Through its no-fee policy, Vapulus is opening the door for previously underserved SME e-commerce businesses, achieving both sustainable development and economic equality goals in the process.
The Egyptian Fin-Tech company “Vapulus” finally launched the 1st e-payment gateway in the world with 0% fees, changing the game in e-commerce and e-payment markets worldwide, and raising the competition bar in the growing sector, with no subscription fees, no fixed fees per transaction, and 0% transaction fees, unlike all global players and e-payment processing companies.
Abdelrahman Elsharawy, co-founder and CEO of Vapulus, told MAGNiTT "We believe that technologies such as ACH, wallets, blockchain, bank-to-bank interoperability will all kill the physical cards transaction based model, and that is why we are getting ahead of the curve providing a new model that is 0% fees, and that is capable of on-boarding businesses that cannot operate with the existence of transaction fees."
With targets to operate globally by 2021, Vapulus' commercial launch in the MENA region follows one year of soft-launching, that enabled the e-payment gateway to acquire more than 450 regional merchants across 14 countries, including many giant e-commerce players in Middle East and North Africa.
“Transactional pricing and flat rate models are dying, therefore e-payment processing companies have to develop other business models that generate money out of different revenue streams. Without this, these companies will be out of the competition and this is why we took a step forward with our e-payment solutions, in order to be able to scale globally” said Elsharawy.
“Last year, e-payment gateways earned 64$ Billion in profits through charging merchants 2.9% fees per transaction. However, this model is under attack by other free e-payment technologies like wallets, Blockchain and ACH, which made it essential to develop our 100% free business model” Elsharawy added.
Elsharawy also explained the role of this new business model in the liberation of e-commerce stating “elimination of transactional fees is empowering SMEs, as well as enterprises enabling them to enter and grow in the e-commerce market and to join the global efforts of digital transformation, which creates more job opportunities, decreases unemployment rates in these emerging markets, subsequently achieves social and economic equality, and aligns with UN SDGs”
E-payment gateways are the interface between online businesses and their customers, enabling merchants to receive customer payments using electronic payment methods including debit/credit cards, wallets, and bank accounts.
And since its establishment, 3 years ago, Vapulus – Headquartered in Cairo – had developed outstanding e-payment solutions that offer a unique, easy, and safe payment experience, in retail, mobile apps, and online markets.