Budpay, a digital payment platform that extends its payment services to small and medium enterprises (SMEs) and startups in Africa and other regions is targeting the gaming industry by utilising secure, low-level, and Payment Card Industry Data Security Standard (PCI DSS) for its users.
The digital platform which has big dreams for Nigerian businesses, especially SMEs and various startups has partnered with gaming platforms like Bet9ja and Codashop, enabling them to accept and make payments through a diverse range of available payment options.
In 2020, the gaming industry generated $132.9 billion in revenue, By 2025 the industry will generate more than $223.8 billion in revenue, data from PwC’s Global Entertainment & Media shows.
Teslim Anifowose, Growth Lead at Budpay in an interview with BusinessDay said technology and innovation have driven a powerful shift in gaming and consumer expectation, and partnership with these platforms will enable Budpay to extend its footprint in the gaming industry.
He added that “our daily transaction volume is over $30 million and growing, with future plans for more collaborations with enterprise and high-value merchants.”
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However, Anifowose said their partnership with these platforms is to provide customers with a seamless payment experience.
“Our advanced payment processing technology and commitment to security will ensure that customers can easily and securely fund their accounts and simplify the way they collect funds.’ he said.
Responding to how they have been able to curb fraud, he said cyberattacks and fraud are on the rise, however, our digital platform employs stringent measures to guarantee a secure platform.
According to him, in terms of security, the first level to getting a merchant onboard is through verifying their Know Your Customer (KYC) and also ensuring that the platform is secured.
Budpay is PCI DSS compliant, with ISO certification, and employs intelligent fraud monitoring tools that provide proactive insights into merchants’ transactions, he said.
One of the key aspects that set Budpay apart from other fintech, he said is our simplified collection and payouts for SME merchants via various payment methods.
“These payment methods include cards, USSD, and Bank transfers. In addition, the Budpay app offering is specifically tailored for individual merchants due to its excellent user interface and user experience.”
“The primary advantage is that individual merchants can receive payments from their customers directly into their wallets, streamlining fund collection and empowering them with valuable customer data for targeted marketing initiatives,” he said.
Being a platform focused on small businesses, during the period of Naira scarcity and failed transactions in the Nigerian economy, Budpay positioned itself to support SMEs and ensure their growth and success.
The company proactively reduced entry barriers, allowing SMEs to onboard quickly and start collecting payments on the same day using dedicated virtual account numbers, he said.
During his interview, Anifowose said that his decade of experience in the financial service industry positioned him to understand the needs of these users.
His experience made him understand how payment solutions solve the problems of businesses, he said.
However, with fintech evolving, Budpay remains committed to adapting to key trends and meeting the evolving needs of its users
For instance, “We pioneered the use of QR as a payment method and we are ready for the anticipated upsurge in the use of the domestic card as a standard payment method.”
“The use of the domestic card as a standard payment was created by the apex bank to perform domestic transactions within Nigeria,” Anifowose said.
In response to the regulatory challenges faced by fintech, he said In the payment space, fintech companies like Budpay face regulatory challenges related to cybersecurity, fraud, financial crime, and scrutiny.
“To overcome these challenges, Budpay invests in modern security architecture and fraud analytical tools, ensuring the platform remains safe and secure according to global standards,” he said.
