The Waxd story began when Waxd patented a method for processing app payments through EFT rails, cutting merchant fees from 2-3.5% to 0.4%. It was a really good idea, but needed the co-operation of banks - which they did not give, as the solution would cost them in transaction revenues. So, our company turned its attention to innovative technology in areas where banks had failed. 

 

In Africa, this is the informal market, where the majority of people are unbanked and where there is no banking product that caters to very small transaction amounts. And this is how the Waxd POS ecosystem was born - to provide what the current financial infrastructure and banking paradigm cannot.

 

Though initially envisaged to revolutionise payments, our payment solution has proven itself to be of benefit to multiple vertical industries - especially the public transport industry that is lifeblood of the informal sector in Africa. And it will continue to be what motivates our company into the future - to use our technology to benefit the informal sector and drive the financial inclusion revolution in Africa.