Previously referred to as OmnyPay, Omnyway has constructed era round what it calls “augmented digital commerce” — principally, serving to shops keep attached to customers thru their mobile telephone throughout the in-store buying groceries procedure. That contains loyalty systems, coupons and what CEO Ashok Narasimhan described as a “seamless” mobile fee procedure at checkout.
This can all be built-in right into a store’s current app. The era may be powering Kohl’s Pay, the mobile bills and loyalty program that the dept shop chain introduced remaining yr.
Narasimhan instructed me that the investment will lend a hand the corporate develop its new Zapbuy product, the place customers can scan an advert (which may well be proven on TV or revealed in — principally, anyplace you’ll be able to show a QR code), then purchase the product with a unmarried click on or faucet.
Narasimhan argued that this can be “pretty revolutionary” for advertisers, as a result of it is going to give them a significantly better go back on funding for his or her campaigns. And whilst Zapbuy may well be lovely interesting to the shops that Omnyway is already operating with, he mentioned it is going to additionally permit the corporate to make bigger to new consumers — “anyone who does advertising, not just retailers.”
In addition, the investment is meant to lend a hand Omnyway make bigger globally. It undoubtedly comes from a global staff of traders, with the spherical led through Nyca, CommerzVentures (the mission arm of Germany’s Commerzbank Group) and the CreditEase Fintech Investment Fund (a part of China’s CreditEase). Commerce Ventures and Industry Ventures additionally participated.