August 3, 2015
Day by day, we witness radical innovations taking place in the payments industry. Not only are there new emerging payment systems that are more robust than ever before, but even consumer behavior is changing, creating more opportunities for the payments industry. Paydunk, a mobile payment startup is one such company which is trying to innovate and revolutionize the traditional payment experience faced by customers. Founded in 2014 by Michael Marenick and Robert McHugh, the New Jersey-based startup has already made its name in the payments space through its dynamic and out-of-the-box processing ideas. The company provides a streamlined and intuitive checkout process which improves customer experience and increases conversion.
Paydunk founders: Michael Marenick and Robert McHugh
Most of us face the problem of entering our information, i.e., personal, shipping, card details every time we shop through online retail stores. The websites and mobile experience makes it harder for the consumer due to which numerous consumers abandon their shopping carts because of the complicated and time consuming check out processes. Paydunk simplifies the process by providing a simple and faster checkout option through three steps: touch Paydunk, enter PIN and confirm purchase.
To download Paydunk’s iOS app, click here.
Let us look at how this whole process makes it simpler for the consumer. The consumer downloads the Paydunk mobile payment app and stores all the information, i.e., address details, cards details either manually or by scanning. Scan-based onboarding takes less than 60 seconds and eliminates the need of entering the data through a small keyboard. It identifies each of its customers by their unique mobile phone number; traditional usernames and passwords are replaced with PIN-based authentication linked those particular mobile devices only. So every time you shop, you can check out by clicking on the Paydunk option and can complete the transaction process by just entering your mobile number and the four-digit authentication PIN. The consumer receives the notification on the phone to approve the transaction, after which your process gets completed.
Online security has always been a major concern for the consumers. Paydunk privacy feature and it functionality makes it unique and trustable. It does not store the consumer’s information on servers in the cloud. Paydunk reduces the chances of fraud risk as all of the sensitive information is stored locally on the device, protected by the latest end-to-end encryption technology. When it’s time to check out, the information is securely transmitted to the payment gateway.
Paydunk’s business model generates revenue from the retailers through licenses and charges a flat fee instead of a per-transaction fee. Earlier, Paydunk was only available on Android but recently the app was approved by Apple and now it’s available for iOS users as well.
Paydunk has surely made the checking out experience a whole lot faster and secure. And it’s definitely a step towards revolutionizing the e-commerce and payments space by bringing a pleasant shopping experience for customers.