In an interview with CrowdFundInsider on May 8, 2020, Yuval Brisker, the creator of Mezu mobile payment app, revealed his plans for the future. There are a number of factors, he says, which make encrypted international payment processor Mezu a legitimate competitor to existing alternatives.
Online Payments Become the New Norm
PayPal users received a pleasant surprise at the end of March, as the predominant online payment processor decided to cut some of the fees and facilitate instant fund withdrawals for most countries. Even Bitcoin (BTC) transactions and withdrawals fail to be so speedy, which was supposed to be one of the main benefits of cryptocurrency.
Although PayPal CEO Dan Schulman framed the firm’s recent upgrade of services as a response to COVID-19 pandemic, one has to wonder if he did not anticipate increased competition online payment processors. Payment platforms are developing quickly — Stripe just raised another $600 million, as one example. And now, Mezu has arrived on scene.
Launched in June of 2017, Mezu is comparable to other payment apps like PayPal/Zelle/Stripe/Venmo/Cash App, but with one extra feature – encrypted peer-to-peer payments. Neither the sender nor the recipient need to share their names or addresses for the transaction to be completed. Once again, what was previously the domain of unregulated cryptocurrency is now a viable, parallel FinTech infrastructure.
Mezu’s Private Payment App Explained
As the co-founder and former CEO of Toa Technologies Inc., Yuval Brisker spent most of his life in Cleveland, Ohio, but originally stems from Israel, which he left in his 20s. He says the Mezu app is his greatest FinTech achievement, for understandable reasons. The Mezu app can be used to send and receive money in four ways:
- P2P – via email or phone number.
- CashCode – for payments in person with a one-time generated code.
- MezuBox – launched on May 5th, a numerated public address for deposits from which users can send and receive money from across the world, with zero fees.
- MezuCard – a virtual debit card like the one you will find with Revolut neobank. Thanks to the partnership with Mastercard, it can be used anywhere where a Mastercard would be accepted. Unlike debits cards from other competitors, like Payoneer, which ship physical cards, a MezuCard can be activated and used instantly.
In addition, the app boasts the following highlights:
- Mezu app follows all KYC and AML procedures, in addition to facilitating P2P encryption and guaranteed 100% privacy so that no user data is being leveraged in any way.
- Currently, Mezu is waiving all types of fees for itself. The only fees are from Mastercard merchant charges.
- Because Mezu already offers encryption and decentralization, cryptocurrencies are not enabled.
- Mezu is only available in North America, but plans are in motion for expansion into Latin America and other territories next year.
- Mezu transaction volume grew by 325% in 2019, with record-breaking downloads in the first quarter of this year.
Lastly, Yuval Brisker has major ambitions for the Mezu app, surpassing mere payments and offering investment, credit, and stock trading services in the near future.
What do you think about FinTech services providing some of the original benefits of cryptocurrencies? We want to know what you think in the comments section below.