New Delhi, India, May 06, 2015: Kachyng Inc., a San Francisco based company founded by serial entrepreneur Resh Wallaja, today launched its operations in India. Kachyng is a payments technology company dedicated to making payments faster, easier and more secure for merchants and consumers. Kachyng’s patented technology harnesses the ubiquity of mobile phones in today’s world to allow people to pay with one click and anywhere on the Internet.
The idea behind Kachyng is to remove the tedious and painful process of making online payments, due to which today more than 80% of online and mobile shopping attempts are abandoned. Abandonment is a huge lost business opportunity for merchants in India. For instance, this loss is estimated at approximately $300bn in the US.
Kachyng’s business model is to white-label and license its technology to distributors who have existing relationships with merchants and consumers. Kachyng is initiating its go-to-market strategy with e-commerce focused partnerships. 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.
At the launch, Resh Wallaja, CEO of Kachyng Inc. said, “India is already en route to become the world’s fastest growing e-commerce market and is expected to exceed $100bn mark by 2020. In the next five years another 30 million merchants will go online and 400 million people will become first time online shoppers. We urgently need a safer and easier way to shop online. Kachyng offers a path-breaking technology solving 90% of the problems faced by both consumers and merchants. By making it easy to securely engage and sell to new and existing consumers, we are here to solve the root cause of lost sales.”
At the core of Kachyng’s technology is the use of an individual’s Internet presence as a means and their mobile phone to uniquely identify, authenticate and effect faster, easier and safer transactions – both online or in-store. Practically, the one-click payment invokes the individual’s mobile phone and the transaction can be completed with a simple touch, or for added security via the input of a personal PIN into the mobile phone.
There are three fundamental challenges for both merchants and consumers in expanding multi-channel commerce ecosystems:
- Easy registration: Register a new account easily
- Easy checkout: Allow the consumer to reuse their cards easily across merchants without fear of fraud
- Multi-channel engagement: Allow a consumer to buy with one click from any channel, online, mobile, social (Twitter, Facebook, YouTube, WhatsApp etc.), email and SMS.
In order to address these challenges Kachyng Inc. today unveiled Kachyng BUY.
Kachyng BUY is a white labelled one-click, instant Omni-channel checkout solution with unmatched security which makes payments from anywhere (browser, app, sms, Tweet, app or ad), without usernames or passwords. This unique technology is PCI complaint, covered by 16 patent filings which reduces the 60-220 seconds checkout process to only 3-5 seconds.
With Kachyng BUY, 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.
There are several other solutions that will be launched at a later stage.
In a nutshell, Kachyng’s solutions are device and network agnostic and work with any phone, anywhere in the world regardless of legacy infrastructure – Kachyng even works on feature phones.
Kachyng’s leadership team has backgrounds in technology and payments. It is privately held, venture funded San Francisco, USA based company with its R&D center in Chennai, India. Kachyng’s Chairman, Mr. James R. Fisher heads Fisher Capital Corp. LLC, previously an affiliate of the investment firm Kohlberg Kravis Roberts & Co. (KKR), and is a current member of the mid-market private equity firm, Public Pension Capital LLC.