The FinTech and InsurTech company IATAI Enterprises (IATAI) has launched onepocket, a frictionless and secure mobile payment method that allows customers to use Visa Checkout and in-store.
The payment method was unveiled at Money20/20, the world's largest payments and financial services innovation event, held in Las Vegas October 23 to 26.
Visa Checkout is an online checkout service from Visa that allows customers to make purchases quickly and easily from their smartphone, tablet, laptop or PC. Only a username and password are required to pay with Visa Checkout, eliminating the need to re-enter shipping and billing addresses.
onepocket offers several additional benefits to Visa Checkout users:
- It enables Visa Checkout to be used not only online, but also in-store;
- It can be used to pay not only with debit and credit cards but also with reward points, as well as to redeem gift points and access exclusive benefits;
- It can combine several payment methods in a single checkout;
- Its rewards program offers points up to 5% of the customer's purchase value over and above points earned through the customer's credit card or bank loyalty program; and
- Within onepocket, customers can access handy mCard, a mobile protection and benefits card that provides global access to hotel and transportation discounts, trip cancellation insurance, emergency medical coverage, theft protection, data protection and other services, for a small fee. The platform has more than eight million users and can be used with 57,000 merchants and other service providers, 17,000 hospitals and 8,000 doctor networks worldwide, as well as 14 Latin American and Caribbean financial institutions.
onepocket is part of the Handy U Visa app that can be downloaded from the App Store or Google Play.
"Unlike traditional electronic payment methods, onepocket provides an omnichannel, all-in-one payment experience, online and in-store, and can be used to find and purchase nearly anything you need—from a locksmith to a doctor consultation—anytime and anywhere," said Sergio Arana, CEO of IATAI.
In September 2016, IATAI received the first US$5M of a US$20M strategic investment from CASEIF III LP, an institutional private debt and equity capital fund for small and mid-sized companies in Central America, Colombia and the Dominican Republic. IATAI aims to raise a second round of investments to further expand operations internationally and reinforce its leadership role in the FinTech and InsurTech industries.