MishiPay Raises 1.6 M For Its Mobile Tech

MishiPay Raises 1.6 M For Its Mobile Tech

MishiPay allows users to scan the barcode of the chosen items on their phones. Then, they can pay on the phone and leave the store without wasting any time.

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The London-based start-up MishiPay has introduced mobile self-checkout technology that tries to eliminate long queues.

The company has recently raised 1.65 million in seed funding in a round led by European VC Nauta Capital. According to Tech Crunch, the money will be used to expand the service, while attracting high street retailers.

MishiPay`s technology allows users to scan the barcode of the chosen items on their phones. Then, they can pay on the phone and leave the store without wasting any time waiting in queues.

Apart from providing good shopping experience, the tech is designed to prevent theft. If a customer tries leaving without paying, special sensors will activate an alarm.

“We are solving the problem of the divide between the in-store and e-commerce experience and aiming to bridge that and bring the best of both worlds together for shoppers and stores.“, says co-founder Mustafa Khanwala, who spoke to Tech Crunch.

“I understand though that this is a humongous task of tackling a $25 Trillion industry and so the aim is to start by first solving one of the biggest problems that have plagued the in-store checkout experience for decades, queuing!“, as he elaborated.

The technology used for the project has been trailed in four countries so far. Khanwala commented that the company is trying to prove that their service can be valuable to major retailers. He says that MishiPay is different than the competition because it can provide “scan, pay, leave” experience with no friction points or barriers, as well as security against theft with RFID that disables on its own, as Tech Crunch reports.

Still, the service is not unique as other companies have launched similar shopping services like AmazonGo, QueueHop, YouBeep, and others.

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