The digitization process for payments is just beginning. The first step in this direction was to pay by mobile phone using a card. There will be great changes in the future. StarPay and StarPay are two examples of payment platforms that accept QR codes. These Alhambra Venture 2022 finalist are determined to improve the European Asian market and to open up new opportunities.
His payment platform connects all international and local payments, offering them to businesses through a single connection. They have integrated nine electronic wallets or wallets from nine different countries, including the Philippines, China, South Korea and Indonesia. They have more than 2,000,000,000 users. Some of the most popular wallets in Asia are WeChat Pay and Alipay. Kakao Pay and Dana.
This solution allows you to pay in person or online. StarPay's unique feature is that you can make payments in any physical format using the digital commerce ecosystem. This allows you to use more powerful tools for loyalty and marketing than traditional ones. This payment platform currently supports Asian payments. Both European residents and tourists from Asia can take advantage of them.
This allows the startup to present itself to payment gateways, banks, and businesses who want to offer alternative payment methods to card payments to their customers. This solution could be integrated into a small shop, e-commerce site, or bank.
Three Spanish entrepreneurs founded the Madrid-based company. They emigrated from Spain in 2005. They were inspired by the rise and development of super APPs in China and how they integrate marketing and payments within social networks. This led them to decide to create the technology necessary to bring these services to Europe.
StarPay was established in 2018 using cutting-edge technology. It had already taken over nearly the entire Asian market and completely replaced cards in just a few years. Since more than ten years, the founding partners have been involved in various projects. They have combined more than 40 years experience in China, and they understand that this technology is disruptive.
The founders insist that cards are the technology of the 21st century. They believe they provide more than just payment. They were certain that this technology would be as popular in Europe and Asia as it was in Asia so they made it a point to offer it to Spanish businesses.
This startup is not just solving a problem right now, but anticipating a problem in the future. The partners say that their solution allows the over 30 million Asians who visit Europe every year, or the 2,000,000 who live in Europe regularly, to pay using their normal means of payment. It is important to remember that the Asian market does not use Visa or MasterCard. Therefore, businesses that can adapt to the preferred payment methods of their customers will see a rapid increase in sales.
They have a vision for the future and say that there are hundreds of ewallets being created worldwide. These e-wallets do not require traditional cards. However, they work well when integrated into ecommerce or with a new dataphone that generates QR codes so that customers can pay at the store. This means that shops will need to decide which payment method they prefer and which ones they don't. Or, they may have to use multiple devices to accommodate all of them. Starpay's payment concentration solution eliminates the need to connect to all new payment methods. Merchants can offer them all through one connection, saving time and money. .
The team believes that understanding payment is key to success. It should be understood as a direct connection to marketing and social networking. The team emphasizes the need to develop a complete solution that adds value to services offered by small businesses and large banks.
Their understanding of the business is different than other startups. "We have competition within the worlds of marketing, payments, and technology companies... We are the only company that can develop solutions that combine all three.
This solution is currently being offered to many clients in Spain Portugal, France Italy, Ireland Ireland, Cyprus, and the Czech Republic. It has been fully validated. They closed a financing round last year. With this funding, they plan to improve the automation to allow customers to register and continue to accept payment methods. They are also preparing another round of financing to expand their reach to Latin America, and European markets.
They are aiming to become the standard payment service provider for alternative payment options to credit cards in the future. They aim to integrate as many ewallets as possible, create simple marketing solutions for companies, and all of this can be done with one connection.
StarPay's Andalusia is a reference community for those who use the e-wallets integrated into its platform. They have worked for months to make this public. .