Paying should not be a complicated process for consumers and businesses. Yanki Onen, co-founder and CEO at wamo.io, explains to Juan Ameen how fintech company wamo is opening the doors to accessible, instant payments without the need for cash or credit cards.

What is wamo all about? 

When wamo started operating in Malta in August 2021, we wanted to make the lives of businesses more straightforward. The democratisation of value exchange is a fundamental part of our vision. Although that may sound lofty, the changes it makes are practical: open a business bank account with us in minutes and immediately start taking payments. This accessibility is very positive as consumers actively support local small businesses and individuals. Shopping local is at the front of the mind for many, but sometimes the lack of convenience is a deterrent.

Yanki Onen, co-founder and CEO at wamo.io

What solution does wamo offer to local businesses? 

Firstly, wamo makes it fast and straightforward to have a business bank account. We know that setting up a business bank account in Malta can be a big challenge. The world is moving faster, and businesses are on 24/7, so everyone takes advantage of the advances in fintech to get themselves legitimately up and running. We should be championing entrepreneurs and providing tools for thriving, not making it complicated. Secondly, it makes taking clients’ payments super easy. The expenses of point-of-sale (POS) machines and fees on transactions add up, especially when you are taking high-volume, low-price charges at a bar or a fast-food pop-up shop. 

How does it work exactly? 

Wamo integrates POS systems, but we don’t believe it should be the only option. Wamo eliminates the need for credit cards, POS machines or sharing transfer details. Customers need to scan a QR code and pay via Apple or Revolut into the merchant’s business account. The business will always be up-to-date with how much money is coming in and out of its account. It’s the ease of cash with the smartness of tech. Making business easy and accessible for everyone is important to us, and that’s what we are doing for our customers. 

What advantages does it offer to the consumer? 

For the consumer, wamo means convenience - and that’s everything. Consumers now have more choices about how they want to pay: card, contactless or chip and PIN; QRcode scan and pay; Apple or Revolut. Tourists need to pay in familiar ways that don’t cost them more or unnecessary fees. QR code payments mean that consumers can pay without a POS device or without queuing at a cash register. If you’re at a restaurant, you can pay when you are ready; at a hair salon, you can scan and pay at your chair or on your way out while the hairdresser continues with another client. Wamo helps the flow for consumers and vendors. Consumers are getting used to using their phones for everything. Carrying around a card and cash doesn’t make sense anymore, especially for the younger generation.

What was the feedback from merchants and consumers?

Just great so far. Wamo has been very well received, we have purposefully focused on building our network slowly through genuine relationships. Our merchants are thrilled with the personal service, and micro vendors who couldn’t open a business bank account are now able to have a more professional front. It’s fast, easy and efficient, and businesses can take payments easily while running their payroll through wamo. Also, the bespoke QR codes look cool.

Where do you see the company going in the next five years? 

Wamo’s contactless account will make a big difference for merchant-to-merchant payments. The account linked to the app will allow payments from a merchant wamo account to every supplier with a wamo account. These can be set up to be paid regularly or one-off for free and instant payment. Before these B2B payments were notoriously slow, suppliers were left waiting for payments that affected their ability to pay employees or rent. We are all about serving micro and small businesses, and as they grow, we will be expanding our services. In the not-so-distant future, we will be offering overdraft limits and loyalty ability to our merchants. Stay tuned!