Aeropaye
Headquarters:
Nigeria
CEO: Mustapha
Tijjani
Website: Aeropaye
Founding
date: 2019
Investment:
$57,000
Aeropaye
is an e-payment platform for airlines and travelers and an automated on-demand
blockchain-based refund engine for delayed or cancelled flights, regardless of
when the cancellation is made and who is doing the canceling, voluntary or
involuntary.
Our
core mission is to enable airlines to maintain a steady cash flow and to cut
the cost of credit card payments and the millions of dollars in annual revenue
lost to travelers on refund claims.
PhocusWire
coverage
Strategic goals for 2023
Our
strategic goal on the refund infrastructure we’ve built for airlines/travelers, and instant FX settlement. We aim to make airline credit card
payment cost and travelers refund claims flexible to safeguard the long-term
implication on airlines and help to build their reputation and trust with
travelers in favor of the need for airlines survival on cash flow.
We
also want to finalize an investment round, securing funds so we can actively
grow fast and furious and onboard more airlines, OTAs and TMCs on our
distributed ledger technology and partner with industry experts to expand and
grow faster.
We
aim to enable airlines to capture the value from payments, with our instant
blockchain-based low-cost settlement, the billing and settlement plan between
stakeholders on our platform will make the end-to-end payment journey seamless.
There
are billions of dollars in airline retailing value at stake. Our solution will
help airlines redefine their payment strategies and remain competitive to avoid
further disintermediation due to the cost attached to credit card payment. This
represents an opportunity for airlines to lower cost, boost revenue and improve
customer experience by making the payment journey more convenient.
Lessons learned since founding
Thousands
of flights are cancelled, millions of dollars for refunds have faded into
oblivion and airlines on their own ends are ignoring laws to keep the money.
Aeropaye
is cash flow sensitive. Currently most airlines don’t recognize revenue on
ticket sales until the airline service is actually provided for the passengers
to fly. Cash flow is key toward solving refunds. Airlines prefer travelers
receive an alternative to cash, which is the reason some airlines make the
process of receiving refunds confusing. It’s a model most of the airlines think
is insoluble before we present our refund infrastructure, in all our encounters.
NEXT: Aidaptive/Jarvis ML
PREVIOUS: Aeronology
Hot 25 Travel Startups for 2023
See the full list of companies poised to make a mark on the industry in 2023.