N1 fund to invest $500k in Ukraine’s TRANSENIX by the end of the year
N1 Investment fund has announced its decision to invest up to $500,000 in the tap-to-phone solution TRANSENIX by the end of 2022. According to N1, part of the amount has already been invested in the project earlier this year.
The TRANSENIX solution makes it possible to use smartphones and tablets as payment terminals. Customers can make contactless payments using their physical cards, mobile wallets, and other payment devices.
How it works
- The merchant indicates the amount of the transaction in the application
- The client brings their card or gadget for payment to the merchant’s smartphone
- The transaction is processed by the acquiring bank
- The bank reports the result displayed in the app (successful)
- At the request of the client, the merchant sends an electronic receipt to mail, messenger, or generates a QR-link
N1 says that the TRANSENIX project team has completed Visa and Mastercard security certification of its solution. This is an essential achievement for the Ukrainian fintech industry because this is the first and only Ukrainian team with such a certified solution, while there are only five such projects in Europe.
“We have received congratulations from Visa and Mastercard regarding the license, and we plan to enter the market quickly with the support of the N1 team,” says CEO Andrey Aushev.
Unlike similar solutions in the Western market, TRANSENIX allows for the one-click creation of terminals, which provides for easy scaling. Another significant advantage is user-friendly analytics, which allows for efficient management of sales managers. The clients will also be able to use a chat bot for quick responses to the most frequently asked questions and transaction history.
“I’m proud of the project team that managed to complete the product certification during the war. It’s a tremendous effort. Moreover, I believe in the project’s potential because similar technologies are now being integrated by giants such as Apple, Google, Amazon, and Revolut. If the team succeeds in the local market, we will help the startup to enter Western markets. Some of our Western partners are already showing interest in this solution,” says Nykyta Izmaylov, N1 Investment company CEO.