Telr out to transform e-payments in emerging markets
By Digital News Asia March 7, 2014
- Hopes to transform US$100bil e-payments market in Middle East, Africa and South-East Asia
- Payment gateway processing services to merchants, in language and currency of their choice
THE former managing director of PayPal Middle East and North Africa Elias Ghanem has started Telr, a multicurrency and multilingual payment gateway for small and medium enterprises (SMEs) in emerging markets.
The company hopes to transform the US$100-billion online and mobile payments market in the Middle East, Africa and South-East Asia, it said in a statement.
Despite the wide variety of payment gateways around the world, major problems still exist for e-commerce in emerging markets. Payment gateway integration can often be slow, costly and complex, Telr said in a statement.
Most merchants face difficulty and high cost of integration, an absence of working capital financing and lack unified payment and logistics integration. Telr aims to solve these three crucial challenges.
“Through my career, I’ve met hundreds of entrepreneurs who face the same hassle when it comes to taking their business online,” said Ghanem (pic), also the chief executive officer and cofounder of Telr.
“Our payment gateway will allow them to focus on their core business and offer the best customer experience possible,” he added.
With its tagline ‘Your Language. Your Currency,’ Telr will provide online and mobile multicurrency payment gateway processing services to merchants in emerging markets, in the consumer’s currency and language of choice.
Telr said its competitive advantages are:
“Telr aims to significantly contribute to the growth of e-commerce merchants – especially in high growth regions where currently consumers mostly purchase online from e-stores in the United States, Europe and Asia for lack of local supply,” Ghanem said.
Telr claims the main differences between it and other payment gateways are its management team and proprietary technology.
Telr's team has more than 25 years of extensive experience in cards, online payments and payment gateway setup from PayPal, Visa and HSBC.
As part of Singapore's startup accelerator Gilcrux Holdings (GHX), Telr said it will get an established advisory board well versed in e-retailing, banking, card schemes, compliance, risk and fraud management.
GHX, founded by South African serial entrepreneur John Fearon, will also provide technology experts with decades of experience in platform architecture and management.
Telr would be built to enable merchants to quickly and simply offer payments solutions from multiple funding sources (cards, bank direct debit, wallets, domestic schemes and proprietary prepaid cards) in multiple languages and local currencies.
“The inefficiencies in most payment gateways make the industry ripe for disruption,” said Fearon.
“Elias’ (Ghanem’s) team has the credentials to drive the payment revolution that everyone wants to see,” he added.
Telr is headquartered in Singapore with its operational headquarters in Dubai.
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