At the launch, Resh Wallaja, CEO, Kachyng Inc. said, “India is already en route to become the world’s fastest growing e-commerce market and is expected to exceed $100bn mark by 2020. In the next five years another 30 million merchants will go online and 400 million people will become first time online shoppers. We urgently need a safer and easier way to shop online.”
At the core of Kachyng’s technology is the use of an individual’s Internet presence as a means and their mobile phone to uniquely identify, authenticate and effect faster, easier and safer transactions – both online or in-store.
The one-click payment invokes the individual’s mobile phone and the transaction can be completed with a simple touch, or for added security via the input of a personal PIN into the mobile phone.
There are three fundamental challenges for both merchants and consumers in expanding multi-channel commerce ecosystems:
- Easy registration: Register a new account easily
- Easy checkout: Allow the consumer to reuse their cards easily across merchants
- Multi-channel engagement: Allow a consumer to buy with one click from any channel, online, mobile, social, email and SMS.