Ashok Narasimhan, Co-founder, CEO, & Board memberOmnyPay was founded in 2014 with a mission to create a better mobile payment platform for all stakeholders in retail space. The founding trio Ashok Narasimhan, Mohammad Khan, and Bill Melton together bring over a hundred years of experience in the payments, digital commerce, and retail industries to the table. The founders sensed a need for a holistic and retailer oriented platform after they brainstormed over factors that plague the retail arena. “Current electronic payment methods cut down the profit margins and contend with merchants for ownership of the primary relationship with the customers,” shares Narasimhan, who also heads the company as its CEO. OmnyPay addresses this challenge by bringing power back in the hands of merchants to become a trusted advisor to its shoppers, making their in store journey most pleasant, in turn gaining their loyalty.
The San Francisco, CA based company provides white label cloud based solution to retailers that augments existing backend and in store systems, allowing for the coalescing of offline and online retail processes. Not only does this allow for a quick, seamless and rich checkout, it can also combine offline and online shopping activity in a single transaction that can be paid through retailer branded store card or any other retailer preferred payment method. “Suppose, a buyer selects pants and shoes in store. Pants are in stock but shoes are unavailable for the right fit,” explains Narasimhan. “Our system allows choosing shoe size through the mobile app. The buyer can utilize our platform to pay for the pants and shoes while in the store, and shoes of appropriate size will be shipped to his house.” The solution’s functionalities also enable expedited checkout and self-checkout that are keys to improve customer satisfaction in store. “Large retailers are able to slash time spent redeeming coupons, rewards and promotions by 80 percent using OmnyPay’s expedited checkout,” says Narasimhan. Self-check out minimizes the staff deployment at the store as the customer makes a purchase and pays through mobile.
“From branded contextual offers, to checkouts, to quick signup, our solution encompasses all aspects of retail and secures every transaction,” states Narasimhan. OmnyPay stores all credentials through a combination of tokenization and a cloud-based secure element, making OmnyPay a robust secure system for transactions.
OmnyPay applies equal efforts and follows holistic approach to solve other conundrums in the retail arena.
We enable retailers to forge a great relationship with the shoppers through integrated branding activity, omni-channel seamless shopping experience, and device-independent access
“We enable retailers to forge a great relationship with the shoppers through integrated branding activity, omni-channel seamless shopping experience, and device-independent access,” states Narasimhan. OmnyPay bestows the clients with seamless experience across physical outlet, e-commerce, and mobile commerce and ensures omni-channel presence of the client. “Akin to e-commerce, up-sale and cross-check allow the physical stores to suggest frequently bought together items, bundled price of the items and other offers based on individual preferences,” states Narasimhan.
In one of the implementation highlights, Kohl’s with more than 1100 stores across the country and $20 billion in annual sales, sought a mobile first system that would ensure secure transactions while maintaining the Kohl’s brand and customer relationship. The client also wanted to increase sales, connect with physical store inventory, and integrate loyalty, promotions, and other marketing activities. OmnyPay’s white label solution was deployed by Kohl’s for mobile payment and branded as Kohl’s Pay within the existing Kohl’s app. The solution was integrated with Kohl’s loyalty and store card systems and made live across all stores nationwide in a matter of months. The number of transactions driven through the system and sign-ups grew exponentially and the mobile application was downloaded for more than 14 million times. Eventually, the client could increase sales, decrease operating costs and integrate marketing activities.
“We like to create something akin to Kohl’s Pay which adds value to the customers’ existing processes,” states Narasimhan. The leadership of OmnyPay looks forward to launch Contextaul Commerce in the first quarter of the next year and change the paradigms of retail arena.