Automated payment transforms Singaporeans’ consumer experience

Automated bank payments eliminate hidden fees, enhancing efficiency and transparency.

Finverse revealed that consumers today are paying two hidden taxes in addition to the value added tax that they are currently paying.

"Typically, consumers are unaware that they're paying around three and a half percent in credit card fees," Priya Surya, Head of Growth at Finverse said. 

These fees, passed down from merchants to consumers, inflate the cost of purchases without adding value. Moreover, the cognitive tax associated with manual payment processes, such as remembering to execute bank transfers and verifying transactions, further complicates financial activities for consumers.

The solution, according to Surya, lies in automated bank payments. She said that Finverse introduces a seamless integration within invoices, allowing consumers to complete transactions with the press of a button, thereby automating monthly payments without the additional costs associated with credit card fees. 

"By offering low-cost bank payments, we're not only reducing these taxes on consumers but also simplifying the payment process, benefiting consumers here in Singapore and other countries," Surya stated.

Beyond enhancing consumer experiences, Surya said that Finverse addresses the complexities faced by businesses in dealing with traditional banking systems. 

"Banks are incredible institutions, but their compliance burdens create a maze of technical and compliance measures," she noted. 

By collaborating with banks across Singapore, Hong Kong, the Philippines, and other regions, Finverse serves as a bridge, simplifying the bank's API for businesses and enabling easier access to banking capabilities.

Competition in the fintech landscape is fierce, but Surya views it as a positive force that drives innovation and market education. "Competition keeps us on our toes and helps educate merchants and businesses about what's possible in the region," she remarked.

The platform's impact is already visible in several use cases. For instance, the largest coworking space in Asia, which serves thousands of members across Hong Kong and Singapore, has transitioned from manual to automated collections, significantly reducing administrative burdens and enhancing customer satisfaction. Similarly, a major marketplace for car rentals has seen substantial benefits from automating payments, streamlining operations, and reducing errors.