Text’nPayMe: financial transfers from your messaging applications

Armenian State University of Armenia, within the frames of the grant program “Innovation constituent of startups” of the grant program “From Idea to Business” awarded by RA Ministry of High-Tech Industry, implements a project aimed at transferring necessary knowledge and practical skills to startup representatives, provide business connections to expand favorable conditions to develop their business. Beneficiaries of the acceleration program are 6 startups from different spheres. Within the frames of the program, starting from February 22, thematic learning courses as well as cooperation stage with mentors have started and continue at ASUE Change Lab where participants get acquainted with problems of intellectual property protection of startups, funding stages and investment instruments, fund-raising, digital marketing and branding.

ASUE Division of Marketing and PR starts a series of publications on 6 startups: we have already presented Zleenk startup,  Gabby, “Robodel”, and “Manot” and now we will introduce Text΄nPayMe.

Text΄nPayMe is a banking keyboard that enables to transfer money by means of any messaging application that has an input area. We interviewed co-founders Arthur Karapetyan and Mihran Babayan about the establishment and functioning of the startup.

- Who are the initiators of the startup?

A.K. – We are grateful for hosting us. Initiators and co-founders of the startup are we, Mihran Babayan and Arthur Karapetyan.

ASUE is my favorite university as I had an honor to be the student of my grandfather, lecturer of the chair of Environmental Economics Razmik Petrosyan.

- How was the startup established?

M.B. –We participated in the Hackathon together and within the frames of the assignments given to us was the creation of a similar project. After 24 hours, we realized that this was not just an assignment for this event but a prospective business idea.

- Will you explain the choice of the name?

A.K. – We tried to choose a name that would be characterizing and simple to understand. Therefore, our startup was established to allow a person to write a text and pay that is expressed in the name.

- What does it offer, who is it for and who can use services of your startup?

M.B. – Application is free of charge and anybody can download it. It enables people to transfer money in any messaging application, e.g., messenger, viber, whatsapp or any other application.

A.K. – Startup was set up in 2021 and till 2022 we were busy to bring our idea to life, developing software and technical solutions as well as designing the prototype to attract investment.

- What is the difference from other systems of financial transfers?

M.B. – Our solution is easy and fast, people do not have to log out from their messaging applications, open bank application, input some data of the receiver and make the transaction. The user just writes text order and makes the transfer.

- What is the future of your company?

A.K. – The best variant is IPO. The aim of many startups is to develop and sell it in one or two years to bigger companies. Our aim is different, we would like to develop and make out solution a real financial assistance to people.

- How do you assess the acceleration program carried out at ASUE?

M. B. – We could not participate in all the lessons as we were on business trips and because of overload but we think that it was generally very well organized. We welcome this initiative and exchange of information is an important process.