Payments Briefing: Behind Papaya’s bill payment technology
- This week, we take a look at how Papaya uses AI to simplify bill payments for consumers and merchants.
- We also explore PayPal’s entry into the stablecoin race, and how payments are increasingly becoming “invisible”.
Papaya is an app that uses AI to simplify bill payments for consumers, and to help merchants and billers get paid faster. The Papaya app lets users take a photo of any bill – parking tickets, utilities, phone bills, medical invoices – and then pay it directly through the app. Users can choose from a number of common payment methods including bank accounts, debit cards and credit cards.
Papaya recently announced a $50 million Series B funding round led by Bessemer Venture Partners with participation from Sequoia Capital, Twitter’s Dick Costolo, and others. The firm’s executive team hails from big names including GreenDot, Acorns, IdeaLab, and Blackhawk.
I recently had a chat with Papaya’s co-founder and CEO, Patrick Kann, to understand why he felt it was essential to create Papaya, what the app offers, and where he plans to take it from here.
Here’s my conversation with Kann.
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