British start-up takes on Amazon in battle for the High Street
30-30-year-old Forbes alumnus takes on Amazon over smartphone-based retail payment solution
In 2015, Mustafa Khanwala, CEO of MishiPay, waited 20 minutes in a supermarket line to pay for a can of the drink. The queue gave him time to consider the most persistent pinch point in retail and spark the development of MishiPay: a high-concept Scan & Go solution that promises to truly revitalize retail.
Khanwala wasn’t the only one thinking about the costly issue of departure queues, but he’s the only one who found a viable answer, and now the 30 -30-year-old former Forbes student is on a one-to-one. head with Amazon with smartphone-based technology that promises to truly revitalize retail.
The checkout queue has been with us ever since Memphis retailer Piggly-Wiggly introduced it to the world in 1916, and the pattern has remained basically unchanged for 104 years.
Self-test checkouts, introduced in 1992, are both unpopular and inefficient, and Amazon Go’s high-tech camera-based system is too expensive to install and too limited in capacity for many stores. Neither allows the global retail industry to avoid the $ 300 billion cost of queuing up and making the long-awaited leap into non-payment shopping.
MishiPay’s Scan & Go technology makes this evolution possible. In a beautifully simple and extremely liberating process, customers use their smartphones to scan and pay for goods, then leave the store without ever having to waste time waiting in a queue.
Unlike complex in-store camera-based alternatives, the MishiPay solution is scalable, affordable, easily integrated into backroom systems and can be fully operational in as little as three weeks.
For customers, the benefits go beyond eliminating checkout lines. The shopping experience can be personalized for users with tailored offers, enriched product information and real-time promotion information synthesizing the convenience of online shopping with the instant gratification of physical purchases.
For retailers, it’s not just about reclaiming checkout space. By offering customers skip-the-line shopping, the $ 250 billion abandoned cart problem is solved. Analysis shows that through data analysis, retargeting and ease of use, cart values can be increased by up to 36%. Scan & Go can be integrated with existing store applications and can be used to read any type of barcode on any type of product. Staff formerly engaged in checkout operations can be redeployed to deliver value in other areas of the store, and the move to digital receipts could save around 11 million trees per year.
MishiPay’s Scan & Go technology has already been adopted by some of the world’s most innovative retailers, including MUJI, Flying Tiger Copenhagen, SPAR and more recently Paradies Lagardère.
“With MishiPay, we are leading the evolution of retail and our technology works for any product, in any store,” said CEO Mustafa Khanwala. “We’re super fast, super scalable and can go from contract to life in just three weeks. With Scan & Go, we’re putting the cash in the customer’s pocket and making the biggest change to The High Street in over a century. “