Paymagnet talks to SiGMA about their life-changing payment system
Paymagnet is a revolutionary new system which allows merchants to accept card payments on smartphones anywhere, using just an NFC-enabled smartphone. Anything you can do on a POS system, you can now do on a smartphone. According to Paymagnet, they provide «the safest, quickest way to get paid wherever you are, whenever you want with just a credit card, a smartphone and the Paymagnet app». The company is going to participate in SiGMA17 Startup Pitch in the end of November.
What is your company’s unique differentiating idea?
We can turn a smartphone into a card acceptance device! Simply tap your card to the back of the phone, to purchase credits, for games/casinos via app! Plus, we issue nfc tags, for table games, so a player can buy chips directly at the seat, and doesn’t need to go to the ATM any more, or leave the casino because he´s out of cash. The host at the table sees incoming payments in real time on a tablet, and simply hands out the chips! That’s brilliant, thanks, we know.
What differentiates you from your competitors? Specifically, what do you provide that is currently not available in the market or how do you differ from your competitors?
For operators, we are the only payments tech, which does prevent stolen credit card data effectively since a real physical card must be present!
What milestones or tangible traction have you achieved to date?
We signed Multibet24, EFL, a fantasy sports company, signed UATP for airlines and prepare to rollout 500 000 devices to the UK in the next month. We had a demo in casinos in Austria, and are talking about a launch strategy for German land-based casinos with major stakeholders. Pre revenue, but big partners.
Please explain your objectives for participating in SIGMA Pitch Event.
We need to let the operators know that we are out there, and that there is more to payments than those old online gateways. It is the era of mobile/gaming now, and mobile everything. We bring this shift in society into the gaming market.