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Online payment solution Wallettec will today (20 June) represent South Africa, competing against 19 other companies at the EcoBank Fintech Challenge held in Togo.
“South Africa is filled with really great startups and businesses especially in the fintech space, being the only one selected for this event is truly an honour,” said Wallettec’s founder, Johan Meyer in an interview with Ventureburn.
Founded in 2013, Wallettec allows merchants to process any payment without transmitting any personal or payment information. Currently operating out of six countries including Kenya, Uganda and SA, the company will be establishing a presence in Ghana as well.
Meyer explained that the only way to make payment processes secure is to remove one thing everyone would want — the payment information.
“If you want to do an online payment you need to either use your credit/debit card or have access to online banking,” explained Meyer.
“If you choose to use online banking you will be asked to enter your online banking details and a payment will be done on your behalf.”
Wallettec competes against 19 other startups for a cash prize of $10 000
“These processes are full of potential security issues and if the transaction flow is compromised the intruder will have access to your internet banking profile or credit card information. Even with tokenization, data isn’t 100% secure,” he said.
Meyer also mentioned that the app works across any payment platform and integrates directly into your bank’s mobile app.
Wallettec along with the other startups competing could stand a chance to win cash prizes of US$10 000, US$7 000, and US$5 000 respectively.
“As a pan-African bank, we want to help grow pan-African fintech companies,” said EcoBank group CEO Ade Ayeyemi in a press release to Ventureburn.
“The Ecobank Group and its partners are looking forward to working with the 20 start-ups to help them mature into major African and global commercial success stories.”
Featured image: screengrab, Enak TV via YouTube