ringpay ltd

Turn your phone into a wallet and a POS
Startup/business
United Kingdom United Kingdom
http://ringpay.com
15
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Company description

at a glance (video) 


DIGITAL POCKET MONEY

With our API you can replace cash to purchase anything in physical shops, digital shops and vending machines not necessarily connected to Internet.


Transaction is quick, simple and safe. 
You can integrate our API into any thrird party app and into POS/CASH REGISTER software.


Flexibility and openness are our keys to distribution.

BUSINESS SUMMARY

RINGPAY has a patent pending technology for mobile proximity  commerce. It aims to replace cash in everyday transaction reducing counter time and eliminating coins in everyone pockets.

Our solution is suitable for closed loop circuits based on cash and credit cards but it is also suitable for open loop circuits adding bank accounts as a funding source. It uses barcodes and it's suitable for any kind of shop, for e-commerce, for mass retailers and even vending machines.

PRODUCTS AND SERVICES

Our technology can even be used as a complete mobile payment solution thanks to our own APP. Otherwise our API will allow any integration into third-paties APPs or appliances such as cash registers.


Advantages in app usage are reduced counter time (14" vs 30" with pos and much more with cash) and a new communication channel with existing and new customers since we are transforming a blind payment tool into a shared interactive channel.

TARGET MARKET UK 2015

mobile proximity commerce 2016


€5-11bn transactions in Italy


>£5bn transactions in UK (assumed)


48% CAGR


65M smartphones in Italy


69M smartphones in UK

DISTRIBUTION CHANNELS

Direct
We’ll develop our own “shells” (stereotype APPs) to let people use RINGPAY for specific purposes. We used the word shell to identify the interaction between our core technology (API) and the ergonomics we may craft around it for every different needs and/or profile.  As a start we are going to deliver 2 shells for 2 of the most suitable sectors we individuated: coffee shops and charities. The latters will be contacted by our social partner while coffee shops will be contacted using multilevel marketing and targeted events.

Marketplace - Crowdsourcing
our technology will be distributed using a marketplace where developers can download templates (shells), customize them and resell the result (their own service APPs). Retailers who just want to use the RINGPAY as a payment tool can download our general APP from our marketplace.
They can also choose a shell available on the marketplace.
Finally they have the option to ask a developer to customize a shell for their own use and needs.

Resellers
We’ll partner with software houses responsible of retailers software to integrate our technology into their products.

BUSINESS MODEL

We provide the app for free both to merchant and customers and we charge a transaction fee. To spread it quickly we partner with counters software houses, marketers and organizations that have high leverage on end users (e.g. charities). Our model is based on revenue sharing.

REVENUE MODEL

Freemium model with try and buy formula and transaction fee.
After a small initial amount of free transactions we charge a small percentage on each sale.

COMPETITORS

There are some general purpose mobile wallet such as O2 wallet or Barclays Pingit. The most similar product, though not yet present in UK, is cashcloud.  

We are different in terms of: mass customization, cash management and superior ux.

COMPETITIVE ADVANTAGES

  • Usability (the real key to success of any mobile payment app);
  • Patent on the user experience;
  • Added value for merchants in terms of loyalty;
  •  Added value for customers in terms of cash reduction and direct discounts;
  • regulations: our model is compliant with EU Payment Service Directive.
  • customization: instead of being a one-fit-for-all solution we provide various blends for different needs.
  • Communication: since we are a API we can vehicle in it communications feature such loyalty, promotions, messages.

Team
  • Michele Silletti
    Michele Silletti | Founder
    I am a software engineer skilled in cloud software and devops. After more that 10 years of consulting I founded ringpay to replace cash in everyday purchases
  • Cristina Bonaccurso
    Cristina Bonaccurso | Founder
    Entrepreneur and designer.
  • Stefano Tresca
    Stefano Tresca | Board member
Business model

BUSINESS MODEL

We provide the app for free both to merchant and customers and we charge a transaction fee. To spread it quickly we partner with counters software houses, marketers and organizations that have high leverage on end users (e.g. charities). Our model is based on revenue sharing.

REVENUE MODEL

Freemium model with try and buy formula and transaction fee.
After a small initial amount of free transactions we charge a small percentage on each sale.

Competitive advantage

COMPETITIVE ADVANTAGES

  • Usability (the real key to success of any mobile payment app);
  • Patent on the user experience;
  • Added value for merchants in terms of loyalty;
  • Added value for customers in terms of cash reduction and direct discounts;
  • regulations: our model is compliant with EU Payment Service Directive.
  • customization: instead of being a one-fit-for-all solution we provide various blends for different needs.
  • Communication: since we are a API we can vehicle in it communications feature such loyalty, promotions, messages.