Youtap launches a cloud-based mobile money payment

Youtap has launched Youtap Cloud, a payment processing platform delivered as a cloud service for mobile money and payment providers in developing markets to ease transaction processing.

Youtap Cloud enables real-time transaction processing for contactless mobile money and bank wallet payments. The solution is a white-label service with minimal upfront costs, allowing the provider to focus on go-to-market initiatives and merchant acquisition, stated a press statement.

Peter Meredith, chief marketing officer for Youtap, said providing the payment platform as a cloud-based service allows for faster delivery and implementation. “Mobile money providers can transform their business quickly and gain an edge over the competition in their markets,” he said.

The service is deployed from regional PCI-compliant data centres as a public or private cloud service. Based on Java and Oracle, with a range of Android and Apple OS apps, Youtap Cloud provides banks and payment service providers with open APIs to integrate the next generation of mobile payments into their existing banking and payment applications. It can be integrated with an existing mobile wallet or for new entrant companies requiring a mobile wallet, the statement added.

“Other merchant payment platforms may take months to install. Youtap’s cloud-based white label solution can be skinned for mobile money services in a matter of weeks. Merchants with a participating service can download the Android app, register and start processing digital payments in less than 24 hours,” Mr. Meredith added.