What is it?
Ozan is a digital wallet designed to enable customers to easily pay, exchange and receive money. The Ozan wallet has a simple sign-up process, which is free of charge. There is no charge to upload funds, and customers can transfer money instantly to friends and family for free. Also, processing payments to merchants online or in-store is free of charge.
Ozan customers can save money on Foreign Exchange (FX) as they have access to interbank exchange rates in most major currencies. The wallet will soon come with the choice of physical and virtual debit cards, giving customers the freedom to spend wherever Visa is accepted.
How is it funded?
The company is privately owned.
Ozan Digital Platform
What are the most noticeable trends that are characterising the industry?
A number of factors are shaping the FinTech sector:
- The speed of technical development and growth of the alternative payments market;
- The demand from consumers for better value products than those offer by traditional banks, in particular for FX payments;
- Changes to banking regulation such as PSD2 have enabled businesses such as Ozan to disintermediate the payment process and allow customers to pay online securely without the need to involve multiple intermediaries.
What challenges and opportunities are payments companies facing at the moment?
The pace of technological advancement and increasing customer expectations around payment products present both an opportunity and a challenge. A significant proportion of consumers have already demonstrated that they are happy to adopt alternative payment methods offered by new brands. On the other hand, we expect traditional banks and payment providers to continue to develop their capabilities to compete directly with the new FinTech businesses.
What are your plans for the future?
We will continue to work with merchants to integrate the Ozan wallet into their products which in return offers their customers a secure and low-cost way to pay and receive money. We are also working to enhance and add services to the Ozan wallet to ensure that our customers get the best value from the product and that it complements their lifestyle, potentially including premium services.
Ozan allows you to shop online, send money to friends and family, and convert currency around the world — all with one app.
Malta has established itself as a key financial hub in Europe, with most of the gaming and crypto companies based here too. We want to work hand in hand with these companies in order to provide an excellent user experience. In addition to this, we believe that Malta has the right talent pool, so we are proud to invest in the employees based here.
Photo Credits: viewingmalta.com
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