Beforehand often called OmnyPay, Omnyway has constructed expertise round what it calls “augmented digital commerce” — mainly, serving to retailers keep linked to customers by their mobile cellphone through the in-store procuring course of. That features loyalty packages, coupons and what CEO Ashok Narasimhan described as a “seamless” mobile cost course of at checkout.
This could all be built-in right into a retailer’s present app. The expertise can be powering Kohl’s Pay, the mobile payments and loyalty program that the department store chain launched last year.
Narasimhan informed me that the funding will assist the corporate develop its new Zapbuy product, the place customers can scan an advert (which could possibly be proven on TV or printed in — mainly, anyplace you’ll be able to show a QR code), then purchase the product with a single click on or faucet.
Narasimhan argued that this might be “pretty revolutionary” for advertisers, as a result of it’s going to give them a significantly better return on funding for his or her campaigns. And whereas Zapbuy might attraction to the retailers that Omnyway is already working with, he stated it’s going to additionally permit the corporate to increase to new clients — “anyone who does advertising, not just retailers.”
As well as, the funding is meant to assist Omnyway increase globally. It actually comes from a global group of traders, with the spherical led by Nyca, CommerzVentures (the enterprise arm of Germany’s Commerzbank Group) and the CreditEase Fintech Funding Fund (a part of China’s CreditEase). Commerce Ventures and Trade Ventures additionally participated.