![]() Read also: Papaya Global Raises $250M Toward Onboarding, Cross-Border Pay “There are tens of thousands of health institutions, government agencies, even for instance if you are unlucky to go to Las Vegas and get a parking ticket, 100% of parking tickets in Las Vegas come with Papaya as the recommend payment method. In the U.S., “tens of thousands of businesses have seen that our technology brings additional payments volume to them, so they are recommending Papaya as a payment method,” he said. It has to be 100% percent of cases.”Ī testament to the company’s IP innovation is the fact that it has done no marketing up to this point, and in fact hasn’t seen the need to even set aside a marketing budget. No matter what bill or what information is provided, our technology has to extract the appropriate information and work in 100% of the cases. Our technology, in many ways, has a similar flavor. Papaya Co-Founder and Chief Technology Officer Jason Meltzer is an iRobot alum who worked on the Roomba robot vacuum, and Kann said he sees correlations in how Papaya was engineered.Ĭalling the artificial intelligence (AI) elements comparable, Kann said, “The Roomba needs to work in any house, no matter the shape, color, quality of the floor, dirt level, it needs to come in and learn how to navigate it. See also: Papaya Raises $50M to Improve Bill Payment “You can pay absolutely anyone and everyone. ![]() ![]() “Our automation mechanisms allow us to make payments to 100% of merchants in the U.S.,” Kann told Webster. “We developed a number of direct, indirect and automation technologies so that any bill, no matter what, is paid,” Kann said.Ĭompanies need not register, although thousands have. It generates revenue by taking a small portion of the card-processing fee for each transaction. Papaya doesn’t charge consumers for its services. One uses imaging technology to capture the bill and extract the data from it - “no matter what, even bills that we have never seen before.” The second component of Papaya’s proprietary IP is the payments piece. Kann said Papaya’s app relies on two core pieces of IP to accomplish the task. If it’s to a dentist, we bring a dental logo.” Its predictive technology loads the logo “if we have it in our database” he said, “and if we don’t have the logo, it brings something that is similar. The app was still able to accurately read the bill. Speaking with PYMNTS’ Karen Webster, Kann demonstrated Papaya’s IP by tearing a paper bill into pieces and mixing them up. Operating under the radar for several years of research and development, Kann and his team established valuable new intellectual property (IP) that turns a smartphone into a smart bill reader, enabling users to snap a photo of a bill with an app and pay, all in a single click. and was astonished at the obstacles to paying one’s bills. That’s essentially the origin story behind mobile bill pay solution Papaya, whose CEO and co-founder, Patrick Kann, moved to the U.S. Sometimes, however, it takes the right person getting very frustrated to solve for the intractable. It’s payments function ripe for disruption, and many keep hammering away at it. Often, there aren’t many digital payment options, and even when there are, interfaces can be clunky and friction-filled - all adding to the pain of an already painful process. You can only use your bank account to schedule a one-time payment.Paying bills is a stubborn holdout in the digital shift, as bills come in paper form by snail mail or via email.Learn more about account sharing options, including some of the risks and benefits. Either co-owner can close the account at any time which may negatively impact your credit and you will still be responsible for paying all balances on the account. ![]() Learn more about Apple Card eligibility requirements. Addition of a new co-owner is subject to credit approval and general eligibility requirements. Card usage and payment history may impact each co-owner's credit score differently because each individual's credit history will include information that is unique to them. In addition, co-owners will have full visibility into all account activity and each co-owner is responsible for the other co-owner’s instructions or requests. Credit reporting includes positive and negative payment history, credit utilization and additional information. Each co-owner will be reported to credit bureaus as an owner on the account. Each co-owner is jointly and individually responsible for all balances on the co-owned Apple Card including amounts due on the existing co-owner’s account before the accounts are merged.Variable APRs for Apple Card range from 15.24% to 26.24% based on creditworthiness. ![]() Apple Card is issued by Goldman Sachs Bank USA, Salt Lake City Branch. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |