PayCollective is a digital wallet app enabling customers to make payments and enjoy exclusive offers from thousands of local merchants. As a customer, you may top up your wallet via real-time bank transfer, debit card, credit card, Apple Pay or Google Pay. You can pay merchants securely via QR code scan and earn reward credits. You can also purchase digital gift cards in the app and receive incredible discounts. The purchased gift cards are stored in your wallet and can be used directly at major retailers.
PayCollective also provides a social media platform that connects our members together. You can chat and social with your friends. In the future releases, you will be able to send digital gift cards to your friends as a birthday gift. We will also support peer-to-peer transfer so that you can send money to your friends and say goodbye to the lengthy BSB and account number.
In addition, PayCollective is a free point-of-sale app for our merchants. As a merchant, you can collect payments from customers via QR code scan with no monthly fee. You can view transactions, manage payments, and issue refunds easily from the app. You are able to provide customer service and chat with customers in the app if you wish to do so.
We have invested heavily in research and development, and introduced the next-generation QR code payment technology. We have classified our QR code payment technology into the following scenarios:
• Real-time QR Code Payment
Each customer wallet has a real-time payment code which will change randomly every 30 seconds. In practice, merchants can scan the code from the customer wallet using the PayCollective app or merchant’s own point-of-sale system. In this scenario, the customer can even pay without Internet access. This is much like how a cardholder would normally pay with a physical bank card.
• Static QR Code Payment
The customer can scan a QR code identifying a specific merchant. The code will take the customer to our secured page asking the customer to enter the payment amount and authorise the payment. In this scenario, the merchant and the customer can be in different locations as long as the customer has a copy of the merchant’s QR code.
• Bridging QR Code Payment
The merchant operates its business from a web application, such as a mobile app or a website. Such web application can integrate with our API to initiate a payment order with the amount payable. If the payment order is generated on a desktop website, and the website can display a bridging QR code referencing to the payment order. The customer scans the code using the PayCollective app to load and authorise the payment order. If the payment order is generated on a mobile browser or app, the mobile device will launch the PayCollective app to load the payment order and seek the customer’s authorisation. In this scenario, the QR code brings the merchant’s ecosystem and the customer together.
PayCollective has an Australian Financial Services Licence (AFSL: 538726) for non-cash payments and foreign exchange.