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As the digital age advances rapidly, electronic money institutions (EMIs) and payment institutions (PIs) rapidly increase their market share in the EU.
Particularly Lithuania is witnessing a massive growth of EMIs despite its most prominent participant. Last year, income from licensing activities whopped to €405.2 million, representing 1.6 times increase from 2021, while payment transactions reached €110 billion, a year-on-year increase of 1.3 times – shows stats from The Bank of Lithuania’s report.
In Lithuania, ConnectPay is one of the leading fintech market players in this area. While notably expanding since its establishment in 2018, ConnectPay wanted to provide more value to its growing customer base along with the mobile experience. This is where Baltic Amadeus came in by proposing a tailored white-label mobile banking solution.
ConnectPay is a leading EMI in Lithuania that offers a top-notch all-in-one financial platform for online businesses to scale. They provide financial solutions based on the embedded finance model with built-incompliance, making them easy to use. The rapid growth of ConnectPay speaks for itself – last year (2022), ConnectPay was recognised as one of the best one-stop-shop for banking services, the fastest-growing EMI, and the fastest-growing fintech company in Lithuania.
As a growing user base drove the demand for a mobile user experience, ConnectPay started to look for white-label solution providers. Developing and maintaining mobile banking app is a new domain and not a core business of ConnectPay, thus they wanted to team up with an experienced partner who brings expertise and speeds up mobile app development.
Baltic Amadeus had already built out-of-the-box functionality, making it easy for the company to tailor the solution to its specific needs. With a skilled, agile, and forward-looking team, Baltic Amadeus was the perfect fit for ConnectPay.
The Baltic Amadeus team worked closely with ConnectPay to upgrade their old two-factor authentication app with the new white-label mobile banking solution. Moreover, we customised the app’s design, matching it to the ConnectPay branding. Likewise, we incorporated bespoke animations, elevating the overall user experience.
With the new mobile app, ConnectPay users can easily authorise with their username, password, and one-time password (OTP). They can also set up a passcode, use biometrics, view their accounts and balances in euro and other currencies, switch users (mandates), make payments, view transaction history, and view cards and their details, including the PIN code.
All ensured security practices and compliance are proven by ISO. Also, mobile development processes were implemented by a team of experts certified in CISSP, CDPSE, and CISA. Furthermore, the new mobile banking application’s functionality is consistent for iOS (App Store) and Android (Google Play) users.
The newly launched mobile app is in line with ConnectPay’s goals and meets its customers’ needs to easily access their accounts, check balances, make payments, and view transaction history – all with a few effortless clicks.
The ConnectPay mobile application brings forth to grow its user base, improves customer satisfaction, and streamlines daily tasks, making it a valuable asset in the highly competitive world of EMIs.
The white-label mobile banking solution allows ConnectPay to stand out in a highly competitive market. In addition, the Baltic Amadeus team ensures that the app’s functionality aligns with user feedback, paving the way for future app development and expansion.
Want to discuss potential opportunities? Pick the most suitable way to contact us.
Book a call+370 5 2 780 400
info@ba.lt
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