Payping launches its product becoming Iran’s first C2C money transferring platform. The product seems very familiar to those who have used Paypal’s recently launched Paypal.me or square’s Cashtag launched earlier this year. PayPing provides Iranian users with a profile page, where you can simply enter the URL of your friends PayPing page (like Payping.ir/Alireza) and send him/her the amount of money you want to be transfered to that person. PayPing is also a good tool to remind your friends/client to pay their debt by sending a custom URL to the target person with the exact amount that the person should pay.
We used PayPing ourselves and made a transfer to get an experience of the product.
All we had to do was to know the person’s username, in this case we entered: payping.ir/alireza
The link will open your target person’s Payping page, where you can enter the amount you want to transfer, and a short description of the payment’s reason. After that you’re redirected to the payment portal Shaparak. In this method you don’t even need to have the person’s bank account number.
PayPing is using 2 portals to proceed the processes which it ends up in the Shaparak payment portal. PayPing charges 500 tomans (0.15$) per transaction which PayPing uses to pay off Shaparak, until they sign a contract with banks to be directly involved and to subtract the transaction fee from the user.
We talked with Saeed Mashhadi the founder about the product and its future product road map. And also about their future plans for PayPing Business.
“To give an example for business use: many Iranians use Instagram to sell their products, this payment option will help the sellers to easily and securely get payed by their buyers. Users get a PayPing business page where they can describe their business in form of a small description and also links to their social media pages. Payping will also provide a unique dashboard for their business users, which it will help the seller to track the transactions and also get their personalized analytics on how they sold.”
Iran’s fintech scene has a great potential. Payping is one of the dozen fintech startups in Iran who are harnessing Iran’s potential in the financial market. We are anticipating to witness more action in the fintech scene.