Zibal; A startup with an on-the-spot payment approach

In the nascent ecosystem fintech Iran, the number of startups in the field the payment And Money transfer They are increasing rapidly. And in the meantime, startups have been involved with legal and legal issues more than struggling with technology. Zibal is a startup with a new idea that has managed to take a new step among fintech startups. Ecomotive team went to Mohammad Zamanzadeh, one of the co-founders of this startup, and had a conversation with him, which we invite you to read.

Tell us about yourself and the reason for the formation of Zibal startup.

My name is Mohammad Zamanzadeh and I graduated from Shahid Beheshti University with a master’s degree in software. Together with two of his university classmates who studied computer science, he started a startup Business We founded Zibal 2 years ago.

Due to the fact that in online stores such as Digikala, couriers have to deliver the goods daily and at the end, give the receipts to accounting, in the meantime, a manual process takes place, and if a mistake is made, many problems arise in the field of accounting. As a result, our goal at Zibal is to remove human intervention from this process. We turned the on-site payment devices into “online payment portals” and when the customer selects “on-site payment”, a request is sent to Zibal’s server, and Zibal sends a payment ID or barcode in return, and by entering The invoice in the application is displayed by the courier, the order information, and after that the customer only swipes a card and entering the amount is removed from this process; Then the result of the successful transaction will be announced to the site by Zibal.

What is Zibal’s competitive advantage over other similar businesses?

The initial idea for the formation of Zibal was the “payment on the spot” service, which is mostly based on card reader devices; Last year, a number of partner companies, in addition to the “on-the-spot payment” service, requested to receive the payment package of the intermediary portal, and we also launched our intermediary payment portal in the summer of 1997.

Until now, we didn’t have a competitor in the field of card readers that offered this type of service, but now Startup We have some in the field of Dargah Wasit, which are our main competitors.

Have you attracted capital?

Zibal his formation from accelerator Farabi began to attract investor We also have and until today we have covered our expenses in the form of bootstrap.

What are your plans for product development?

We are currently in two areas of fintech We are active and in the future we plan to enter the wider fields of fintech.

What is your revenue model?

Currently, our focus is on the fee model, which is 5% up to four thousand Tomans for the intermediary portal, and if a transaction is over 800,000 Tomans, the same 4000 Tomans will be deducted from the customer, and the direct portal is 1% up to 4000 Tomans. .

Is there a similar startup Zibal with “local payment” outside of Iran?

It is similar to Zibal stripe; Startups outside Iran provide services that are not in demand in Iran, and we have to measure and find the required services.

Explain a little about Zibal’s “wallet” service.

We have recently introduced this service in the third version and we have limited cooperation with companies; With Zibal’s personal wallet, our subscribers can integrate the on-site payment service at the same time with the company’s payment portal and manage their accounts more easily.

So the type of your business is more B2B Is?

Yes. Our main focus is on serving companies, although our payment gateway audience includes small businesses as well.

How do you see the state of fintech in Iran’s startup ecosystem?

One of the problems in the fintech field is the large number of supervisory institutions. On the one hand, the FATA police and on the other hand, the prosecutor’s office, Shoprak, and the Central Bank supervise this area, so that in the past they did not consider financial intermediation as a legal business until the concept of “paying a friend” was introduced. Another problem was filtering, which happened without prior notice. In the field of financial intermediaries, there are many tax concerns because there is a lot of money in the company’s account as a trust.