MEDICI now! Startup Stories highlights the companies that are shaping the new financial technology industry. Keep an eye out each week for new stories! If you or someone you know should be highlighted, send us a note. Without further ado…
Company Name: Payza
Name/Title: Firoz Patel, CEO
Industry Segment: Online Payments, Prepaid, Cryptocurrency
Target Market(s): Global
LTP: Tell us a little bit about yourself.
Firoz Patel: My FinTech journey began in 2005 when I founded AlertPay Inc., which became a globally recognized solution for online payments. As CEO of the company, I oversaw all aspects of AlertPay’s day-to-day operations. In 2012, I successfully brokered the acquisition of AlertPay's strategic assets by UK-based MH Pillars. During the changeover, I was recruited to ensure the smooth transition from AlertPay to the Payza platform.
Today, as Payza's CEO, I am focused on the company’s strategic partnerships, forging the behind-the-scenes relationships that allow Payza to operate seamlessly in more than 190 countries around the world. I love the fast-paced nature of the FinTech industry and I’m passionate about bringing innovative online payment solutions to people from all walks of life and all corners of the world.
LTP: Give us a paragraph pitch of your company.
FP: Payza unifies online transactions by giving merchants and consumers a wide range of options to accept payments, make payments, exchange currencies, and transfer funds to and from bank accounts. Businesses that use Payza can process payments by credit card, cryptocurrency, and e-wallet transfers from consumers in over 190 countries. Our Payza Card, allows consumers to make fast and secure global purchases both online and in person.
Payza’s slogan is “Unique Services for Unique People” because we understand everyone needs something a little different from a payment provider, and we aim to meet those needs.
LTP: In a sentence or two, what problem are you solving today?
FP: Making and accepting online payments is still difficult, this is especially true for cross-border payments. The problem only gets worse in regions where credit card penetration is low.
Payza is committed to finding alternative payment options such as Bitcoin, cryptocurrency, and specialized local methods to give our members more freedom.
LTP: Who are you selling to?
FP: Anyone who wants to make an online transaction is a potential Payza customer, but people who have limited access to traditional payment options have the most to gain from our services.
More recently, we’ve turned our attention to Bitcoin and cryptocurrency enthusiasts, another market in need of more services and wider adoption. We’ve developed worthwhile solutions for this rapidly growing segment that we’re very excited about.
LTP: Why did you start the company?
FP: Payza came from an earlier online payment platform, AlertPay. When it launched in 2005, AlertPay was a niche online invoicing service used by companies in a small range of industries. These companies had one thing in common: they found that the existing available online payment processing solution was not reliable enough on its own to meet their need.
Over time, the software was adapted to serve more and more industries, growing into a robust global platform.
LTP: What's the most important change coming to your segment in the next 3-5 years?
FP: What we’re most excited to watch over the next five years is the evolution of Bitcoin and cryptocurrency. We firmly believe that cryptocurrencies will be an integral part of the online payments landscape in one form or another, but it’s not clear altogether which technologies will survive and thrive. FinTech is in a period of massive transformation thanks to blockchain technology and cryptocurrencies. This is a crucial moment that will pave the road for the future of online transactions.
LTP: What’s your next milestone?
FP: Right now, we’re working on a relaunch of our prepaid card. The Payza Card will soon have a new look and new features to go with it, including a one-step option to convert and load Bitcoin and other cryptocurrencies right onto the card.
LTP: Anything else you want to say to our audience?
FP: Keep your eye on Payza. We have a talented team and a fresh perspective towards online payments that will make us a very exciting company to watch in the months and years to come.
Bonus - User’s Choice Question!
LTP: If you could change one thing that financial services people do incorrectly, what would that be?
FP: Trying to find a one-size-fits-all solution for their customers. Being in financial services means just that, we need to serve our customers. At Payza we believe that means offering the services that they know and trust, even if that varies by country or region.
LTP: Thank you, Firoz!
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