Monoup review of m10 electronic wallet from Azerbaijan
The electronic wallet is a relatively new payment method in international fintech, but it has already become popular due to its convenience, applicability, and mobility. Almost every country in the world has its own e-wallet that is particularly used in transactions. For example, in the USA, everyone knows about PayPal; in Brazil, PicPay is widely accepted; Google Pay and Apple Pay has global coverage, as well as Skrill. All these wallets have their pros, cons, and features, but they share a common nature — the essential type of interaction with money.
An electronic wallet is a kind of intermediary that successfully navigates between the end user and merchants. Although it is a separate financial structure, the wallet needs to be funded from other sources, such as a bank account. Additionally, money can be sent from the wallet to other wallets of the same system or back to a bank account. Electronic wallets emerged in response to the growth of online services, particularly online games, and allowed players not to disclose their card details in games. The wallet became a secure payment method for any payments, as it only stores balance that was funded.
Today, we will take a closer look at one of the e-wallets m10, and discover its workflow. Get comfortable, as the review will take five minutes or so.
How m10 works
Azerbaijani wallet m10, created by the company PashaPay, offers an electronic wallet infrastructure that covers all user needs. Mainly, wallet can be used for transfers to other users with the same m10 wallet, for holding funds, paying utility bills, topping up phone balances, or sending payments to one of the 10,000 supported merchants.
Registration in m10 wallet is done using a local mobile phone, and interesting that wallet allows registering multiple accounts under one name but different phone numbers. This feature is more of a drawback than an advantage, as it can open up opportunities for fraud, and we found a lot reviews online about that. Many m10 users encounter scammers, but the wallet itself assures that if proper precautions are taken, no problems will arise, and their protective mechanisms can secure funds on the balance. Thus, passwords or logins, codes from SMS, or CVV codes of cards should not be shared with third parties. In case of transfer or compromise, security of funds may be at risk.
m10 supports QR code payments at points of sale and transfers to Azerbaijani bank cards. The service also does not charge fees from users if they stay within the basic limits of 20,000 AZN per month, allowing services to be received practically for free. Fees are deducted for large transactions, but any payments are subject to a 2% cashback. Card transfers are also subject to fees, but cash withdrawals at Capital Bank ATMs are free.
Among the main advantages for digital merchants in cooperating with this wallet is its wide spread in the online environment; for purchases in physical stores, customers still often use cash and bank cards. The wallet works only on mobile phones, which can be seen as both an advantage and a disadvantage. Multifunctionality and mobility allow paying for services anywhere and anytime, but not all users are positively disposed towards additional expenses and may wonder if it is worth using the wallet or better to pay by card.
E-wallets are mainly aimed at a young audience who are inclined to learn something new and not be tied to one place. Since wallets function as mobile applications, this adds points for tech-savvy users.
Popular payment methods in Azerbaijan
The well-known network of payment terminals eManat, with 3,000 points throughout the country, also processes a significant share of payments in Azerbaijan. A big part of population still prefer cash and this led create this service, and it has been successful since its inception in 2012.
The way of eManat's operation is no different from an ordinary payment terminal, but interestingly, it also exists in an online format. eManat wallet can be used for payments in many networks, such as utility bills, internet, mobile communications, state fees or taxes, purchasing goods, and more. All this allows to pay online from home, but also leaves the option to go out and make a payment on the way in nearest shop with terminal point. The company successfully combined both approaches and is currently the most demanded payment network in Azerbaijan.
Visa and Mastercard, of course, are not far behind and cover the region; on the international arena, Azerbaijanis mainly use cards from these payment systems. Cards are issued in local currency — Azerbaijani manats — and function both in the domestic market and abroad. The nation digitization is evident in growing share of card payments in the country compared to cash turnover. Online products are successful in the region, although entering it without being a local is quite challenging.
Azerbaijan is a large market, but not everyone can find right approach to the audience, as it significantly differs from neighboring countries on cultural and consumer levels. The need for substantial investments also reduces interest of international game providers in the region, but the country certainly has potential.
To decide on entering a new market, you need not only to calculate your budget and develop a marketing strategy but also to consider payment infrastructure and the overall financial system in the country. This is often overlooked, but Monoup is always ready to remind you of the importance of such analysis on the pages of our media.
After all, quality of payments can constitute almost 50% of the overall success of your business in the country. If payment systems are unavailable or operate at a low level, the audience will find it difficult to interact with your product, despite high interest in it. The availability of payment providers can be studied by conducting the necessary research; we also include approximate prices for services, which will help you calculate your budget. Launching a new market is always stressful, so payment method analytics from Monoup will free you up from payment-related stress.
To order analytics for any market you need, please fill out the form below or email us your request. You can also learn more about different payment methods in "Payment Systems" section on our website.
