Fintech startup Paycock has announced its entrance into the Russian and Eurasian financial markets through a newly formed partnership.
Paycock has signed an MOU with Russian fintech company AEB IT, and plans to launch a mobile transaction solution for Russia’s commerce market which is expected to grow rapidly. AEB IT is a subsidiary of major Russian bank JSCB Almazergienbank JSC. The startup plans to provide its new solution to JSCB and relocate its technology and service management through AEB IT.
Paycock is a mobile payment method that uses NFC and your smartphone camera to carry out payments without the need for card terminals. According to the company, its technology helps merchants save up to 95% of costs usually spent on terminals, and allows credit card, barcode and QR code payments.
With 14 applications for patents and 2 patents already under its belt, Paycock is now securing the necessary security and authentication technologies for the business. The latest MOU came about last month following K-Global@Moscow, an event which Korean accelerator Born2Global hosted.
“Through Born2Global and meeting with Russian IT companies, banks and investors, we were able to make them understand Paycock’s business model. This led to signing an MOU with AEB IT, a subsidiary of Russia’s main bank that had shown active interest,” said CEO Kwon Hae-won. “We agreed that Paycock was a simple mobile payment service that could be introduced to the Russian fintech industry which has been slow to grow. Going forward, we intend to focus on popularizing the service locally.”
In May, Seoul announced that Paycock would be used by merchants at popular markets such as Namdaemun to help support small business owners.