MishiPay raised $ 1.6 million to provide seamless self-checkout technology

MishiPay, a financial tech start-up from London, UK, introduced mobile self checkout technology to replace the existing queuing checkout, which currently receives $ 1.65 million seed round financing. This round of funding led by the European venture capital firm Nauta Capital, the funds will be used for further development of the company, the company has persuaded some high-end retailers to use the company's products.

The company was founded on a shopping experience of co-founder Mustafa Khanwala, who had to queue up for 20 minutes in 2015 to buy a bottle of soda and waits for a checkout now through MishiPay's self-checkout technology (currently patent pending) Users simply use their cell phone to scan the barcode on the product package and pay for it on the phone, then go home smoothly with the product. In other words, users do not need to be queued to checkout.

In addition, the company said the technology enables a "shopping, pay, and leave" quick shopping experience, along with RFID and other ways to prevent theft. Once the user leaves without payment, the sensor will sound an alert. But once the user pays money, security features are disabled and users are free to go out the door with their purchases.

"The first thing I wanted to solve was lining up, but now we realize it's just the tip of the iceberg," Khanwala said. "We are addressing the gulf between store shopping and the e-commerce shopping experience and are committed to bringing the two together for the best experience for shoppers and stores. I understand that to solve a 25 trillion dollar issue The industry is a daunting task, so the biggest problem to solve first is the problem that has plagued brick-and-mortar stores for decades - queuing!

Of course, the self-checkout system is nothing new, but MishiPay's innovation is the complete abandonment of separate physical store checkout. In fact, the user's mobile device (in combination with MishiPay's technology) is the payment and barcode scanner during the payment process.

MishiPay raised $ 1.6 million to provide seamless self-checkout technology

"There's no checkout, no safety rails, no queuing, and it's the workflow: scanning, paying and leaving. We've also integrated security features to prevent theft and integrate it into retailers' existing systems. The key, "said MishiPay co-founder.

This technology has gone through two years of research and development and has been successfully tested in four countries. Khanwala said the company is ready to work with major retailers "to apply our technology in their stores to prove the value of the technology."

At the same time, the company's rivals include companies like AmazonGo, QueueHop, and YouBeep, but Khanwala said MishiPay is different because it "seamlessly scans, pays, leaves" the experience of this seamless link while incorporating RFID to prevent Theft, and in-depth integration with existing retail technologies.

He said: "We are still patenting applications to protect our method of disabling RFID and our scanning methods, all of which are unique to our technology over other systems."

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