Mind the Tech London 2022
Pay.com co-CEO: "We will allow merchants to receive payment in crypto too"
Assaf Cohen, co-CEO of Pay.com, which allows merchants to get paid quickly, made the remarks at the Mind the Tech London 2022 conference
"What is Pay.com? The idea was born here in London, when Teddy Sagi went to the Camden Market and observed how merchants get paid by customers. He saw that each one had something different and realized that the very small payments market was split and left untreated. So we help merchants get paid In a fast way and thereby create an economy that includes everyone.” This is how Assaf Cohen, co-CEO of Pay.com began his remarks at the Calcalist Mind the Tech London 2022 conference, held in collaboration with Bank Leumi and LabTech.
The company was founded by Sagi together with Tom Vaknin in 2021 and was unveiled for the first time this month. It currently employs 45 people and received $100 million credit from Sagi to make acquisitions. The solution is designed to allow the merchant to concentrate on selling goods and growth, without wasting his time on the payment process and all that comes with it. According to its forecasts, by the end of 2022 the company is expected to clear $4 billion worth in transactions.
"Take for example Surab who sells scarves and gloves in Camden," Cohen continued. “The Corona closures were a very difficult event for him and it obviously affected a lot of merchants. Surab was creative and moved online, but he had a hard time finding customers and he regretted that over the years he ran his store, he did not take contact details from customers. He turned to Amazon and it was then he realized that it is both expensive and also does not provide access to customer data and they may shut him down. If he had the Pay.com solution before the pandemic hit, it would have been much easier for him to move from offline to online. The Pay.com platform enables everything and does so quickly: contacting customers, sending them messages and even accessing working capital.
"Pay.com is a technology as simple as its name. If there are too many points of friction we will fail as a company. Building a business in 2021 is a fascinating event because there is already access to many tools that exist, including within Teddy Sagi's portfolio and that makes it easier. Additionally, in recent years there has been a change in the behavior of consumers who adopt different payment methods whether they be applications or crypto and it also varies from country to country. Merchants have to adapt to the new reality and we allow them to get paid in crypto as well. Pay.com also adapts itself to popular payment methods in every country, because what is popular in China for example, is different from what is popular in the Netherlands."
Cohen also referred to Pay.com's vision of what the payments market will look like in five years. "We think the merchants' terminals will become redundant and disappear. The huge change that has taken place during the pandemic is the move to non-contact payments so merchants will also turn their smartphones into payment terminals and everything will be done between the two devices without requiring another hardware solution. We will be a catalyst for the change and adoption of non-contact payments, a trend that received dramatic acceleration during the pandemic period, when even traditional companies like Mastercard saw a jump in the use of non-contact payments."