Led Pay is an electronic money (e-money) institution that operates within the framework of the OMR Group, with a license from the National Bank of Serbia to issue e-money and provide payment services. Among the pioneers of e-money in Serbia, Led Pay strives to become the leading institution in this domain not only in the country, but also further afield
Speaking for this issue of CorD Magazine, Led Pay CEO Snežana Stjepanović addresses current projects, the issuance of e-money and other payment services that it offers its clients, including business payment transactions and the acceptance of payment cards.
LedPay participated in the e-fiscalization process. In which ways did your company contribute to this process?
– As a company, Led Pay was actively included in the e-fiscalization process from the outset, by enabling its partner companies to combine a cash register app and a payment terminal in a single device. Specifically, this is a Castles device, the Saturn 1000 model, in which a cash register application is integrated with a payment application that is enabled for the acceptance of Dina, MasterCard, Maestro and Visa payment cards, and recently also UnionPay payment cards.
How do you enable clients to utilise this service?
– Our company signs contracts directly with clients that use the Saturn 1000 POS terminal device (which enables the accepting of payment cards). In that way, we strive to promote cashless payment methods and thus ease clients’ handling of cash, and without the obligation to open current account in a different commercial bank.
The market is dynamic, while the demands of clients are changing significantly, together with their needs. How have clients responded so far?
– We were pleased to have succeeded, within a period of around a month and a half, in signing more than 400 contracts with clients, which makes us very proud, and for Led Pay to be accepted equally alongwith other banks that offer the same service.
Using e-money can bring a multitude of benefits, while it can be used for different purposes – from crowd funding to classic payments of goods and services
One important factor was definitely the fact that we don’t require our clients to open additional bank accounts, nor to switch commercial banks. Many clients that didn’t accept payment cards as a payment method prior to the shift to e-fiscalization are now doing so for the first time.
Your company has also launched several projects linked to the increasingly relevant e-commerce, while you also offer your clients payment card acceptance and split payment transaction services.
– Led Pay will offer its clients (web shops and web platforms) the service of accepting payment cards at online points of sale, as well as the split payment transaction service, where payments are executed, on behalf of the web platforms, directly to the accounts of merchants who sell their goods or services online. The clients in this segment also had positive reaction and the interest was definitely greater than we expected.
Is the local Serbian market ready to shift to cashless payment options through e-money?
– Interest in e-money is really massively on the rise in Serbia, as we can see from our daily contacts with potential distributors and partners. Its use can bring a multitude of benefits, while it can be used for different purposes – from crowd funding to classic payments of goods and services. This payment method brings savings to both those who accept e-money and those who use it, and thus we have the aim of maximally raising awareness of the benefits of this type of cashless payment, as well as expanding our network of clients and becoming the leading electronic money institution in the country, and hopefully further afield.