this release is to support the rising digital economy market and bank the underbanked.

PayedIn is present on all platforms including web, iOS, and Android mobile apps stores. The purpose behind the development of PayedIn was to expedite the process of payments across the industry. As with the added features, merchants can register and receive their payments within minutes. 

The other services offered by the company include payment links for remote payments, a built-in transaction reporting dashboard, instant payment notification, scan to pay, and crowdfunding.

It also has a separate set of features for those making payments as it includes scan (QR code) to pay, payment by link, location triggered payments, push notifications,  transaction receipts, and reports.

The fintech startup PayedIn is known for empowering offline to online transitioning for businesses, organizations, enterprises, and entrepreneurs. Now the release of a simple payment solution marks its latest achievement in the bulging Nigerian fintech industry. And also an example of the fact that more innovative solutions will appear in the Nigerian financial technology market.  Because as per the figures, the Nigerian fintech revenue will be $543 million this year mainly driven by the increasing penetration of smartphones which has given rise to the development of fintech mobile apps and software development.

Founded in 2021, PayedIn has also partnered with McHenrich Technologies, the Nigerian information and communications technology company, The Guardian reported. The company will combine its no-code technology with Mchenrich’s marketing expertise to provide hassle-free payment services to merchants. 

In order to achieve the aim of digitalization of the economy, it is crucial for companies, organizations, and entrepreneurs to have access to a robust and easy-to-use electronic payment solution.

Therefore, it is of utmost importance for companies to procure a digital payment solution that can help them in becoming part of the fintech landscape. Because this year the global financial services market is forecasted to reach $26.5 trillion. In inclusion to this, the use of AI in fintech is also going to become quite common as the global AI in the fintech market size will expand to $46,881.9 by 2030.

It is no doubt that the fintech startup PayedIn and its novel service possess the potential of transforming the Nigerian fintech market. Debo Shopade Co-Founder and CEO, PayedIn said “We have developed a payment platform that is easy-to-use and secure without the need for hardware, intermediaries, or systems integration. To get started, recipients only need to go through a simple sign-up process” 

Regarding the security and state of the art technology used in ePayment service Aditya Padhi, Co-Founder and CTO said

“PayedIn is secure by design with state-of-the-art security features including email and phone number verification, two-factor authentication, and biometric security to keep transactions secure. Our Payment solutions are available for all major sectors of the economy including utility, services, transportation, education, e-commerce, charity, and religious sectors.”

Africa is a budding land of fintech startups and investors are increasingly steering their investment towards financial technology startups. As recently financial technology startup Alvin raised US $740K to aid the users in aligning savings with their finances.

  Nigerian startups according to data gathered by Intelligence Tech point,  nabbed the funding $800 million in 2021. This is  120% more than the last three years in comparison to the startups of other niches.