October 29, 2015
Company’s Integrated Mobile Loyalty, Rewards and Payment System Helps Large Retailers Drive Sales, Reduce Costs and Gain Control Over the Customer Experience
[Press Release] - OmnyPay, the retail-friendly mobile payment platform, today announced the first integrated mobile loyalty, rewards and payment system designed specifically for retailers. OmnyPay enters the mobile payments market with major competitive advantages: a clear focus on a long-standing retailer problem, a proven management team, and a first-of-its kind solution to solve the last inch of the mobile payments process.
Retailers have had a challenging relationship with credit and bank card companies, whose control over the mobile payment process has been costly to retailers - both in dollars and brand loyalty. The card companies collect handsome transaction fees on each retailer purchase. However, this also creates an intermediary in the relationship between the retailers and their customers. Retailers are left with a third-party relationship with their own customers and fragmented attempts to reward and encourage loyalty.
OmnyPay’s solution puts retailers squarely in the driver’s seat - enabling them to deliver an integrated payment and rewards experience that incentivizes customers to use the payment type of the retailers’ choice. OmnyPay’s new offering, which is bundled into the retail app experience, is the first to solve the last inch of the mobile payments process by rewarding loyal customers, reducing payment processing costs and arming retailers with a direct means to increase sales.
This is a game-changer for retailers that goes way beyond anything currently on the market, said Ashok Narasimhan, co-founder and CEO of OmnyPay. Not only does OmnyPay’s solution allow seamless integration of all things related to loyalty, rewards, and promotions, it also works across all iOS and Android devices, and across all shopping channels. This means that retailers can actually provide a uniform experience to the critical mass of shoppers -- some 95% -- whether they purchase in a store, in-app or using e-commerce. With OmnyPay, shoppers can expect a fast and simple checkout, yielding maximum discounts and savings.
OmnyPay is the brainchild of senior executives and founders who hail from VeriFone, Wipro, ViVOtech, and Runa, and have a stellar track record of innovation and building companies into multi-billion dollar market-leading entities. The three co-founders bring 60 years of collective expertise across payments, mobile, retail, and commerce.
The key features of the OmnyPay solution include:
- Integrated Payment and Loyalty Platform
Retailers are able to create their own retailer currency, integrating directly into their existing rewards, loyalty and promotional programs. Promotions are automatically delivered to the mobile app, and seamlessly applied at the point of payment, eliminating the need to carry or scan coupons, vouchers, or reward cards. This helps retailers to reduce friction at the point-of-sale, grow their brand and relationship directly with their customers, boost sales and save on costly transaction fees levied by the card networks and banks.
- Omni-Channel Functionality Across Web, App and Physical Stores
Using OmnyPay, retailers can accept payments across all channels: physical stores (whether NFC or non-NFC), e-commerce sites and in-app, with no additional POS equipment required and with very light software integration. Shoppers get the same consistent payment and loyalty experience across every channel, so they know what to expect, no matter which channel they use.
- Omni-Device Support Covering 95% of Shoppers
Unlike digital wallet providers such as Apple Pay, which are platform- and version-centric, OmnyPay supports all iOS and Android devices, including Apple’s iPhone 5, allowing the vast majority of shoppers to participate in retailers’ customized payment and loyalty systems.
- Omni-Payment Support
OmnyPay supports all types of payments, including store cards, private-label credit cards, debit cards, credit cards and ACH. The same highly secure backend supports all of these payment types. OmnyPay’s integrated system enables retailers to incentivize shoppers to use the payment type that works best, and has the lowest cost, for the retailer, while yielding the greatest level of savings to discount-conscious shoppers.
- Private Label Offering Re-establishes Retailers’ Brand
OmnyPay’s solution is bundled into the retail app experience, so regardless of which payment methods that the retailers offer, the retailer brand - not the credit card provider - is front-and-center throughout the payment process. Brand continuity and loyalty can significantly increase new customer acquisition and encourage repeat purchases.
- Secure Platform
OmnyPay employs the latest and highest quality security measures for safe transactions. This includes an end-to-end, secure and dynamic tokenized-HCE solution, which ensures that no payment data is sent, including in-store networks. OmnyPay’s secure platform works for all payment types, across all devices, so neither retailers nor customers need to worry about card information being compromised.
OmnyPay creates retailer-friendly and retailer-branded mobile payment and currency systems. Its customizable, secure mobile payment platform integrates loyalty, rewards and promotion programs to reward loyal customers, lower payment transaction costs, and increase sales. The company is headquartered in San Francisco and is led by former VeriFone executives with deep experience in payments, mobile, retail and commerce. For more information, visit .