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Dapi — Accept zero fee instant payments
Dapi is a new way to accept zero fee, instant payment directly from your user's bank account. No fee per payment, No interchange, No intermediaries!
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Replies
I think you(all) should tell the story of how you decided to build Dapi somewhere in here. It's something I think other fintech founders would find fascinating.
@datarade All three founders were building different Fintech products. I was building a fractional investing platform for EM. there was't a way to send small amounts of money instantly without fixed fee and interchange. So I found my self by accident building an infrastructure to fix that!
@datarade @mrcommonsenz @yokokawa244 Yes.. but unfortunately we have limited support and fee structure is prohibitive.
Congrats on the launch. The value proposition for merchants sounds awesome. As someone who builds online stores for businesses I can see how welcomed this would be and can't wait to recommend merchants.
A couple questions:
1. How do you prevent transactions being cancelled ? As I'm sure you're aware people will always try to defraud. I can see someone buying, authorising, you create a wire on the background and I immediately place a call to the bank to cancel? Meanwhile the merchant has a green light to ship the product. Am I missing something ?
2. Some banks charge for wires right ? So can't I (as a customer) find myself in a position where I pay $20 wire fee for a $40 online purchase ?
I think an online demo (for like $1 Transaction) would be a good sales enabler.
Good luck 🙏
@ricardojrsousa Payments that are not initiated will be pending. Overtime, we will be able to tell you to go ahead for most of the customers.
We do not do wire transfer. We use other mechanisms to facilitate push payment. Let's talk more happy to explain the backend magic :)
@mogwely Dapi is live in several countries in South East Asia, EMEA and South East Asia. Europe is not on the immediate roadmap but will let you know when we launch there.
@mogwely @heshamghandour we would love to consider it fora new project were kicking off. How to connect?
Which payment methods do you accept? Credit cards only? Also, which currencies?
What is your business model? If you don't charge per transaction, how do you make your platform profitable?
Such a great product and much needed! Thank you for the team to make this happen!
Love seeing disruption in the payments space @mrcommonsenz, current fee models are draconian. Are you integrated with all consumer banks?
@mrcommonsenz @ronanawall When you get access you should be able to serve customers from top 20 banks. We are not integrated with all banks yet However, we will cover most if not all consumer accounts over the next 8 to 12 months.
Hello Everyone, This is AJ co-founder at Dapi. We are building a new way for everyone to accept payments without fees. We believe the current payment methods are not built for the digital economy. Accepting payments should not cost 2.5% or even 0.5%. In addition to that, acknowledging a bank payment should not take 5 days (with ACH). With Dapi acknowledging a successful bank payment will be as instant as a card!
@mrcommonsenz AJ This is amazing concept! Would love to connect on some opportunities.
@mrcommonsenz how is it instant? ACH itself takes a long time, not to mention the user can call their bank and claw the transaction back. Do you guarantee the funds?
@mrcommonsenz @idris_mokhtarzada We deploy RTP / then Same day ACH/ then ACH. depending on whats available. Initially we will tell you pending payment. once acknowledged we will let you know. So there is Authorization is instant, Confirmation maybe instant maybe not and then settlement in many instances is in realtime. We do not underwrite any credit for the meanwhile if you are asking if we guarantee funds.
I really dislike the idea of entering my online banking credentials on other sites (even Plaid).
Best of luck with this, guys. A quick q: the payments can be accepted from US bank accounts only?
@xparacha1 Hey Zubair! This is our launch in the US market. We can enable payments from banks in several countries in MENA, Africa, SE Asia etc.
@kingkleiner1 We will be live in Canada soon. Reach out to us on the website and we will get back to you.
Congrats! Bank transfers are way cheaper than card payments. If I may ask, does this allow the merchant to add a payment method to their product? What about a consumer that wants to buy from the merchant, do they need to add the merchant as a beneficiary?
@ma_in_nafi_ We do this on the user's behalf. Dapi automates the entire process, so we will add the business as a beneficiary and then initiate a payment to them. We then immediately let the business know if the payment succeeded or failed.
Incredible team and product. It is challenging to create a product that can scale in both developing and developed economies. Dapi is well positioned to do this. Excited to watch this service scale.
@mrcommonsenz What banks are supported? Since many banks don't support payments via API, how will you extend coverage? Also, how will disputes be handled? These transactions seem to be along the same lines of Zelle and are non-reversible. Thoughts?
@mrcommonsenz @joshua_silver1 Hi Joshua, All banks support a form of payment. Even if they do not have an API we provide you with an API. Our service automate the steps in the background. All top US banks are integrated with aim to reach 100+ in couple of months. The payments generally are not subject to charge back. For dispute resolution it is something merchant will do it initially. We authenticate user identify initially to reduce fraud. The relationship resembles cash. If you want something you speak to the merchant. and also direct access to funds you just earned!
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