Velwire: Driving Financial Inclusive Growth in Emerging Economies
Published On: 24 Aug 2023, 2:27 pm

In today’s world, digital payments are a vital component of the financial landscape, particularly in emerging economies. These markets have bypassed conventional innovation and enthusiastically adopted financial services, including mobile payments, digital wallets, and cross-border payment platforms. In addition, the COVID-19 pandemic significantly accelerated the widespread adoption of digital payments, transforming the way individuals and businesses engage in transactions with increased convenience, swiftness, and security. 


Against this backdrop, major tech companies, public financial institutions, and intergovernmental agencies are developing digital offerings. This monumental shift is poised to gain even more traction, with Velwire leading the charge in propelling the transition from cash to digital.


A distinguished financial services and software development firm, Velwire excels in delivering comprehensive solutions for payment infrastructure, applications, and services, tailored to address the requirements of emerging economies. The company constructs secure and seamless real-time electronic payment solutions by harnessing its industry expertise and state-of-the-art technologies.


An integral player in advancing financial inclusion and stimulating economic growth globally, Velwire is enabling individuals and businesses in emerging economies to engage with the digital economy and access financial services that were once unattainable.


Empowering Holistic Payment Lifecycle Management


According to the most recent Findex report, approximately 1.4 billion adults worldwide lack access to formal financial services, with the majority residing in the developing economies of Latin America, Africa, and South-East Asia. The principal factors contributing to this include high transaction fees, insufficient banking infrastructure and services in these regions, and a need for uniformity and high transaction fees among traditional banking institutions.The report further emphasizes that real-time electronic payment services and improvements in digital infrastructure coverage, affordability, and dependability constitute the primary methods for numerous consumers in developing nations to access financial services.


“Our end-to-end software solutions are tailored to support all digital transactions for individuals, businesses, and governments in emerging economies to conduct instantaneous real-time clearing and settlement of digital transactions,” says Zareef Hamid, founder of Velwire.

Velwire helps design, develop, and implement high-quality custom software solutions and services that empower all stakeholders in the financial ecosystem to efficiently manage the entire lifecycle of their payment needs. The company’s services include a complete suite of options, ranging from redesigning, refactoring, and enhancing outdated systems to migrating to newer platforms and reviewing technical architecture and development practices.Proficient in various software development methodologies, its experts tailor their approach based on an organization’s size, nature, and location.This enables it to provide a comprehensive range of solutions and services designed to be inclusive, flexible, and compatible with legacy systems.


Tailored Teams for Customized Development Solutions


Velwire’s project outsourcing approach allows businesses to customize their development teams by specifying the number of developers and their experience level. These developers work exclusively on the projects assigned to them, without additional responsibilities or distractions, to provide a cost-effective, timesaving solution that effectively addresses customer requirements and supports their long-term success. Its team includes highly skilled trainers, implementers, and project managers committed to delivering secure and fully-customized solutions and services that align with customer needs and goals.


“We aim to facilitate universal access and affordability of digital payments, with a focus on serving the needs of underprivileged, underbanked, and unbanked populations worldwide,” states Hamid.

Our End-To-End Software Solutions Are Specifically Tailored To Support All Digital Transactions For Individuals, Businesses, And Governments In Emerging Economies To Conduct Instantaneous Real-Time Clearing And Settlement Of Digital Transactions

Functioning as a central switchboard and powering an omnidirectional flow of various digital solutions, Velwire’s model drives the velocity of electronic transactions in emerging economies. By leveraging its fast, secure, and seamless digital transaction capabilities, it empowers individuals, businesses, and governments to quickly and efficiently process transactions. Its secure interoperability solutions facilitate real-time money transfers between banks and wallets, simplifying previously cumbersome and expensive processes.


Velwire offers a diverse and affordable solution to transact beyond banks, whether a single transaction between individuals and merchants or bulk transactions, including salary distribution and government fund disbursements like subsidies and stimulus payments. Users can seamlessly integrate this functionality without additional applications, using their existing tools to enjoy a more efficient and streamlined experience. This means stakeholders can optimize their financial management processes and minimize the costs associated with traditional cash transactions.


“Our objective is to help lower structural barriers to entry like traditional cash management and distribution expenses, including costs associated with manpower, machinery, and systems, as well as intermediary fees,” adds Hamid.


Security Measures for a Reliable Payment Infrastructure


To provide its users with a secure and reliable payment infrastructure, Velwire has implemented multiple security measures that work together to ensure the safety of its users and their transactions. Its commitment to safeguarding vital and confidential digital information is reflected in its certifications. Experts at Velwire have taken significant steps to optimize fraud and risk solutions across payment types, channels, and customer types, including eKYC and AML, to ensure clients can confidently scale their payment infrastructures without compromising security.In addition, it leverages Dynamic QR Transactions, which involve using one-time, unique QR codes to enhance transaction security. It also conducts risk management checks, mitigating restricted data or devices and transaction limits. Velwire’s transaction validation and record-keeping capabilities assure each transaction is authorized, tracked, and recorded, reducing the risk of fraud and ensuring customer confidence.

Our Objective Is To Help Lower Structural Barriers To Entry, Such As Traditional Cash Management And Distribution Expenses, Including Costs Associated With Manpower, Machinery, And Systems, As Well As Zareef Hamid, Intermediary Fees

During the height of COVID-19, a monetary authority approached Velwire to address the challenge of limited interoperability in their existing payments ecosystem, which hindered the distribution of stimulus payments to the public. Velwire’s solution and services gave them a significant advantage by facilitating seamless interoperability across all payment channels, ensuring maximum accessibility and convenience. This level of interoperability, combined with a cost-plus-utility model, significantly reduced the fragmented integration costs users faced while integrating with wallets, helping the monetary authority transition toward a cashless society. Consequently, Velwire enabled them to distribute subsidies through mobile phones to the underbanked population. Its pivotal role in processing over two billion transactions helped promote financial inclusion and drive economic expansion.


Revolutionizing Payment Systems for Financial Inclusivity


A transformative shift is underway in payment systems as electronic transactions increasingly displace traditional cash-based methods. Concurrently, digital currencies and cryptocurrencies have emerged as novel forms of currency that challenge conventional financial paradigms. Developing nations have actively participated in—and sometimes spearheaded— these innovations through new investments and regulatory adaptations that persistently influence the e-payments landscape. While cash-based instruments remain prevalent, numerous countries have endeavored to introduce and advocate for e-payment instruments and systems. By fostering acceptance infrastructure and centralized fund transfer systems, electronic payments can facilitate financial inclusivity for the rapidly expanding, underbanked population.


Velwire’s comprehensive suite of solutions and services addresses system challenges and assists financial institutions and monetary authorities in crafting a secure and frictionless electronic payment experience. Comprising seasoned bankers and technologists, its team possesses an extensive knowledge base that propels FinTech advancements capable of surmounting obstacles often encountered in traditional financial institutions and government frameworks. It aspires to leverage its expertise and innovation to promote inclusive economic growth by streamlining the integration of electronic payment structures in developing nations. Considering the digital aptitude and rapid urbanization characterizing the majority of youth in these countries, Velwire’s proficiency and dedication to financial inclusivity render it a prime collaborator for creating a secure and efficient payment infrastructure.