Singapore-based transport disruptor Bussr has announced it will offer its passengers a digital payment option through payment innovator Nekla, allowing millions of underbanked users to pay for their services easily.
Bussr, the world-leading artificial intelligence (AI) powered mobility platform, is looking to make its services global in every sense of the word after announcing the rollout of its pioneering digital payment platform, Nekla.
Bussr’s Mobility-as-a-Service (MaaS) technology serves both as a mobile app for private travelers and a full journey ticketing, payment, and fleet management solution for cities and enterprises. Its leading AI platform continuously monitors millions of data points to help large-scale transport operations perform at optimal efficiency for both passengers and operators.
Bussr is backed by high-profile investors, such as Bridford Group, Peng Ong of Monk’s Hill, Le Mercier Group, Jack Selby of Thiel Capital, Altitude Partners, Angela Huang, Duncan Clark, Founder of China BDA, Alibaba early investor and author of the book ‘The House That Jack Ma Built, Andrew Huang of Fountainvest, and Alfa Intelligence Capital. There are also strategic angel investors from Facebook, PayPal, Lyft, Spotify, Zoom, Didi, and Impossible Foods.
Bussr currently operates across more than 500 cities, with over 830 transport operators, 60-plus payment partners, and more than 100,000 retail stores.
While Bussr has already seen more than 12 million passengers use their platform in less than two years, they believe Nekla’s digital-based payment platform will allow them to be genuinely ubiquitous on a global scale.
A challenge Bussr has been facing, and that Nekla addresses, is meeting the demand from emerging markets. As it stands in 2021, 1.7 billion adults are still locked out of the conventional banking system, even though half a billion of that population have access to the internet.
That means over a third of the planet’s adult population is unbanked, and therefore does not have proper control of their finances. For Bussr, that means millions of customers who want to use their platform, but have no reliable way of paying.
Nekla’s technology can address the issues of providing the underbanked or unbanked with access to money, all while benefiting from its inherent strengths of trustworthiness and transparency. However, what really captured Bussr’s imagination was how Nekla could make digital payments completely beginner-friendly, and therefore accessible to millions of people.
Despite the headlines about the groundbreaking technology of financial technologies, it is far from reaching mass adoption worldwide. After all, most people don’t have time to study the inner workings of advanced technology or complex algorithms to make a simple payment.
Nekla believes that they can bridge that divide between the real world and the digital finance space to trigger the global, mass uptake of digital finance with a beginner-friendly, easy-to-use payment and lending platform.
Nekla’s solution to this lofty goal is a global payment ecosystem that is accessible to anyone with a humble $30 smartphone and data access. Download the app, deposit local currency online from a third-party financial service provider, or cash in retail stores. The user then has digital currency that can be used almost anywhere on earth.
This will allow Bussr to rapidly expand the scope of their operations into the 5.7 billion people in emerging markets in Asia, Africa, and beyond. It’s numbers like that which make Bussr believe they will earn a large share of the global transit and ground passenger transportation market that is predicted to reach US$908.8 billion by 2027.
Nekla is the flagship project of Bussr Technologies and has been founded by Silicon Valley and Wall Street pioneers who have banded together to make Finance accessible to everyone on the planet.
A wealth of talent and experience is needed to bring such a vast vision to reality, which thankfully, Nekla has in abundance. Nekla’s leaders spearheaded the world’s largest internet ventures, led major digital transformation projects for governments and global consulting firms like PwC and Deloitte, and guided industry titans, acting as Microsoft’s Chief Architect, and Google’s Enterprise Architect in a billion-customer market.
With that experience and knowledge behind them, and the backing from influential partners, Nekla believes they can make Digital Finance the new norm for mass-adopted payments and lending around the world.