Safepay Analysis
What is Safepay?
Safepay is a Pakistani payments company that provides a single platform for payment acceptance, checkout, subscriptions, and payment orchestration. It says it is a regulated PSO and PSP, backed by Y Combinator and Stripe, and received a commercial license from the State Bank of Pakistan. The company reports more than 200,000 unique customers and over Rs. 2 billion processed in the last year.
Location
Karachi, Pakistan
Employees
11-50
Founded
2019
Investors
- Stripe
- Other undisclosed investors
Product Features & Capabilities
- Credit card payments, debit card payments, bank account payments, mobile wallet payments, cash and cheque payments, powerful payment APIs, detailed transaction reporting, instant fund settlement, high success rates, secure payment processing.
Pricing
- Domestic Transactions: 2.9% + Rs 30 (Exclusive of tax)
- International Transactions: 3.2% + Rs 30 (Exclusive of tax)
- Custom Pricing: Custom MDRs can be negotiated based on volume committed, subject to a monthly fee covering premium support, maintenance fee, and custom fraud rules.
Who are the founders of Safepay
ZP
Ziyad Parekh
Founder, CEO
Market Focus
Safepay primarily focuses on the digital payments industry, providing a platform for businesses to accept various payment methods, including credit cards, debit cards, bank accounts, and mobile wallets.
Business Model
Transaction fees of 2.9% + Rs30 domestically; 3.2% + Rs30 internationally.
Competitors Overview
The main competitors of Safepay in the digital payment solutions market in Pakistan include:
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JazzCash: A leading mobile wallet service that allows users to make payments, transfer money, and pay bills. JazzCash is known for its extensive network and user-friendly mobile app, making it a popular choice among consumers.
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Easypaisa: Another prominent mobile wallet that offers similar services to JazzCash, including money transfers and bill payments. Easypaisa has a strong presence in rural areas, which gives it an edge in reaching unbanked populations.
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Payoneer: While primarily focused on international payments, Payoneer provides businesses with the ability to receive payments from global clients, making it a strong competitor for businesses looking to operate internationally.
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XPay by XStak: Offers an on-site checkout experience, allowing customers to complete transactions without leaving the merchant's website. This feature can enhance user experience and reduce cart abandonment.
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PayPro: Focuses on simplifying invoicing and cash flow management for businesses, providing tools that help streamline payment processes.
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Abhipay: Emphasizes easy integration and secure transactions, making it attractive for businesses looking for straightforward payment solutions.
Notable differences and advantages:
- User Experience: Competitors like XPay provide seamless on-site checkout, which can improve conversion rates.
- Market Reach: JazzCash and Easypaisa have extensive networks that cater to both urban and rural populations, which may not be as strong for Safepay.
- International Focus: Payoneer offers unique advantages for businesses that require international payment solutions, which may not be the primary focus of Safepay.
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