US giant Amazon will not dominate the High Street in the way it bestrides online retail if one young tech entrepreneur has his way. Forbes 30-under-30 alumnus and MishiPay founder Mustafa Khanwala has developed exciting new technology that enables customers to skip the checkouts by using their smartphone to scan and pay for goods, meaning you may never waste time in a shopping queue again.
Scaleable, affordable, easily integrated into back-office systems and fully operational in as little as three weeks, MishiPay’s Scan & Go tech puts the purchasing power in the hands of the public to reinvigorate the High Street, eliminate the £280 billion cost of instore queueing and realise the previously unthinkable notion of shops without checkouts.
We’ve lived with the costly, time-wasting pinch-point that is retail’s queue to pay since a Memphis shopkeeper introduced it 104 years ago. Its elimination has become a quest, and while retail giant Amazon Go has invested heavily in developing a camera-based system, it is a solution too expensive and too limited in scope to be viable for the vast majority of retailers.
In stark contrast, MishiPay’s Scan & Go is scaleable, affordable and can read any barcode on any product. Bespoke configurations enable retailers to display product information ranging from a basic price right up to videos and multimedia content. It generates digital receipts – potentially saving 11M trees per year – works on or offline and its convenience and ease of use has been proven to increase basket values by up to 36%.
Scan & Go allows retailers not only to reclaim check out space and redeploy staff to the shopfloor but also to resolve the £280 billion problem of abandoned baskets.
MishiPay has already been adopted by some of the world’s most innovative retailers, including MUJI, Flying Tiger Copenhagen, SPAR and most 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 superfast, superscaleable and can go from contract to live within just three weeks. With Scan & Go we’re putting the checkout in the customer’s pocket and bringing the biggest change to the High Street in more than a century.”