By identifying one of the key gaps in the market for group payments, payment gateway Backpocket secures a nomination in the 2023 Finder Innovation Awards.
The awards recognises Australian businesses under various categories that cater to their customers’ needs by developing the most innovative products, services or solutions.
Backpocket’s submission was recognised by Finder’s panel of judges based on 2 main criteria: innovation and impact.
“Backpocket sounds like a useful tool that's been well-executed by its founding team. Customer reviews are strong and it's sought to serve both sides of a transaction – the retailer and the customer,”
– Gemma Acton, Seven’s Network finance editor
Backpocket enables users to navigate the complexity of group payments (for example, for a music festival) without financially burdening a single person. Participating merchants also can enjoy the benefits of opening an entirely new audience of buyers, as well as increasing their average order value.
Since its inception in late 2022, partners/merchants using Backpocket witnessed an increase in bulk booking with 3x the average number of tickets sold per order. On the other hand, the platform processed over $300K of group payments within the first 6 months of operation, helping over 5,000 Aussies to pay for group expenses. Backpocket’s product received a rating of 4.9 out of 5 on Google reviews.
All the judges in the panel were convinced about Backpocket’s role in contributing to the success of small businesses, cultural festivals and live music events alike.
“As more people want to go out and socialise after COVID, Backpocket is perfectly placed to help meet the needs for social payments”, Finder’s super funds and banking associate publisher, Raj Lal said. “I see this product a great fit for social events like music gigs or movies etc.”
The winners of the Finder Innovation Awards will be announced towards the end of October 2023.
Written by Shubham Pandey, investments and superannuation writer at Finder