Loyalty together with payments platform provider nanoPay had a memorable get-go to 2016. The Toronto-based startup acquired MintChip, a digital currency developed yesteryear the Canadian Mint every bit a fiat alternative to bitcoin together with originally backed yesteryear the Canadian dollar. With the acquisition, nanoPay CEO Laurence Cooke sees an inevitable hereafter wherein digital currencies volition revolutionize social club together with the fiscal system, from the unbanked to the biggest fiscal institutions inward the world.
CCN spoke to a example of nanoPay close the society together with founder together with CEO Laurence Cooke to listen close his direct on digital payments’ relevance inward the future.
How did nanoPay come upward to exist?
Founder together with CEO Laurence Cooke spent 12 years working inward the wireless manufacture together with noticed a quest to alter the agency payments work. They are slow, expensive together with at that spot is also much fraud.
Four years ago, Laurence knew that he could create something that delivered tangible value to merchants good beyond payment acceptance. That has been the biggest motivator to brand nanoPay a success.
nanoPay provides retailers together with online merchants alongside a SaaS solution that delivers loyalty together with payments inward single-use transaction tokens to brand payments frictionless™.
What sense produce those behind the society create got alongside payments?
nanoPay has a various together with highly experienced Executive squad that brings a diversity of skills together with talent to the company.
Prior to starting nanoPay, Laurence focused his function alongside individual equity, equity analysts, together with wireless novel entrants. He worked for WIND Canada together with was Vice President of Wireless at Shaw Communications. He was also Chief Operating Office of Bell Mobility together with Bell Distribution Inc. together with co-founded 2 wireless information businesses inward Europe: Melodeo Inc. together with Xtempus.
Kent Rawlings, Chief Commercial Officer, has over 24 years of sense inward the telecommunication manufacture alongside a rigid retail background. Prior to joining nanoPay, Kent was 1 of the master senior executives inward the Canadian wireless startup Public Mobile, where he held the championship of Senior Vice President of Sales & Distribution. Kent also served every bit Vice President of National Retail Sales, Warehouse together with Logistics for Bell Canada.
Simon Keogh, Chief Product Officer, has an entrepreneurial background alongside strengths inward strategy together with production management, alongside an emphasis on conception together with marketing. Simon led novel conception together with mobile wallet strategy at LoyaltyOne that operates AIR MILES, Canada’s largest loyalty program.
He was previously Vice President of marketing at Tenzing, an e-commerce hosting company, every bit good every bit Vice President of Product at Tira Wireless.
How produce you lot ingredient inward safety alongside nanoPay?
Cooke: Our next-generation payments platform has been designed alongside safety at the core. The pump of the safety is the tokenization framework that secures client identity, loyalty, offers together with payment instruments inward single-use transaction tokens that are meaningless if intercepted yesteryear hackers together with fraudsters.
All personally identifiable information (PII) is encrypted inward the nanoPay database to ensure privacy together with safety for both merchants together with consumers, together with all payments are processed inward a PCI-DSS compliant information center.
How does nanoPay work?
Cooke: nanoPay is edifice the rails for next-generation frictionless™ payments: to a greater extent than secure, faster, cheaper together with alongside greater client engagement. Our comprehensive payments platform enables retail together with online merchants to addresses fundamental challenges such every bit payment acceptance, client loyalty, PCI-DSS compliance together with security.
The nanoPay API is freely available to developers together with provides a uncomplicated interface into the nanoPay loyalty together with payment platform. Developers tin speedily together with easily enable a mobile app or website to procedure payments, final result together with redeem rewards, post receipts together with redeem offers.
What is the biggest hurdle faced yesteryear the existing payments industry?
Cooke: New innovations together with technologies create got led to a shift inward consumer expectations when choosing payment providers. Most novel payment companies are either competing direct alongside entrenched payment processors or exclusively focusing on underserved smaller merchants.
With the ascent of mobile payments, consumers are starting to human face beyond payment transactions for to a greater extent than personalized payment experiences that offering incentives together with convenience inward central for their loyalty.
For whatever of these services to actually direct off however, at that spot needs to survive advancements within the safety together with privacy across all networks.
How is nanoPay dissimilar from Apple Pay together with Samsung Pay?
Cooke: nanoPay is a loyalty together with payment platform that enables merchants to create custom loyalty together with payment solutions, whereas Apple together with Samsung pay are mobile wallets used yesteryear consumers to procedure credit menu payments.
nanoPay enables merchants to broaden payment credence together with permit consumers select how they desire to pay. nanoPay enables merchants to link client SKU information to their transactions to construct stronger together with to a greater extent than personal client relationships.
What produce you lot foresee every bit the hereafter of the digital payments industry?
Cooke: It volition direct only about fourth dimension earlier mobile wallets larn a global standard, but this volition survive the yr that regulators function to grab upward on initiatives that address mobile together with digital payments.
While nosotros are far from becoming a cashless society, nosotros volition locomote along to come across a steady increase inward consumer awareness together with adoption of mobile payment systems inward 2016, alongside a focus on convenience, loyalty together with security.
Featured ikon from Shutterstock.
Written by:Samburaj Das
