We’ve had some insightful, fun interviews at our StartupQ8 Monthly Events. Next week’s event will be no different. We’ll be having a no holds barred, ask anything you want interview with Sayed AlMohri, co-founder of Next Mobile Payments, one of Kuwait’s hottest mobile startups. If you’ve ever used Next to pay for your meal or coffee, you’ll know how simple and friction-less the process is. If you haven’t, chances are you will soon.
We did a quick Q&A to give you guys a flavor of what to expect at the event. Here’s what he had to say:
Give us the elevator pitch for Next Mobile Payments.. Go!
Next is a mobile payments system, it allows two parties to conduct payments without the need for any additional hardware, only smartphones with an internet connection. Plus, it’s a free app!
How has Next’s business model changed from its earliest days until now?
Next’s is continuously evolving its value proposition. One of the biggest contributions to our business users was the improvement done to our settlement process. We have successfully reduced the amount of settlement time from three business days (t+3) to the next business day (t+1). Basically, what ever you collect as a Next Business user in a 24 hour period, will be posted into your bank account the next business day, as simple as that!
Walk us through the user experience.
The user experience can be divided to two main parts: Interface design and technological performance. The design started with series of sketches and digital iterations, to provide a simple yet pleasing interface. After that, we developed a deep sense of an intuitive, fast, and smooth payment experience. The locations of buttons, colors, and overall view designs are all done with extensive user-centered considerations. We believe we have done a magnificent job in the design side that delivers the best user experience.
As far as technology goes, we focus on improving the speed and performance of the system, with our aim being to significantly reduce the time for conducting a payment transaction. With the use of modern methods and the existence of valuable human resources at our hands, we have successfully built a system that is able to perform operations in a split second.
You’re presented with the classic chicken-and-egg problem all multi-sided platforms are faced with. How did you approach it?
Next is solving the chicken-and-egg problem by robust technology and intuitive design. For example, we designed the product to give the user an incredible experience that drives them to spread the word about Next. This way we get some free and organic growth. Likewise, we have seen many Next Business users promoting Next by themselves because they felt the need for it, and actually experienced its quality.
You can ask Sayed about his journey as an entrepreneur or his product strategy for Next. Join us for the StartupQ8 Monthly Event this Monday at 7:30 pm.