One of the familiar steps during a shopping trip is the happy moment when we arrive at the checkout, pull out the credit card and serve it to the seller. The Corona crisis caused us to give up the operation, as we began to transfer the card ourselves, and in many places also to attach it to the credit terminal at the checkout – instead of ironing.
In recent months, the Israeli market has undergone a significant revolution in the world of payments, which is expected to make plastic cards redundant in the future. The use of cell phone wallets has become very common in recent years around the world, and the corona has even strengthened the trend.
Along with wallets that manage our current payments, there are those that also manage other types of financial assets – ranging from accumulating loyalty points, perks, coupons, and even cryptocurrencies. The challenge today is to allow people to pay with their cell phone wallets at the grocery store, supermarket or restaurant, even if they do not have a support terminal. The Israeli fintech startup called Sensepass, Established in 2017, provides a solution to the problem.
CEO Moti Arkoschin, VP Chen Cohen and VP of Technology Nir Alperovich talked about the way in which the connection in question is made possible. “We set up a digital payment network that connects mobile wallets and digital means of payment to the cash register at the business. We have developed a portable and wireless smart box, which we manufacture, and its technology is protected by patents, “said Arkoschin.” The box is located in the business, next to the regular credit terminal, so the customer has immediate access to it when paying. “
Alperovich stressed that: “All the customer needs to do to use our solution and make the payment from his existing mobile wallet, is to touch the box with the smartphone.” From that moment a window pops up in the smartphone offering him to make the payment in one of the apps he uses Cell phones, a sponsored meal card for the workplace and of course a regular credit card, “he explained.
Cohen noted that “for the development of our technology, we used the services of Amazon Web Service (AWS), such as Amazon CloudWatch, which allows you to monitor and gain insights from information passing through applications, so you can respond to changes in the system and optimize resources.
Does your product provide a solution for remote payment, for example, by phone order?
Arkoschin: “Our solution is also suitable for the issue of online orders or by phone. Instead of revealing credit card information over the phone, the seller sends a message to the customer’s smartphone that includes a link that pops it up to an existing payment window. I believe that we will soon reach the deployment of thousands of businesses. “
Where else will this field develop in the world?
Alperovich: “We believe our development is going to be the foundation for the future network of payments in the world. Our network will open to consumers a very wide range of new payments. For example, we believe in the coming years we will start seeing more uses of cryptocurrencies. “B”.