KodyPay
| Private | |
| ISIN | 🆔 |
| Industry | Financial services |
| Founded 📆 | 2018 |
| Founders 👔 | Yao-Yun (Yoyo) Chang, Morgan Hammans, Jack Howell and Josh Roel |
| Headquarters 🏙️ | Heslington, York, UK |
Area served 🗺️ | |
Key people | Yao-Yun (Yoyo) Chang (CEO) John Holmes (Chairman) |
| Members | |
Number of employees | |
| 🌐 Website | www.kodypay.com |
| 📇 Address | |
| 📞 telephone | |
KodyPay Ltd is a technology company based in the United Kingdom. KodyPay is a point of sale (POS) solution built on an app-based technology platform that removes the hardware to simplify the payment process. It replaces traditional point-of-sale hardware, enabling businesses to perform all necessary actions for a standard retail transaction using an app-based technology platform. It also simplifies the complex network of settlement intermediaries and provides a secure and convenient payment system for consumers through an applied consensus blockchain that directly connects businesses and consumers through a self-checkout platform, requiring no hardware other than a smartphone. This removes waste, complexity, and cost from the EPOS (electronic POS) industry, resulting in lower fees, reduced material use, and a positive environmental impact. The company is currently conducting live beta testing on the University of York campus.[1]
History
For businesses, although the current card-based model is evolved, it is more than 50 years old and costly in terms of both the hardware needed (dedicated infrastructure) and transactional costs.
For consumers, especially in convenience stores, there is a growing preference for ‘shop and go’—avoiding checkout queues. However, checkout capacity is restricted by limited and costly hardware. A combination of new schemes (e.g., Faster Payments, Open Banking), regulatory intervention (PSD2), and technology (smart devices, Wi-Fi) enables an alternative model with lower CapEx and OpEx for businesses. KodyPay allows payment for goods directly from a consumer’s smartphone, with immediate confirmation to a merchant’s smartphone or store tablet, thus disintermediating POS devices and checkout queues.
KodyPay was founded in 2018 by Yao-Yun (Yoyo) Chang, Morgan Hammans, Jack Howell, and Josh Roel, aiming to revolutionize POS systems by directly connecting businesses and consumers to remove complexity, waste, and cost. At age 13, a former VP at JPMorgan Chase & Co. exposed Yoyo to the financial world. In 2016, Yoyo participated in the IFS Student Investor Challenge, becoming the number 1 UK junior investor for 3 months.[2] That same year, Yoyo founded IIC Holdings, an investment firm consistently securing a return on investment averaging 40–50% per year, with current assets under management standing at almost £500,000. KodyPay combines current processes with new technologies brought about by the rise of mobile payment technologies. He was then joined by Ho Ting Lok and Daniel Wyles during his studies at the University of York.
As the driving force behind KodyPay, Yoyo has self-invested USD $150,000 and built a team of industry leaders. Recognized as one of the top startups by Santander,[3] [4] the company has received funding totaling USD $202,500 and is now valued at $11 million USD.[5] Yoyo has secured a joint Marketing and Development Agreement with Ness Digital Engineering and conducted an asset-equity swap with IBM Affiliated TES Enterprise/Cognition Foundry [6] for the use of IBM Linux One and Z systems to allow KodyPay to become an IBM-powered solution. KodyPay is poised to build momentum and dominate the payment industry for the next decade.[7]
Products and services
For the trial period,[8] KodyPay only performed simple user-to-merchant device payments. A traditional till point of sale was used to tally customers' items, followed by the merchant using their smartphone to accept payment from the KodyPay user. The next generation of the KodyPay app offers a superior user experience by being more convenient, cutting queues, and offering businesses reduced transaction costs. This is achieved by unifying multiple payment processes onto one platform, allowing users to pay in four ways: first, by presenting the QR code on their app at a till instead of a bank card; second, in larger stores, by scanning an item to purchase it and leaving without queuing; third, by ordering food at a restaurant; and fourth, by purchasing items online.
References
- ↑ "York student develops mobile payment app to be trialled on campus - Student home, The University of York". www.york.ac.uk. Retrieved 2020-02-10.
- ↑ "News - The London Institute of Banking & Finance". www.libf.ac.uk. Retrieved 2020-02-10.
- ↑ "研發支付APP獲銀行贊助 旅英台裔青年成創新之星". 蘋果新聞網 (in 中文). Retrieved 2020-02-10.
- ↑ York, University of. "KodyPay app launched". University of York. Retrieved 2020-02-10.
- ↑ "Investors eye up York student's mobile payment app". York Press. Retrieved 2020-02-10.
- ↑ "British version of Alipay, born in York". Weixin. Retrieved 2020-02-10. Unknown parameter
|url-status=ignored (help) - ↑ "KodyPay to ramp up launch at York". nouse.co.uk. 2019-11-20. Retrieved 2020-02-10.
- ↑ "York student develops mobile payment app to be trialled on campus - Student home, The University of York". www.york.ac.uk. Retrieved 2020-02-10.
External links
References
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