Rhombus, a new app by a Nigerian, Taiwo Oyeiyin and his co-founder Edwin Elodimuo helps businesses accept payments by allowing their customers text a special number.
The system lets the customer place an order, you request cash and it is automatically deducted from their account making the transaction pretty hassle-free. The system is live and has seen about $400,000 in transactions. They’ve processed 3,656 charges and there are over a hundred merchants on the platform. Unlike Square and Venmo the system doesn’t require an app. Instead, users simply text a special business number and all of the transactions are performed between the customer and the business. According to Oyeniyi, Customers don’t have to signup to chat with businesses, it’s like texting anyone on your contact list. Paying for things within the conversation is as simple as texting the amount you wish to send to the business. While the service still requires you to interact with a human at least once, primarily when picking up your protein cupcake, reducing the total payment friction sounds like a great thing.
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