payment app — The Cyprus fintech landscape is evolving with the introduction of a device-agnostic payment app aimed at small and medium-sized enterprises (SMEs). As the island moves closer to a cashless society, the need for accessible payment solutions has grown, particularly for independent contractors and smaller businesses that have often been overlooked by larger payment processors.
Photo: cyprus-mail.com
- “We launched on Android first, followed quickly by iOS,” Mavris stated. “Our commitment is to maintain feature parity across both platforms to benefit all users equally.”
Payment app: Transforming Payment Acceptance
Pale Blue, a software engineering firm based in Cyprus, has launched its innovative mobile application, Paid, to address these challenges. This app employs softPOS technology, converting any standard NFC-enabled smartphone into a fully functional payment terminal. This transformation removes the reliance on traditional card readers, which can be bulky and costly.
Photo: cyprus-mail.com
With Paid, solopreneurs, food vendors, and freelancers can facilitate contactless payments quickly and efficiently. The app is designed for ease of use, allowing merchants to start accepting payments within minutes of downloading it.
A Pay-As-You-Go Model
Pale Blue’s co-founders, Mike Yerou and Michael Mavris, shared insights about their recent launch in an exclusive interview with the Cyprus Mail. They emphasised that the pay-as-you-go model directly addresses the financial and administrative barriers that have hindered the adoption of digital payments among smaller merchants.
“Initially, we noticed that many international payment processors were focusing on large corporations, leaving SMEs as an afterthought,” Yerou explained. “Our goal was to create a solution that catered specifically to the needs of smaller businesses.”
Accessibility Across Platforms
The device-agnostic nature of Paid is a significant advantage, as it is available on both iOS and Android platforms. This ensures that no business is excluded from the digital payment ecosystem due to hardware limitations. The founders noted that during the development process, they prioritised accessibility to ensure that all merchants, regardless of their preferred platform, could utilise the app.
“We launched on Android first, followed quickly by iOS,” Mavris stated. “Our commitment is to maintain feature parity across both platforms to benefit all users equally.”
Simplified Compliance and Setup
One of the standout features of Paid is its streamlined setup process. Unlike traditional payment systems that require lengthy contracts and setup fees, Paid allows users to start accepting payments within ten minutes. This self-service model means businesses can create a Stripe account—leveraging Stripe’s extensive experience in global payment compliance—and begin using Paid without the need for sales meetings or complex onboarding processes.
“All compliance and KYC procedures are managed by Stripe, which simplifies the process for our users,” Yerou explained. “This allows local companies to stay compliant while reducing administrative hurdles.”
The Future of Payment Technology
When discussing the broader fintech landscape, both co-founders expressed their belief that while hardware terminals might not disappear entirely, the future will see a significant shift towards mobile devices for payment acceptance. They noted that the rise of digital wallets like Apple Pay and Google Pay has already started to change consumer behaviour, reducing the need for physical cards.
“We believe that mobile devices will handle the majority of payment acceptance in the future,” Mavris reflected. “Our app extends the convenience of tap-to-pay technology to merchants, making it easy for them to accept payments directly from their smartphones.”
Listening to Local Needs
As Paid makes its official debut in Cyprus, the focus over the next year will be to engage with local businesses and understand their unique needs. The founders are committed to gathering feedback from merchants to refine the app continually.
“We are excited to be in our home market and want to ensure that Paid evolves to serve the specific characteristics of Cyprus,” Yerou said. “Our main aim is to make card acceptance accessible to every merchant, regardless of their size.”
Meeting Changing Consumer Expectations
Consumer expectations in Cyprus are shifting rapidly, with more individuals preferring cashless transactions. Many people now carry little to no cash, which can lead to lost sales for businesses that do not accept card payments. Paid aims to bridge this gap by enabling every merchant to start accepting card payments almost instantly.
“Our goal is to empower small businesses to adapt to these changing expectations without incurring significant costs or operational challenges,” Mavris concluded. “With Paid, there are no subscriptions or hidden fees—just a smartphone and the ability to accept contactless payments in minutes.”
