LifePay, considered the ‘Square’ of Russia, was founded in 2012 by Vyacheslav Semenchuk (CEO). The management team includes Andrey Pavlenko (CTO), Angelica Sheshunova (COO) and Irina Zayceva (CMO). The company has received a total funding of $2.6 Mn through Life.SREDA in 2012.
LifePay is a service that enables anyone to accept credit cards anywhere. LifePay offers an easy to use, free credit card reader that plugs into a IPhone. Their new app for Windows Phone lets users take their card reader to create an mPOS terminal anywhere they are, to accept credit cards.
This video gives you an overview of their platform:
Their system is simple and accessible i.e it only needs a special reader, replacing outdated and cumbersome POS-terminal.
Users can download their free iOS or Android app and receive a free card-reader, which will enable them to securely transfer money directly from bank cards to his or her mobile phone.
It connects to the users phone on iOS or Android via an audio port on the smartphone.
According to the app description, it meets the PCI DSS requirements and the rules of both MasterCard as well as Visa.
When users make a transaction using their Windows Phone and the card reader, the payee will then sign their signature on the touchscreen. After that they can choose to receive a receipt via SMS or email.
The app lets small retailers and service providers such as taxis and coffee stands accept cards instead of just cash. It supports MasterCard and Visa, and also signature capture.
LifePay’s set of mobile applications include mini-CRM system, enabling users with quality statistics and related analysis of all payments received.
It also helps to predict the possible risks, which is extremely important for small and micro businesses.
Some of the international players operating in this space are Square, iZettle and Payleven. In Russia the competition includes Yandex money, Pay-me and iPay – the payment terminal launched by the Russian mobile operator MTS and Privatbank.
Chiraag Patel is a Senior Reporting Analyst and the Editor of Bitcoin and Virtual Currency channels at Lets Talk Payments. He is an engineer with deep interest in MMORPG, Virtual Banking, Game Currency and Virtual Cash. Chiraag enjoys Reading & Blogging with focus on New Innovation, Technology & Startups in the Payments Space. Twitter:@chiraagpatel21