Client
- Core Offerings: Mobile payment solutions, mobile wallets, transaction management through smartphones
- Reputation: Known for reliability, security, and user-friendly mobile payment experiences
- Objective: Evolve from a m-commerce business into a diversified FinTech company to sustain long-term growth and competitiveness
Challenges
- Market Saturation: Increasing competition in the m-commerce space with emerging players offering advanced features
- Limited Revenue Streams: Dependence on a single revenue source, risking long-term financial stability
- Regulatory Pressure: Need to adapt to a rapidly changing regulatory environment in the financial sector
- Technology Obsolescence: Existing payment infrastructure and service providers were becoming outdated, leading to inefficiencies and higher costs
- Strategic Growth: Necessity to expand product offerings and diversify business models to maintain market leadership and drive future growth
Solutions
To address mPay’s challenges, a comprehensive transformation strategy was implemented, involving both advisory services and active engagement in the company’s operations through interim management. The approach was multifaceted, focusing on several key areas of the business:
Introduction of Bill Payment Solutions
A new feature was integrated into mPay’s mobile application, allowing users to manage and pay bills directly through the app.
This enhancement provided added value to the existing customer base and attracted new users, who were looking for a convenient way to handle their regular payments.
Issuance of Proprietary Visa Debit Cards
To further enhance the company’s service portfolio, mPay launched its own branded Visa debit cards.
This move allowed mPay to enter the payment card market, providing users with a physical payment option linked to their mobile wallets.
The proprietary cards also opened up new revenue streams through interchange fees and increased customer engagement.
Change of Payment Service Providers
mPay conducted a thorough review and overhaul of its existing payment infrastructure.
This led to the selection and integration of new payment service providers (PSPs) that offered better terms, more robust technology, and enhanced security features.
This change improved the efficiency of payment processing and reduced operational costs.
Introduction of a New B2B Revenue Line
Leveraging the technologies and licenses available within the company, a new B2B revenue stream was created.
mPay began offering its mobile payment technology and infrastructure to other businesses under a licensing model.
This not only diversified mPay’s income sources but also positioned the company as a technology leader in the industry.
Implementation of New Processes and Procedures
To comply with the evolving regulatory environment, mPay underwent a significant overhaul of its internal processes and procedures.
New governance structures, compliance protocols, and risk management practices were introduced, ensuring that the company could meet regulatory requirements and operate within the legal frameworks of the markets it served.
These changes have positioned mPay to proactively address future regulatory challenges and sustain long-term growth.
Results
- The transformation of mPay from an m-commerce company into a FinTech entity has been a resounding success. The strategic initiatives implemented during the project have set the company on a path of accelerated growth and diversification.
- One of the most significant outcomes of the transformation is the anticipated tenfold increase in the total transaction value (TTV) handled by the company over the coming months. This growth projection is directly attributable to the new products, services, and operational efficiencies introduced during the transformation process.
- By expanding its service offerings, mPay has not only secured its position in the competitive FinTech landscape but also opened up new opportunities for future innovation and growth. The company is now better equipped to navigate the challenges of the financial sector and continue delivering value to its customers and stakeholders.
