How Khipu optimized its payment processes with Mixpanel

Khipu is a Chilean online payment platform that enables users to make bank transfers and pay on e-commerce sites quickly and securely. Focused on reducing friction and ensuring a seamless payment experience, Khipu needed a sophisticated analytics solution to keep pace with its growing user base and evolving threat landscape.

Khipu sought to streamline payment monitoring and reduce fraud risk through real-time analytics. By implementing Mixpanel to track each transaction as a unique entity, Khipu cut the waiting time for final payment status by 70% and enhanced its ability to detect suspicious activity—ultimately boosting efficiency and safeguarding user trust.

Khipu struggled to monitor payment statuses in real time, relying on an internal system and a data warehouse that couldn’t deliver insights fast enough to respond to drops in conversion rates or suspicious activity. Delays in obtaining the final status of payments also hampered their ability to respond swiftly when issues arose.

“We needed information at our fingertips. Our previous setup just wasn’t delivering data quickly enough,” explains Enrique Wood, Software Engineer at Khipu. Without a centralized, easily accessible view of transaction lifecycles, Khipu couldn’t effectively detect fraud patterns or intervene rapidly when conversion rates dipped.

Khipu turned to Mixpanel for a more robust, intuitive way to track payments in real time and spot anomalies faster. In an innovative twist, they leveraged the internal transaction ID as the Distinct ID, treating each payment as if it were a unique user. This approach gave Khipu immediate visibility into how and where transactions might stall, enabling them to pinpoint and eliminate bottlenecks.

By tracking more events along the payment journey, the team gained granular insights that helped them optimize each step of the process. With support from Bildung’s Data services, Khipu also used Mixpanel to detect suspicious patterns and swiftly address potential fraud.

In one instance, when users encountered erratic behavior while integrating with a specific bank’s webpage, Mixpanel’s detailed event tracking revealed a script implementation issue on the bank’s side—an obstacle Khipu promptly resolved. By transforming each transaction into a fully traceable flow, Khipu significantly reduced the time required to monitor payment statuses, enhanced its fraud detection capabilities, and empowered real-time responses to emerging issues.

Implementing Mixpanel delivered immediate, tangible benefits to Khipu’s payment monitoring and fraud prevention efforts:

• Reduced waiting time by 70%: With a clearer view of the payment journey, the Khipu team cut down the time needed to confirm each transaction’s final status by 70%.
• Real-time reactive capacity: Access to live payment data enables Khipu to respond instantly if a conversion drop occurs or a fraud pattern emerges.
• Bank-level fraud detection: Detailed, bank-by-bank analysis helps Khipu identify suspicious trends and take action before problems escalate.
• Trusted source for decision-making: Mixpanel became the go-to platform for Khipu’s operational decisions, ensuring consistent, data-driven strategies.