KodyPay - the contact-free, super-streamlined digital checkout app
by Startacus Admin
KodyPay is a York-based fintech startup that's on a mission to streamline the checkout experience and make it digital and contactless
In this age of smartphones, the cloud, decreased patience for waiting, and interconnectivity, it can be frustrating when we find ourselves unable to perform a certain action quickly and simply - something like paying for a thing. One of our own Startacus team has a pay-as-you-go electricity meter at home, which requires a code to be input to top up, and it was a liberating revelation to discover that, instead of going to the local shop and paying for a code at the counter, this could simply be done on the internet.
But what if even that code-input step could be removed, and the electricity could be paid for directly? Okay, now we’re basically talking about a normal electric contract and okay, electricity has nothing to do with today’s startup, but this is the basic premise that drives so much innovation - ‘what if we can cut out that step’? ‘What if we can streamline those steps’?
Speaking of payments, the way we have been paying for things has been slowly innovated and streamlined. Where we used to hand over banknotes and coins, many people moved to only using credit and debit cards, and from there perhaps to tapping their phone against a sensor to transfer the money. But what if even that step could be removed?
York-based fintech startup KodyPay was created from this very question. The idea is to streamline the checkout experience and make it digital and contactless. Pay for your lunch right from the table rather than standing in a queue for 10 minutes, or integrate the app into your normal online shopping flow so you don’t have to get out your card to add in the details every time you use a new online shop. KodyPay can either add to or entirely replace an outlet’s point of sale, without the need for hardware, and with the ability to accept many different types of payment.
And of course, what payment system would be complete without rewards? A retailer can tailor a rewards system for their customers, encouraging repeat business, or allowing those reward points to go towards donating to a charity.
KodyPay was founded by now-20-year-old Yoyo Chang, an investment prodigy who brought his family £250,000 in investment returns before he even went to college. It’s safe to say that he knows finance quite well, and in November, some heavy-hitting Wall Street backers acknowledged this with £1.8m in seed round funding.
Particularly in the current pandemic, where the less contact the better, a payment system like this is not only safer and more convenient, it is the next logical step of payment innovation.
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Published on: 22nd December 2020
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