Inipop, after years of working in the IoT industry, detected an infrastructural gap in connectivity that affects 20% of the human population, which cannot exploit and enjoy the benefits of digital financial services. With its technical background knowledge, it designed and created Inipay, the first digital payment platform that can operate in areas with no connectivity, making financial inclusion real in any country.

As any other financial service, Inipay is regulated by several standards and protocols, such as PCI-DSS. During 2021, we carried on a validation process with Deloitte, where we obtained our compliant certificate and we are fully enabled to operate with any acquirer.

The initiative was funded by Inipop as an R&D project. Inipop is a private company with fundraised money in the venture capital world.

In a Latam market with $720B coming from card payment and $2.5B annual revenue generated by existing issuing processors, Inipay has an enabler IoT technology in a place where 32% of the population have no access to the internet, 50% are underbanked and 80% of transactions are still paid in cash.

Inipay’s vision is to connect millions of communities by providing high-impact and low-cost software and hardware infrastructure that allows digital payment to happen.

Inipay foresees a high impact in the financial inclusion in Latam and a possible expansion to Africa and Asia.

• Reaching partnerships on a revenue sharing model basis for local merchants.

• Deployed in Argentina first.

• Then México, Colombia, El Salvador and Guatemala (2022)

• Exploring opportunities (US, Europe)

The Fintech industry takes connectivity for granted. However, small communities are forgotten. Telcos’ model only works in high density areas. We cover the traditional market (connected) and we include the unconnected.

• Integrated with more than 5 acquirers.

• Ratio performing for technical integration: 48 hours.

• Agreements with Techs and global companies: impact with 3 million merchants (next 4 years)

• Investment received

• First R&D stage: Inipop LLC.

• Wayra (Telefónica), and private investors (Facundo Garretón -InvertirOnline.com- and Sebastian Stranieri (-VU Security-).

• Last investment: Newtopia Ventures via SAFE.

• Open investment round up to USD 10MM.

Inipay compresses a normal digital payment transaction and forwards it through a radiofrequency non-conventional network, under PCI global standards. Once the transaction is received in the backend, it is processed by using a local acquirer.

It has three main components:

- the PoS: device for reading different means of payment,

- the communication layers: devices for forwarding the transaction to the backend, and

- the backend (cloud where the transaction is validated and executed).

All three components hold Inipay’s intellectual property and were designed and developed with focus on integration, API and SDK oriented. Inipay transformed its product into a global platform that can be used by third parties in a white label and in a local manner.

LoRa dongles communicate wirelessly with the gateways installed in the cities within a radius of 15km, forwarding the payment corresponding to the transaction. Our platform system is open and interoperable and easy to integrate by using APIs.

• Antenna and Gateway Kerlink

• LoRA Dongle

• INI POS 1 - Topwise T1

• Android APP

• Web Application

The service is up and running and merchants are using the technology, also in sports and music events with network saturation.