Simplifying payments and championing financial inclusion.
Damen Cash, based in Egypt, aims to transform the financial management of its 18 million users. Powered by cutting-edge BKN301 technology, Damen Cash offers an intuitive digital wallet, simplifying bill payments and financial transactions. Leveraging BKN301’s innovative technology, Damen Cash transitioned from a traditional retail model to a digital financial service provider.
Damen Cash app has won the prestigious The Global Economics prize as the “Best New Mobile Payment App”.
Challenge
Before Damen Cash was introduced, the company faced several challenges.
- Operating exclusively through a vast network of physical retail stores it needed to transition into the digital financial services space to create a new revenue stream.
- Providing financial inclusivity for the local population required a shift to a digital platform that could be easily accessed by a broader audience.
- Reducing reliance on physical stores for bill payments and financial transactions. By transitioning to a digital platform, the company aimed to enable 24/7 transactions, boosting customer satisfaction and efficiency.
Solution
BKN301 provided a tailored solution using its BaaS platform, integrating local third-party services to ensure a seamless UX for the Egyptian market.
- Custom App Development:
Integrated with local aggregators for bill payments and a local payment processor for capturing payments.
- App Key Features:
1. Card Tokenization: Securely add existing cards for future use.
2. Bill Payments: Easily pay for over 300 local services and utilities, saving time and enhancing convenience.
3. Wallet Creation: Create an e-money account for:
- Direct bill payments from the wallet balance.
- Instant issuance of one-time use virtual cards for online payments.
- Instant and fee-free money transfers to friends or relatives.
- Sending and receiving remittances.
Result
The implementation of Damen Cash, powered by BKN301, resulted in significant benefits. Transitioning from a physical retail network to a digital platform opened a new revenue stream for Damen, marking a pivotal shift in its business model. The app provided a convenient and efficient means for Egyptians to manage their finances, representing a notable step towards financial inclusivity. Additionally, the ease of paying bills and handling finances digitally saved users time and effort, thereby enhancing their overall experience with the service.
- New Revenue Stream: Damen's shift from physical retail to digital platform created a fresh revenue source.
- Financial Inclusion: The app offered Egyptians a convenient, efficient way to manage finances, promoting financial inclusivity.
- Enhanced Customer Experience: Digital bill payments and finance management saved users time and effort, elevating their overall experience.
