A newly founded payment platform called, Minkasu, may start showing up on your check-out screens in the foreseeable future. Founded in July of 2015, the company developed a much easier way to make mobile payments. With their iOS and Android apps floating in the virtual app stores, the system conducts secure payments with users encrypted credit card information. Minkasu does not require a password when checking out, only requiring a click on the big green pay button. Minkasu is a fast and easy service than can allow people to make secure payments, bypassing the tedious password that plagues mobile payment.
Recently, Minkasu received a large sum of $1 million from a collective group of investors. These people included Dan Palanisamy, Kannappan Mohan, and Kuppanna G. Krishnan. Together they all seed funded Minkasu so the company can use the money to gain more attention from vendors to use their secure network. When Minkasu was first created, founders Anbu Gounder, Naveen Doraiswamy, and Subba Lakshmana wanted to create an app that would simply get rid of the process of inputting passwords during mobile payments. They eventually created a system that uses public key certificates that are given to users and also using the convenience of the biometric sensors implemented in smartphones. This lead to them taking the technology and using it to authenticate a mobile payment.
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What makes this app different from other mobile payment platforms is that the software isn’t built into the operating system. Also when inputting credit card numbers into the app, numbers are mixed up and split up between the user’s device and a cloud based system. Unlike PayPal, Apple Pay, and Android Pay, you do not need to type in a password to access the app. For websites that utilize the Minkasu technology, when a user is presented with the checkout page, they are given the option to pay with their smartphone via QR code or a simple payment code.
Minkasu has an incredible payment system and can really shape how we make mobile payments in the near future. The only problem the company has run into is the fact that they do not have enough merchants using their service. Hopefully with the funds that the company has received, they can lure more merchants into using their trusted and simple payment platform.