Using LISNR Radius, BeamPay will offer an innovative new payment method for emerging economies.
CINCINNATI, Oct. 23, 2023 /PRNewswire-PRWeb/ -- Beame Technologies, a fintech startup company that specializes in direct-to-consumer digital financial services for emerging markets, has inked a partnership deal with LISNR, the global leader in proximity verification. The partners will begin offering BeamPay, to enable mobile authentication and payments for online and offline transactions, leveraging card on file, no card existence, and open banking schemes in Cabo Verde, Africa.
Beame is a trusted partner in digital financial services for developing regions. Their expertise lies in understanding market nuances, regulatory compliance, and consumer behavior. With a focus on direct-to-consumer services, they lead in providing innovative solutions, promoting financial inclusion and economic growth. BeamPay will combine LISNR's ultrasonic payment capabilities with Beame's leading regional expertise for consumer and merchant platforms with a goal of increasing tourism efforts and closing the financial inclusion divide in Cabo Verde. Without the need for additional hardware scanners, chips, and beacons,LISNR's ultrasonic proximity verification solution, Radius, will be implemented across the BeamPay wallet ecosystem for consumers and merchants to transact anytime, anywhere.
Themobile wallet market is expected to grow to $35.63 billion by 2028, nearly a 27% growth rate from today's valuation of $10.88 billion. As LISNR's growth and adoption have increased by nearly 55% over the past two years, consumers, merchants, and wallet providers alike are recognizing and responding to the growing demand for Data-Over-Sound implementations.
"We chose to partner with LISNR due to their innovative ultrasonic technology, which allows us to offer a seamless and intuitive user experience, innovative mobile payments scheme, and direct-to-consumer value proposition that addresses the specific needs of our target markets. Capturing a significant share of the growing mobile payments market in other regions, the flexibility of our digital wallet alongside LISNR's interoperability allows our merchants and consumers to transact anywhere, at any time, regardless of region, device, or transaction type. We couldn't be more excited to extend our capabilities together!" - Shun Dorsey, CEO, Beame
Neither consumers nor merchants will experience an increase in costs as a result of the implementation, as only pre-existing speakers and microphones will be in use. Consumers will be provided an in-app currency converter, offline payment processor, peer-to-peer transactions, and cross border transactions through the BeamPay platform. Regardless of internet connection or device, LISNR supports these proximity efforts and many more.
"We are thrilled to partner with Beame, enabling person present payments in a growing region. The Beame team communicated to us that with LISNR's evolving ability to outperform current modalities such as QR Codes and NFC, across any operating system, will enable a safe, secure, and frictionless experience to consumers and merchants. As device-to-device authentication through speaker and microphone provides the lowest transactional cost, Cape Verde and emerging markets will experience intrinsic benefits as a result of their acceptance of the BeamPay solution. With the growing demand for user offline and digital authentications evolving across the globe, the Beame and LISNR partnership will position both sides to evolve, expand, and grow." - Eric Allen, CEO, LISNR
Established in 2018, Beame Technologies, Inc. is a U.S. based Financial Technology company and the parent company to BeamPay LLC., and BeamPay EMEA Sociedade Unipessoal, LDA, a Payment Service Provider (PSP) to provide digital financial services in Cabo Verde[MOU1] , Africa. Our mission is simple- To reduce inequality in access to digital financial services. Our digital financial services are designed to stimulate the development of fintech and digital inclusion in emerging markets. To learn more about Beame, visit https://www.beampay.app/
LISNR's proximity solutions ensure secure, seamless and contactless data transfer. Powered by a ubiquitous device & OS platform, LISNR's non-captive near-field association provides proof-present authentication enabled through proximity tokens. From entry validation to payments and fulfillment, LISNR empowers merchant micro-moments across the customer journey. Headquartered in Cincinnati, LISNR is currently deployed in 8 countries via multiple global partners. LISNR powers transactions and connects the online to offline customer journey globally with the most advanced near Ultrasonic Data Platform. Founded in 2012, LISNR's major investors include Visa, Intel, Jump Capital, Mercury Fund, R/GA, and Synchrony Financial. To learn more about the LISNR technology visit: http://www.lisnr.com or email [email protected].
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