The fintech and insurtech company IATAI Enterprises (IATAI) launched OnePocket, a frictionless and secure mobile payment method that allows customers to use Visa Checkout and in-store. The payment method was unveiled at Money20/20. Visa Checkout is an online checkout service that allows customers to make purchases from their smartphone, tablet, laptop or PC. Only a username and password are required to pay with Visa Checkout, eliminating the need to re-enter shipping and billing addresses.
“Unlike traditional electronic payment methods, onepocket provides an omnichannel, all-in-one payment experience, online and in-store, and can be used to find and purchase nearly anything you need—from a locksmith to a doctor consultation—anytime and anywhere,” observed IATAI CEO Sergio Arana.
OnePocket, part of the Handy U Visa app, can be downloaded from the App Store or Google Play. Additional benefits onepocket adds to Visa Checkout include online and inshore use; debit, credit cards and reward points use; possibility to combine several payment methods in a single checkout; a rewards program which offers points up to 5% of the customer’s purchase value over and above points earned through the customer’s credit card or bank loyalty program; and within OnePocket, customers can access handy mCard, a mobile protection and benefits card that provides global access to hotel and transportation discounts, trip cancellation insurance, emergency medical coverage, theft protection, data protection and other services, for a small fee.
The platform has more than eight million users and can be used with 57,000 merchants and other service providers, 17,000 hospitals and 8,000 doctor networks worldwide, as well as 14 Latin American and Caribbean financial institutions. In September 2016, IATAI received US$5M of a US$20M strategic investment from CASEIF III LP, an institutional private debt and equity capital fund for small and mid-sized companies in Central America, Colombia and the Dominican Republic. IATAI aims to raise a second round of investments to expand its fintech and insurtech operations internationally.