January 16, 2025
The Fintech industry is ever changing and evolving especially when it comes to online payments. Over the past couple of months, we have been working on improving several aspects of our payment processing such as fraud mitigation, acceptance rates, and creating more payment options for our customers.
Fraud mitigation is a crucial aspect of ecommerce businesses. As a result of the 2020 pandemic, online payments became increasingly popular which not only attracted new customers for businesses but also fraudsters. The need for tighter security without compromising the loss of legitimate customers is a dilemma all merchants face. In our research for improving chargebacks ratios and preventing fraud overall, we’ve found a combination of fraud prevention processes rather than a “one size fits all" approach works best especially when dealing with customers globally who each have different behaviors based on location and types of products purchased. We’ve found the most success is implementing internally velocity limits customized depending on currency, location, and products as well as having manual reviews for users with predetermined criteria that considers them as “risky” and machine learning.
When it comes to acceptance rates for online payments, businesses are affected for a number of reasons such as payment methods used, location, industry, and card issuer policies. We’ve found that monitoring acceptance rates for decline types, working closely with our payment processors, and improving our fraud mitigation strategies has greatly improved our overall acceptance rates. By reviewing our decline reasons, we can detect the percentage of customers affected by security blocks and assess whether modifications need to be made. We can also observe whether customers are using payment methods that are not accepted by certain payment gateways and offer alternative payment options.
Statistically, 35% of customers abandon online checkout when they do not see their preferred payment option available. Keeping this in mind, we have made adding a variety of payment options one of our top priorities. Over the next couple of months, we look to add crypto, Apple Pay, and Google Pay as payment options.
Elemt is excited to continue growing in the Fintech space and implementing all the new features mentioned. We believe that finding solutions for our customers is of utmost importance and we are committed to improving ceaselessly.
January 16, 2025
Philadelphia, United States, Feb 20th, 2024. – Elemt Technologies is pleased to announce the appointment of Raja Hussain as the new Chief Growth Officer. With a distinguished career spanning over two decades in the Telecommunications, TMT, and SaaS industries, Raja brings a wealth of experience and a unique set of skills to Elemt.
Throughout his career, Raja has achieved notable success on an international scale, having worked across Africa, Europe, the Middle East, Asia, and the USA. His tenure with prominent Global Mobile operators such as Veon, China Mobile, and Warid Telecom underscores his exceptional ability to foster collaborative teams that drive innovation and deliver results. Raja is recognized for his adept combination of strategic vision and commercial operational expertise, which have consistently contributed to the growth and success of the organizations he has served.
In his new role at Elemt, Raja will be promoting the company's SaaS platforms including Cobalt & Argon. Cobalt is a B2C platform for the Telcos, while Argon is a web-based POS solution that enables Mobile Network Operators (MNOs), Utility companies, and their authorized channel partners to seamlessly manage the distribution of prepaid credit, top-ups, and data plans for subscribers, enhancing the in-store experience for customers.
Welcoming Raja to the team, Anurag Jain, Co-Founder of Elemt said, “His extensive experience and track record of driving growth makes him the ideal candidate to lead our market expansion and deliver value to our customers. Raja Hussain shared his excitement about joining Elemt, remarking, "I am honored to join Elemt and very excited to collaborate with the talented team at Elemt to drive innovation, growth, and success for our customers and partners." “His strategic insights and hands-on approach will be pivotal in accelerating Customer Success and Growth across various verticals'' added Jain.
About Elemt:
Elemt Technologies was founded with a clear vision: to revolutionize the mobile industry through innovative software solutions. Recognizing the potential to enhance mobile operators' efficiency and effectiveness, we embarked on a mission to develop technology that would streamline operations and elevate the customer experience.
At Elemt Technologies, we are dedicated to providing comprehensive solutions for managing business operations. Our platform streamlines and automates key processes such as marketing, payment facilitation, fraud management, customer service, and data analysis. By leveraging our technology, businesses can increase productivity, reduce costs, and ultimately enhance customer satisfaction. We are proud to be a part of the mobile industry's evolution and remain committed to delivering cutting-edge solutions that propel our clients to success.
January 16, 2025
As we bid farewell to last year, we're excited to share with you the findings from our comprehensive Cobalt Platform End-of-Year Survey, offering valuable insights into the preferences and behaviors of our esteemed Cobalt clients and the clients they in turn host on the platform.
Cobalt Platform:
The Cobalt Platform is a state-of-the-art whitelabel website solution designed to empower mobile operators globally. This innovative platform enables mobile operators to effortlessly sell prepaid airtime and a variety of other products through a fully developed whitelabel site.
Top-up Frequency Insights:
Understanding the top-up habits of your customers is crucial. Cobalt users have seen a pattern of 46% of their user bases topping up once a month. Exploring these distinctions helps both our clients to identify patterns and create plans of actions based on those patterns, as well as helps us be able to tailor our services to meet each client’s diverse needs.
Preferred Platforms:
The battle of platforms reveals that mobile web reigns supreme, claiming 60% preference from Cobalt users as a whole. Additionally, we observe nuanced inclinations towards website usage on computers and native apps, providing valuable insights for platform optimization.
Customer Demographics:
Age brackets also provide an abundance of insight as to how to market to your respective audiences in the most optimal manner. Cobalt users show a strong presence in the 30-39 and 40-49 age groups, comprising around 60% of their traffic. Understanding each user base helps our clients to customize their offerings to diverse demographics.
Payment Preferences:
Payment methods vary across platforms and age groups. Credit cards dominate among Whitelabel users (60%), while Cobalt users exhibit a more even distribution between debit and credit cards. The alignment of payment preferences with age demographics aids in refining our payment solutions.
Crypto Adoption:
The crypto landscape is evolving slowly, with 23% of Cobalt users owning crypto compared to 7% last year. This data informs our approach to emerging payment methods, recognizing the diverse preferences within each respective customer base.
Net Promoter Score (NPS):
Cobalt's NPS witnessed a remarkable increase from 6 to 43 over the past six months, underlining the positive perception of our services.
Promotions and Discounts:
Differing preferences emerge in how Cobalt users perceive promotions. While our internal Cobalt users favor discount codes, Our other Cobalt clients have seen more success coming from bundles and giveaways. Recognizing these preferences aids in crafting targeted promotional strategies for your clients.
Product Preferences:
Cobalt customers exhibit diverse interests beyond prepaid airtime, including postpaid phones, home internet, streaming services, and eSIMs. Recognizing these preferences informs our clients’ product expansion strategies.
eSIM Adoption:
Approximately half of our customers are familiar with eSIMs, with 52% having purchased at least one in the last 12 months. Insights into customer choices for eSIM providers guide our partnerships and offerings for future ventures into Crypto payment methods.
In conclusion, our End-of-Year Survey has unveiled a wealth of insights that empower us to enhance our services, cater to diverse preferences, and continue being your preferred partner in the ever-evolving technology landscape.
Thank you for being part of the Elemt journey. Here's to a promising year ahead!
Best Regards,
Elemt Technologies
.svg)
.svg)
