How to Create a Scalable Payments System

Multitude of Companies – Attempts on Scalable Payment Systems

A whole multitude of companies in Fintech have been making attempts in developing scalable payment systems. As per EY, one of the largest markets in UK Fintech is payment at around £8bn per year. In order to make money new payment provider should measure quickly for the purpose of economics to operate.

This would need proposition which would be knowingly convincing for consumers as well as merchants together with the different other players in the value chain. Currently though payment tends to work, it is not perfect by any means but all the same it works.

It is essential to add value to a payment system in order to make a successful business from it. It has been observed that by just making payment is great but not good enough. Should the option be given of paying with your phone through contactless instead of a credit card, at a restaurant, the difference would not be big. One would have to go through the procedure of asking for the check, viewing it and instead of paying with the credit card it could be paid with the phone. Hence the motivation of utilising the phone is not strong.

Technology Incorporated Into Restaurant Apps

This technology for instance has been incorporated into restaurant apps, permitting consumers to pay for the total bill or split the bill with others through Apple Pay, PayPal or any registered card on a MyCheck account, without the need of staff. Moreover, it also permits sophisticated incentive as well as loyalty programs created to personalize the dining experience for the consumers.

For instance, when a customer tends to visit a restaurant, they would need to view the menu which can be done through the restaurant’s app, powered by MyCheck. If the customer prefers to redeem his coupons or offers or even participate with loyalty programs, he could do the same through the app without the need of involving paper vouchers or loyalty cards where the accumulation and redemptions seems to be automatic.

When the consumer wants to pay, the need of asking for the check does not arise, since the MyCheck platform has been incorporated so that the consumer can pay as well as split the bill utilising their smartphone.

Payment Apps do not Generate Revenue from Consumers

With plenty of competition around, individuals tend to comprehend that it is not just about food but also about the experience. Making an effort of leveraging the potential of the smartphone, one could develop an engaged though discreet association with the guests. With regards to monetizing an app, the same is based on what the app is attempting to achieve.

Several of the payment apps do not generate revenue from their consumers, the merchant tend to pay them. The effect is that since there seems to be many platforms on the market, one would have to prove the value that would be added to a business for them to get involved. The amazing thing regarding MyCheck is that it is partnered with chains that have been already functioning where their success would be success for all.

The challenge lies in how to be loyal and how the visits are repeated while at the same time offer better customer experience. According to data, it has been observed that once a user tends to utilise the app more than twice they get hooked to it. A bit of convincing is needed to let them use it twice and thereafter they tend to get used to the experience and like it.

Coin is the Future of Payments

Coin – Secured & Connected Device for Transaction

Coin, a secure, connected device can hold and act like the card we tend to carry and works with debit cards, credit cards, gift card, membership cards and loyalty cards. Instead of carrying multiple cards, users could carry one Coin with several accounts together with information in one place.

Coin functions by enabling the user to add all the cards onto one piece of technology on `the Coin’. On signing with the Coin app with the same identifications to order Coin, users need to create a unique six digit tap code and when the app is set up, they can pair their Coin with the addition of new card by entering the information manually, swiping the card through an included card reader which goes into the headphone jack of the phone or by taking a picture of the card.

The Coin tends to get connected to the smartphone via a secured Bluetooth channel which is designed to thwart third parts from using the Coin or in transmitting information from it without access to the user’s smartphone. Its feature of the Lock-and-Find tends to provide a real time validation of the owner of Coin being available at the time of the transaction. Should the owner not be available at the time of the transaction, Coin tends to lock itself and can be found by the owner utilising the mobile app.

Designed on Custom 128-bit Encryption Layer

Coin has been designed on a custom 128-bit encryption layer for Bluetooth which can safeguard sensitive information as well as prevent man-in-the-middle outbreaks as informed byCoin CEO Kanishk Parashar to TechCrunch.

When not in use, the Coin tends to remain in locked position and when one intends making a transaction, a single tap on the Coin’s solitary button would activate the device to do a quick search for the specific smartphone and after a couple of seconds it will get unlocked. If the phone is on Airplane mode or turned off or else unavailable, user could unlock the Coin by editing the same six digits Morse style pin code which is utilised in accessing the Coin app.

The Coin functions as a standalone device and the mobile device is essential for the initial set-up for the purpose of adding or changing cards on the Coin and to completely use the Lock & Find system. However, it could also be used without the mobile device.

Stays Active for Seven Minutes

It can stay active for around seven minutes once the same is unlocked, in order that the waiter tends to have the time to swipe and then it automatically gets locked.

Moreover, it also remembers its last known location and alerts the user as soon as it contemplates that the smartphone could have been separated from the Coin. Users have the opportunity of saving up to eight cards on the Coin at a time and can re-sync various cards which are stored in the app as long as they are within reach of their smartphone.

Parashar informed TechCruch that the team have been working on an EMV product and that Coin would be attempting to make the shift as seamless as possible for the user. However, it seems too early in knowing the exact deal or trade-in process. Parashar had commented that it would be something sizable enough to show their appreciation for early adopters.