Kachyng enters India to partner with e-commerce firms

US-based payments technology company Kachyng, funded by Fisher Capital today launched its India operations.
Kachyng enters India to partner with e-commerce firms
US-based payments technology company Kachyng, funded by Fisher Capital today launched its India operations.
The company aims to redefine online payments system with a single-click transaction, removing additional steps as it believes that nearly 80% consumers abandon transactions due to tedious payment mechanisms.
It estimates a $10 billion loss to e-commerce businesses in India due to transactions failures on account of multi-layered processes.
"With an integrated payment gateway, we allow single-window transactions that allow merchants to sell products instantly. Through this, we aim to bridge a gap between consumers, merchants and bankers," Kachyng founder CEO Resh Wallaja told ET.
Wallaja is an entrepreneur and had earlier founded Kandaan, a family and social networking site and ValeoSoft that offers framework for service and asset management.
The Kachyng app is available on the Android and iOS platforms, the top executive added.
The app-based transactions eliminate username and password layers and allows consumers to instantly shop, reducing time drastically between liking and buying the product.
Wallaja said that the company is currently in talks with some Indian e-commerce firms and added that it would soon announce partnerships and might also rope in device makers to pre-load the app.
He however refused to divulge into details.
Kachyng's revenue model is based on pay-per-transaction and it allows merchants to continue with their existing payment gateway partnerships.
"Per transaction, we get 15 basis points which actually translate into 0.15 per cent commission on every transaction sum involved," Wallaja said.
The US company is also bullish about India's e-commerce business and said that they expect it to surpass $100 billion by 2020.
Publish Date
Not Sponsored
Live: People Reading Now
 
 
 
 
TRENDING ARTICLE
RECOMMENDED FOR YOU