A chat with Ikenna the Co-founder of ScribePay
Updated: Mar 3
Hello Ikenna, thanks for sitting down with me today, could you briefly describe your role within ScribePay and the goal for the business?
IK: In my role as Co-Founder and CTO, I am particularly involved in product development and technology articulation, ensuring we build the right product inline with market requirements.
The vision for ScribePay is two fold: give our users visibility and control of their subscriptions, and at the same time help subscription merchants acquire and retain valuable customers.
Here at ScribePay, we want to facilitate relationships between consumers and subscription merchants, minimising friction points so consumers are not worried about adopting a new subscription service or product.
For customers, the fear of getting trapped into a new subscription and paying more than they need to, can be a major hindrance. With ScribePay customers can shop with total peace of mind, as they can cancel a recurring payment anytime, preventing unwanted payments.
For subscription merchants, the ScribePay platform allows them to attract and gain direct exposure to their target audiences. Maximising customer retention and building a loyal customers base.
In your opinion what are the main challenges for the emerging Subscription Economy in 2021?
IK: There is a lack of consumer trust in the subscriptions industry, which prevents a lot of trade and growth which should be happening. There is an increasing variety of goods and services which can be purchased on a subscription basis, as merchants like the ongoing commitment and engagement of the customer. In return for their loyalty consumers often benefit from a lower unit costs and unique deals for other products.
The big challenge is customer control, consumers do not feel confident signing up for a subscription since the perception is that;“once you’ve handed over your card details the customer loses all control of their money”.
There is a definite willingness to purchase from the consumer side, and a willingness to sell from the merchants’ side, but more often than not the customer gets “cold feet” and the transaction does not happen- this is especially true for new and lesser known brands.
What is the most exciting part of the new Scribepay system?
IK: The ScribePay system will give users total control over their continuous subscription payments, empowering consumers to shop with confidence and try new and unique products or services.
In your eyes what is the main benefit for consumers when they use ScribePay?
IK: Using ScribePay ensures you have total visibility over your subscription payments. Users will have the control to lock the amount they are charged, preventing overcharging or unauthorised payments. Users can easily stop payments to subscriptions for goods or services they no longer want.
What developments with financial apps are you most interested in for the future and why?
IK: The payments industry is constantly evolving to handle transactions even faster. This is in response to customer demands, with customers expecting goods and services instantly. A good example of this shifting norm is the online shopping industry, no longer is seven day shipping acceptable, customers now want 48H or even next day shipping options.
This change is also reflected in the wider payments industry, with the “card less” movement, this is all a part of the trend in reducing payment barriers, whilst improving and maintaining security. Transactions can now take place with a digital card or smartphone app. In the near future, secure payments can be completed without any card details being exchanged, using biometrics/ passwords etc, this is know as payment tokenisation.
How can people get involved? Sign up? Social media?
IK: Visit our website (www.getscribepay.co.uk) and join our waiting list to get updates on the App launch.
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Thank you so much for your time, it's been brilliant to find out about the development of ScribePay. Follow us on LinkedIn, Instagram and join the waiting list to get first access on launch!