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Since beta launching in May this year, OurPass claims to have done $500,000 in transaction value and hopes continuous growth will see it become the go-to platform for consumer checkout in Nigeria by 2023. The one-year-old company charges 0.8% per transaction, capped at N1,000 (~$2) for merchants and a commission of 5% on every product sold - Eze also hints at a plan for the company to introduce subscriptions. The company partnered with logistics companies like MAX.ng and Gokada to execute on this front.

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The company also plans to work with merchants on e-commerce platforms, including WooCommerce, Magento, Squarespace and Shopify in the future and social commerce platforms like WhatsApp, Facebook and Instagram.ДЄlongside its one-click checkout, OurPass also offers free delivery on all orders for customers. Most of its clients are small businesses that use Storemia, an online storefront provider OurPass acquired recently. OurPass has gathered a few merchants on its platform. Eze says this helps OurPass capture value end to end and offers instant settlement of payments which, according to him, was not the case with payment gateways. For consumers to check out from a store, theyвЂ™ll need to fund their wallets, and once they check out, the money moves into the merchantsвЂ™ wallets. That means consumers and merchants are assigned virtual account numbers to be used in a wallet.

вЂњHence the reason why we had to build our system on a wallet system to enable that one-click checkout.вЂќ вЂњWe did not want to defeat our USP of one-click checkout by allowing consumers to try to check out in one-click only for them to see their cards flagged as fraudulent,вЂќ Eze said. But after several instances of payment gateways flagging many cards used by OurPass consumers and failed card transactions, the company chose to adopt a wallet strategy and created an application for consumers.

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Initially, OurPass allowed users to fill in their payment card details when completing their forms for the first time without the need to download an application. But for OurPass, users need to download an application and shop with merchants using the platform.

#One click cash install#

So why has OurPass decided to go this route of creating its own ecosystem of merchants and consumers? For instance, in FastвЂ™s case, only the merchants need to install Fast Checkout, while users can access the service via an e-commerce or merchantвЂ™s website. But hereвЂ™s the thing: they can only shop with merchants that have OurPass API linked to their platforms. In essence, OurPass customers would not need to fill out any form anymore and do not have to deal with re-logging issues. вЂњWe built an identity layer across the web to enable consumer identity to be sent across to every single online store they go to check out from,вЂќ said Eze. OurPass then creates an identity for each customer, which is passed across every online store they shop. The first time consumers sign up on the OurPass platform, they enter their names, email and shipping addresses. Yearly, about 75% of shopping carts are abandoned due to how cumbersome the checkout experience can be with long forms and re-log ins.ДЄttempting to tackle this challenge, OurPass provides a mobile application that enables consumers to shop with one click. Yet c heckout still remains a major issue for merchants. Per Statista, 27% of online payments made on e-commerce sites a re now carried out with cards, topping cash and bank transfers as the most common payment method.