Best International CNP Program
Payza, a first-time winner at the CNP Awards, nabbed this year’s Customer Choice Award for Best International CNP Program. Launched in 2012, Payza is a UK-based digital payments company with offices in Canada and India. It provides online payment services for banked and underbanked populations alike in more than 190 countries.
Payza’s solution is used mostly by small businesses and sole-proprietors, including freelancers. Monthly sales volume varies by business, but the majority of its customers have less than 10 employees.
The company notes that it is one of the few online payment options available for businesses and freelancers in regions such as Bangladesh, India, Pakistan, Nepal, and many other developing and emerging markets.
Merchants served include retail, web services and mobile services. Freelancers and other self-employed professionals also use Payza’s services to receive payments from international clients.
Because all payment information is captured at the Payza platform level and not by the merchant, consumers do not need to expose sensitive credit card details, the company explains. At the same time, merchants gain easy access to credit card payments without having to worry about building sophisticated credit card security measures into their websites.
The company notes that in 2016, it saw impressive year-over-year growth in many markets: new merchant signups last year grew by over 300 percent in Turkey, over 150 percent in Brazil, over 125 percent in the UK, over 100 percent in Nigeria, and over 75 percent in Bangladesh and South Africa.
Payza points out that many payment processors limit or refuse CNP payments to and from countries like Nigeria, Nepal, Egypt, Pakistan, Bangladesh, and India. Payza, however, has found ways to serve merchants, freelancers, and consumers in these markets. Because of its positive reputation for fraud prevention and chargeback mitigation, Payza established exclusive banking relationships in these countries which allows it to offer customized services tailored to specific local needs, according to the company.