Foree App: The private messenger app with Payments
In the recent turn of events, when WhatsApp decided to push its new privacy agreement, so it automatically led the whole world’s privacy concerns into overdrive. Meme world said that it’s not “Mark as read”, but in reality, it is “Mark has read”. These concerns were also echoed by the world’s greatest influencer, Elon Musk, whose suggestions to shift to more secure messengers like Telegram and Signal, brough millions of new users to these platforms too. The massive influx of users leaving WhatsApp troubled the Facebook hierarchy to such an extent, that they postponed the requirement of agreeing with WhatsApp policy, and they also introduced WhatsApp privacy status on WhatsApp stories. Are these measures strong enough to win back the public’s trust? Well, there are people, who don’t think that their data is valuable enough, so for them the whole scenario didn’t really make much of a difference, but there are people who actually can’t stand the idea of big tech infiltrating their lives, so most probably, Mark wouldn’t be getting them back on his platforms.
Pakistan is an agrarian country by trade, but in the consumeristic habits, Pakistan is picking up pace as a tech savvy country. Pakistan with its 80 million broadband users, is finding itself as a major userbase for tech innovations like messenger apps. Recently, the country’s science ministry took notice of the privacy issues, and it decided to push for developing a state-owned messaging app. I for one, absolutely abhor the idea of state jumping into developing such tech solutions for the masses, as this has big brother written all over it. Furthermore, the commercial aspects of the society should only be handled by commercial enterprises, and the state must indulge itself in working out important endeavors like policy making. Thus, a big no to a state-run messenger app, but can we have a commercial solution to this problem in Pakistan?
Foree is an early-stage startup, spearheaded by industry veterans like Mr. Saleem Sajjad Ropani. Foree has a PSO/PSP license from the State Bank of Pakistan, as it is conducting itself as payments aggregator solution for online businesses. Yet, the payments aggregation is only one side of their business, as they also have an app called, “Foree App”. The app is available on both android and iOS, and it is pitched as Pakistan’s first P2P payments through a message app. A high-level interpretation of Foree app, would be WhatsApp payments, and funnily, they have built the Foree App exactly like WhatsApp with similar design and feel. Therefore, through Foree App you can send text messages to your friends, and also payments through these messages too. Currently, Foree app doesn’t allow the transfer of multimedia, but if they integrate those options too, so automatically they will become the ultimate messenger app. Furthermore, as you open the app, you automatically see the level of encryption like AES256, RSA2048 data encryption in-motion and at-rest, and security standards like PCI DSS in place, which wouldn’t let someone like Mark to read your messages again.
The added functionality of payments with messaging, can be that added attraction for people in Pakistan to switch to Foree. To understand the company better I decided to have a small interview with the CEO, Mr. Saleem Sajjad Ropani.
Q) What is Foree and Why Foree?
Saleem replied — Foree is a fintech, regulated by State Bank of Pakistan; a PISP/AISP and a Payment Aggregator. Foree’s vision is to enable socio-economic justice through financial inclusion. To that end, Foree’s mission is to make digital payments simple, fast and secure for everyone.
Q) Some of the key milestones you achieved till now?
Saleem Replied — Developed a proprietary technology stack. Got PCI certification. Received in-principle approval from State Bank of Pakistan for PIS/AISP. Launched Foree App. It is NOT a wallet like EasyPaisa, JazzCash, SadaPay, NayaPay etc. It is a payment app where users can aggregate all their bank accounts and cards in a single app to Send and Request money like sending a WhatsApp message. No complex passwords, no need to ask or remember Bank Account Numbers. Users can pay Contacts in any bank account, Bills, Invoices, Fees, Challans, Vouchers, Top-up etc. Users can also Schedule payments such as for donations and charities, Set Reminders and Alerts etc. Soon they will also be able to split payments, organize beneficiary committees and much more. Signed MoUs with 10 banks, went live with first bank, and are in integration with 4 banks with others lined up. Received in-principle approval from State Bank of Pakistan for Payment Aggregation. Launched Foree Business. It is a service to enable businesses to collect digital payments. Business can collect Bills, Invoices, Fees, Challans, Vouchers, Top-up etc. Foree Business offers all payment methods (Debit/Credit cards, Bank accounts, Wallets, Mobile balance, Over-the-counter (OTC), Cash). It also offers integration in minutes with plugins (Woocommerce, Opencart, Magento, Prestashop, Shopify and many more) and SDKs (Android, iOS, React Native, Flutter and many more) as well as API for custom integration.
Q) How difficult is it to operate as a fintech startup in Pakistan?
Saleem Replied — Startups are very difficult to begin with. Startup in a regulated space is even more difficult. But this is the case globally, and not something special to Pakistan. What is special to Pakistan is access to funding, which is also improving.
Q) Targets for 2021?
Saleem replied — More banks, more users, more customers.
