The payment industry is without any doubt going through a massive transformation. Banks and large
financial institutions are going through serious soul searching, consumers are increasingly using
digital tools to make P2P transactions bypassing traditional instruments, large organisations with
heavy balance sheets are seeing their business models diminishing, FinTechs and start-ups with
innovative ideas are going to market and gaining traction at a speed never seen before. All these are
today’s realities driven by digital technologies and a generation that uses the smartphone not only
as a communication tool but a "window to the world".
We at Novus Technologies have recognised these trends from day 1 of our inception and embraced
digital and mobile 1st as the way forward despite many temptations to divert from our original
target, offering us opportunities to generate revenue from traditional business models. We also
never gave up when responses to our initial mobile wallet prototypes accepting QR-code payments
back in 2013 and 2014 (before the AliPay and WeeChat Pay glory days) were not taken seriously by
many customers. We knew we were on the right track. Today everyone is rushing to catch the wave
and reserve a prime seat on the digital payments train.
We also resisted entering into a direct competition with the clients we serve. Of course there was
nothing stopping us, and still is, from using our own digital platform to go to market with a B2C
model offering direct services to consumers. But our statement has always been - When was the
last time you took a Boeing or Airbus flight to your destination? We provide the tools and also the
operations (if required) to help our clients operate a business but never to compete with them. We
made it our mission to simplify the implementation and operation of digital technologies and offer it
to our partners as a utility model based on OPEX and SaaS pricing. Not everyone can afford to setup
a world-class digital platform due to heavy CAPEX, skill sets and resourcing requirements, but many
startups have brilliant ideas and access to markets and need help.
Like me, many of the professionals working for Novus Technologies have over 2 decades of
experience working with banks, retailers and regulators. We all agreed that banking and paying for
purchases are not always pleasant experiences, so we also made it our mission to change that.
Simplifying and transforming processes that are made complex by multiple iterations of what many
industry professionals refer to as “enhancements” is also fun. To do that we had to train ourselves
in the art of UX design and recruit young professionals who understand that art much better than us.
Today I can easily make the statement that no digital business can be successful unless it embraces
UX & CX best practices and truly believe in simplicity of both forms and processes.
Coming back to the payment space, between the settlement bank and the end user that are multiple
layers of payment ecosystem partners that are struggling to find the right platform to run their
business and accept payments irrespective of form factor - Cash, card, NFC, QR-code, digital ID, RFID
and wearables. Often they have to operate multiple systems, connect to multiple organisations and
may be even forced to use multiple devices and cable-jungles on their front desks. The experience
is equally painful to end users who have to make sure they have cash, the right cards and apps to be
able to go about their daily life. It is for sure a learning phase that we all have to go through until
the market finds its own ways as there will always be more than one way.
Some industry experts and consultants have also quickly condemned Cash and declared its death.
We would be naive if we think Cash will disappear so easily without convenient alternatives as Cash
is still a convenient mode of payment in many areas of our life and for various reasons; right or
wrong. Digital payments are growing at unprecedented rates, regulators are pushing for less usage
of cash, and yes we will see cash volumes declining over time, but not so quickly and not sodrastically. We at Novus Technologies despite being strong believers in digital, are also convinced
that we have a duty to play in the transition to a digital economy by automating cash processes and
coming up with strategies to facilitate the provisioning, dispensing and management of cash
volumes helping our clients in optimising their costs and improving their service levels.
If you are a banker who is looking for better ways to go to market, considering to adopt a digital
branchless strategy or even automating and optimising services in your existing branches talk to us.
If you are a merchant who is struggling to implement seamless payment solutions including
accepting digital transactions and QR-code payments, let us have a discussion.
If you are operating a Petroleum company with service stations that are not fully automated and
wish to control fraud and quality of service while accepting various forms of payments, contact us.
If you are running a FinTech and struggling with the costs of setting up your own payment
infrastructure, we can help you.
We believe in partnerships and are 100% sure we can’t make it on our own without teaming up with
the best minds. You can either talk to us or to any of the partners working with us, they will tell you
why partnering with Novus Technologies is such a great idea!
We look forward to hearing from you.
Founder & CEO