In order to simplify online transaction for both consumers and businesses, San Francisco-based payments technology company, Kachyng has launched its India operations. Founded by Resh Wallaja, Kachyng aims to change online transactions in the country and convert advertisements into digital stores. Typically, while shopping online, consumers need to enter their card details along with passwords and OTP. Kachyng wants to replace this lengthy process with a single click and a four-digit wallet code.
Users can store their debit/credit card details like card number, CVV and expiry date on the Kachyng smartphone wallet and while buying a product, they will have to enter the four-digit wallet code when the purchase is prompted on their smartphone.
“Around 80 per cent consumers dump their online shopping carts, especially on mobile phones, due to lengthy payment process. Abandonment is a huge lost business opportunity for merchants in India. For instance, this loss is estimated at approximately $300bn in the US,” said Resh Wallaja, CEO, Kachyng Inc.
The company also introduced Kachyng BUY, through which users can buy products directly from online advertisements. Merchants can enable Kachyng BUY button on an advertisement and viewers can click on it to buy the product instantly. “A merchant can start selling on mobile or online channels in hours. There is no need to build a website or an app and merchants can continue to use their existing payment processor,” according to a release.
Kachyng BUY is a omni-channel checkout solution and claims to secure payments from anywhere (browser, app, sms, Tweet, app or ad), without usernames or passwords. “This unique technology is PCI compliant, covered by 16 patent filings which reduces the 60-220 seconds checkout process to only 3-5 seconds,” added Wallaja.
The authentication of payment will happen through either Kachyng’s Android or iOS smartphone mobile app or through OTP calls. “Usually OTPs are sent via SMS to verify the transaction. In this case, the consumer will receive a call in which the OTP will appear as the caller ID,” said Wallaja. For example, if an OTP is 654321, the user will receive a call from +654321 on their smartphone. Citing the reason for OTP calls, Wallaja said, “SMSes can be intercepted and is no more a secured mode of communication.”
Kachyng’s business model is to white-label and license its technology to distributors who have existing relationships with merchants and consumers. The company intends to accelerate its expansion through partnerships and by gradually building different channels, including e-commerce companies, advertisers, card issuers, payment processors and shopping app developers.