Payment tech startup Payoye, has announced filing of a patent for its unique QR code-based mobile payment technology. The services provided by the company are one-of-a-kind in India and they are evidently going to take the payment system in the country to a whole new level.
The company’s main attraction is its CashCardContact™ less unified payment platform (UPP) which allows merchants to “accept payments anytime, anywhere, anyway and by anyone.”
Founded in 2015 by Navneet Chauhan and Rinosh Babykutty and based in Noida, Payoye is a product of Sanaroo Payment Solutions Pvt. Ltd which hopes to revolutionize the world of payment in India.
With the increasing popularity of QR codes for quick actions everywhere, it seems almost logical to base the payment system on this approach. If you don’t know how a QR code works, here’s a brief explanation– a Quick Response code is a type of graphical representation of data in which important information is embedded which can later be decoded and used by any supportive device. They can be used to store data, perform actions etc.
The platform Payoye wants to make mainstream is independent of mobile phones/types/manufacturers, operating-systems, sales medium (online/offline), hardware terminals, software & e-wallets. In fact, the company believes that anyone can utilize its payment methods.
Currently, Payoye has released 2 mobile apps in Android and iOS– one for the merchant end and the other for consumer use. The merchant app will generate a QR Code with amount and other relevant information which the consumer app can scan and allow them to choose any payment instrument like credit/debit card, net-banking, e-wallets etc. In case the merchant doesn’t own a smartphone, he/she can use the Payoye’s OYECard– a credit card-sized card with pre-printed QR Code with merchant information for consumers to scan and pay.
Navneet Chauhan, Founder and CEO, Payoye says,
We believe that our platform is one of its kind and will revolutionize the payment world,we have filed the patent being the pioneers in QR Code based mobile payment space.