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FinFan - An eWallet Aggregator

Thu Jan 25 2024
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FinFan -  An eWallet Aggregator

In Vietnam's thriving fintech market, approximately 40 different e-wallets are available for consumers to choose from. Chances are, you frequently use one of these e-wallets, for instance, the dominant player in the Vietnamese market, MoMo, when making online purchases.

However, consider a scenario where you embark on a business trip to a foreign country and try to use your trusted e-wallet. The odds are against you due to the limited adoption of your chosen e-wallet in most international locations. The core issue lies in the lack of interoperability among e-wallets, in stark contrast to the seamless connections seen among traditional banks

Recognizing this challenge, FinFan has developed a groundbreaking solution with aspirations to become the "Visa for e-wallets." This innovative offering, aptly named FinFan - eWallets Aggregator, aims to bridge the gap and enable cross-platform functionality for e-wallet users.

What is the eWallet Aggregator?

The Wallet Aggregator Platform is a comprehensive full-service solution enabling the acceptance of digital wallets at physical retail locations by consolidating and aggregating multiple e-wallets into a single platform, thereby providing a single-stop window for digital wallet acceptance. This platform provides a wide range of core payment processing features assuring the secure and seamless processing of wallet transactions at every phase, commencing from their initiation through to final authorization.

How does FinFan’s e-wallet aggregator work?

The platform serves as a central hub for processing e-wallet transactions, seamlessly integrating with systems initiating these transactions. Its functionalities encompass validation, routing, transaction matching, and real-time authorization from e-wallet issuers.

This robust multi-issuer e-wallet aggregator system possesses the capability to manage a high volume of online transactions across retail, e-commerce, and mobile commerce sectors. At its core lies a secure and resilient middleware server, built upon well-established technology, ensuring 24/7 operation. The middleware server of this platform functions as an application responsible for gathering and processing online e-wallet payment transactions from various consumer touchpoints, including traditional merchant online point-of-sale (POS and EPOS) terminals, as well as remote internet and mobile commerce nodes.

FinFan, the pioneering fintech company to introduce the E-wallet Aggregator concept in Vietnam

Despite its longstanding presence in the global fintech market, connecting all e-wallets in Vietnam has remained a challenge due to API integration difficulties between e-wallet companies. The domination of MoMo, with over 56% of the market share, has somewhat diminished the demand among businesses and retailers to connect with other e-wallets.

Nonetheless, in the process of supporting international partnerships, we are aware certain e-wallets may offer more support than MoMo for competition. For instance, ZaloPay consistently runs incentive programs with rewards for recipients to settle bills or receive money through their e-wallet.

Recognizing this issue, FinFan has strived to obtain approval as an Aggregator, unifying all e-wallets under a single API, to address these challenges and streamline the process of disbursing money into e-wallets.

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Dr. Tuyen Nguyen

Money Beyond Borders

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FinFan is a B2B model as a One – Stop – Shop with fully loaded platform as the art of borderless money movement as sending, receiving, spending, lending, exchanging, … It’s integrated multi channels, multi corridors that crosses including mobile, web and branches, POS, ATM, Kiosk, ... and Cards that making it easier to build a strong partner ecosystem of banks, billers, aggregators, agents, merchants, payment networks, etc… and can be brought on board in weeks instead of years for partners expanding quickly to unreached markets.
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FinFan
money beyond border
FinFan is a commercial brand of Best Way Corp. An aggregator switching network & multi methods for all things money x-border
Authorised by the Central Bank - No.973 License of Foreign Currencies Acceptance and Payment
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