The Idea
Products & Services
PiP iT is the first platform that enables cross border bill pay with cash.
The process is as follows - consumer goes to a PiP iT partner app. They select a bill they want to pay (partner app's are integrated with billers in Africa and South East Asia - currently 600 billers), select PiP iT as their payment method. This sends a bar code to their phone. They bring the bar code to a PiP iT collection partner (any Post Office in UK or Canada), scan the bar code and pay with cash over the counter. Once Pip iT receive confirmation that code has been scanned, they notify partner who in turn notify the biller to update the account.
Problem Solved
PiP iT is a disruptor to the remittance market. Recent migrants (have moved within 1 to 2 years) will not have been able to open a UK bank account. Therefore they will have to use a cash transfer service to send money home. This can cost up to 10% of the transaction value. Of the $25b UK remittance market, 15% was remitted in cash. 30% of remittances are for paying 'non-grocery domestic bills' so rent, electricity, water etc. With PiP iT the bill is paid directly as opposed to sending money home. PiP iT's fee is 1.5% so a significant saving. As well as saving on commission, PiP iT is 100% safe as no-one has to collect cash from a vendor and there is no 'leakage' all the funds go on the bill.
Revenue Model
PiP iT charges a transaction fee from 0.5% to 2%. Their projections are based on the average transaction being £200 as this is the average amount remitted. To date, average transaction value has been £550.
PiP iT also charges a monthly fee for any accounts with less than 500 transactions which ranges from £200 to £500 - waived for the first six months.
They also have a integration fee that ranges from £0 to £5,000 - based on the level of integration, settlement procedure, support etc.
Exit Strategy
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