From the emergence of bitcoin in 2009, crypto currency has garnered a significant following and interest over the past few years. Currently, cryptocurrency market is said to be vindicated amid global crypto market meltdown as the crypto players have shed out 70% of its value since November. As the investor pool has reduced from regions and government bodies are steadily looking at measures to increase the valuation and its utility, the crypto players look forward to expanding their geo-presence and prepare themselves for the recession. They hit a block when it comes to local payments and KYT, where payment gateways play a major role and help in a single payment integration as payment methods in differs region to region. No code payment stacks would aid crypto businesses by providing with more options when making payments and reduces multiple chains of transactions. Mr. Karthik Narayanan, Chief Product & Technology Officer, and Mr. Anantharaman Pattabiraman, Chief Engineering Officer, Co-Founders of Inai Technologies share more insights on the same.
How did you come up with Inai Technologies? name a few investors of the company?
As digital businesses expand into new markets, they face constant pressure to introduce new payment methods. During such times, the global payments presented a problem which often becomes a fallout as there is a need for hiring skilled developers and building all those manual integrations, they are likely to lose their competitive edge.
We ran into a roadblock when it came to payment gateways and being serial entrepreneurs ourselves, we observed that when digital businesses expand to new markets, they face constant pressure to introduce new payment methods. It takes time and resources to hire skilled developers and build manual integration. When our ecommerce venture started to take off, the payment logistics drained our resources. This intrigued us to explore a solution for this issue, which led to Inai Technologies. Inai is a Tamil word that stands for connecting one or more things.
By granting access to a wildly diverse range of global alternative payment methods, we help businesses enter challenging new regions and offer the kind of seamless digital experience consumers increasingly demand. And by empowering non-engineers to operate complex global payment solutions, we are unlocking a whole new world of entrepreneurial possibilities.
inai was a part of the Summer YC 21 cohort, and as the product has grown, we’ve attracted financial backing from some of the world’s sharpest investment minds.
Elaborate more about your clients and Who do you consider your immediate competition?
We have a very diverse clientele from different sectors across the globe. We have been associated with Zoom car India, Healthifyme, Skill-Lync, Pillow, Upmesh and Yummy and helps them resolve their payment related issues and helps them scale up their business globally.
For digital businesses across the globe, we provide services such as
- Support different subscription models for ecommerce merchants or SaaS businesses to sell across multiple geographies
- Localize the checkout experience
- Business payment analytics
- Wallet Management for customers with 300+ payment methods
We have no direct competitors.
How is your Business scaling up across the world apart from India?
Inai helps companies launch in 6 continents in 60 minutes. Inai has customers across the globe – Americas, MENA, SE Asia, Indian subcontinent and Australia. Inai comes into play when merchants decide to move across geographical boundaries or add payment methods in that region.
Will there be reduction of fraudulent payments when brands make use of Inai?
Inai helps to add and manage products and transactions in a single dashboard, where it provides insights and analytics on failed transactions to optimize. Every checkout option is built to ensure the safety of money and data. Our system simplifies PCI-DSS and GDPR compliance, with flexible integration and Enterprise Grade security built in.
How will Inai Technologies help Indian businesses with global payment?
With Inai’s developer-friendly integration, there is an Increase in conversion and automate all payment methods. Inai helps reduce cross border payment fees and provide faster KYC/KYB process for International payments through inai connect. We offer a fully dynamic checkout experience driven by workflows that lets you automate end-to-end payments without having to wait for developers.
Overview of crypto and the payment stack backing the crypto player expansion
Crypto transactions are a fairly complicated payment stack and are different from other payment platforms. Global diversification helps crypto platforms expand their base and to scale up their business. Inai helps resolve the complicated payment stack between crypto and fiat money, by providing a single integration platform, thus providing a simple payment stack.
How payment integration platforms like Inai Technologies, helps with challenges during on ramping and off ramping payments?
Inai offers multiple payment chains and crypto players can take the support from us for on ramp and off ramp transactions. Crypto businesses accept multiple payment options during on ramp transactions and offer multiple payout options for the off ramp transaction, across multiple geographies which makes the process complicated. Inai solves this problem by providing a single integration that companies can plug into their checkout and accept payments globally.
What are the blocks faced by the crypto players while trying to expand overseas?
It is also to be noted that not all payment methods are supported for crypto companies globally. For instance, credit cards are not an approved mode of payment for on-ramp, across a few geographies. With inai all of this is reduced to a single integration and button clicks, post working with payment processors in the relevant countries.