Over 6 years ago the founders and creators of 2D, being part of the mobile banking and mobile payments industry for many years, set out to address numerous problems they encountered with mobile payments and mobile banking in Africa. The primary problem the founders wanted to address was the exclusion of non-credit card holders and formal bank account holders from the mainstream e-Commerce and digital commerce markets.
Until 2D was developed a large percentage of the developing populations had no access to online marketplaces with their existing mobile money accounts, e-wallets or absence of credit cards. At the time the only way to make an online payment was through a payment gateway using a credit or debit card account. The applications enabling such payments were primarily available on smart phones. Using a mobile application that is linked to a credit card was simply not an option for this market. A system free from EMV and PCI compliant equipment and standards was desperately needed.
The 2D transaction controller mechanism was developed, patented and formally launched in South Africa, Uganda, Zimbabwe, Namibia, Mexico, USA and Australia during 2015/16 and is now creating a global revolution with a steady expansion to far reaching corners of the world.
The 2D creators successfully produced a very secure platform and ecosystem. It is accessible via a simple API to which any bank, mobile money platform, e-wallet platform or simply put, any value store platform can integrate. It provides a convenient ‘in-app’ menu driven tool or mechanism for the value store to use inside their own user access channels, whether these are USSD, mobile or web applications.
While solving the technical challenges around payments, 2D managed, by default, to bridge the digital divide and create a mechanism for financial inclusion. Being able to digitally transact no longer requires a subscriber to qualify for, own or use a credit or debit card. All they need is a store of value, such as an e-wallet or savings account with a 2D enabled channel.
The payments industry has not been the only one to adopt the revolutionary 2D transaction controlling mechanism. Industries that require secure and verified transactions, such as for voting, public responses and data verification, have also recognized the benefits.
The in-country 2D Controller can facilitate many kinds of secure transactions using the same patented principles.
With the 2D mechanism operating alongside and independently from the card payment processing networks, equipment and ecosystem, it is in essence also not limited to specific, and often expensive, hardware and systems. A 2D merchant accepting 2D payments could in fact initiate payments via a simple low-tech USSD menu.
Whether you’re an Intermediary looking to add value to clients, a merchant wishing to extend payment acceptance options or reduce fraud risk, a community wanting to offer subscribers or members the most secure and convenient payment mechanism, or a company looking for new revenue opportunities, please contact us at firstname.lastname@example.org to join us on the 2D revolution.