A startup plans to minimise $10Bn of revenue loss of eCommerce players in India. Here is how

eCommerce is a thriving market in India, and we are all aware how Indian and global businesses are trying their best to carve a niche and make the most of the opportunities that exist in the market. The latest to join the bandwagon is Kachyng Inc., a San Francisco based company founded by serial entrepreneur Resh Wallaja, who happens to be CEO of Kachyng Inc.

The payments technology company dedicated to making payments faster, easier and more secure for merchants and consumers has launched its operations in India today.

The company will help eCommerce merchants operating in India convert lost business opportunities by simplifying the tedious, painful and not-so-secure online payment mechanism.

Or in Resh Wallaja’s words, the company is here to solve the root cause of lost sales in the eCommerce business. He says, “India is already en route to become the world’s fastest growing e-commerce market and is expected to exceed $100bn mark by 2020. In the next five years another 30 million merchants will go online and 400 million people will become first time online shoppers. We urgently need a safer and easier way to shop online. Kachyng offers a path-breaking technology solving 90% of the problems faced by both consumers and merchants. By making it easy to securely engage and sell to new and existing consumers, we are here to solve the root cause of lost sales”

But how does he plan to do that? Has he charted out a special strategy for the Indian market? We spoke to Resh Wallaja and here is what he shared.

On competition

Primarily what we do is: allow merchants to reach out to more consumers and help consumers complete their online transactions simply without worrying about the fraud. So, I don’t believe we are competing with any existing players. We are infact very complimentary to existing businesses in eCommerce and financial institutions.

On Indian strategy

Our goal is to empower eCommmerce players trap at least about 20% of the opportunities which exist in the Indian eCommerce market. We would primarily partner and work with premier eCommerce players, financial service institutions and merchant acquirers. So, for example if the company has a point of service ecommerce gateway, so we will work with the eCommerce gateway and give our white-labeled technology which would help them eliminate various steps inmvolved in eCommerce transactions.
Our business model is simple: we white-label and license our technology to distributors who have existing relationships with merchants and consumers.


On their technology

Current payment methods require people to remember and maintain too many usernames and passwords, too many keystrokes and clicks. We would help eCommerce players and merchants eliminate all these steps and make eCommerce transactions fun, easy, secure and fast for everyone leveraging Kachyng BUY—our white labelled one-click, instant Omni-channel checkout solution with unmatched security which makes payments from anywhere (browser, app, sms, Tweet, app or ad), without usernames or passwords. This unique technology is PCI complaint, covered by 16 patent filings which reduce the 60-220 seconds checkout process to only 3-5 seconds.


On future plans & investments
We will initiate a go-to-market strategy with our eCommerce focused partnerships. We intend to accelerate our expansion through partnerships and by gradually building different channels, including eCommerce companies, advertisers, card issuers, payment processors and shopping app developers. We are already having discussions with payment gateways and eCommerce players and hopefully would be able to announce them in upcoming months.
As far as investments are concerned, we would put a majority of it in expanding our operations in the country. Moreover, in the next 12 months, we would double our staff strength in Chennai R& D centre. Our goal primarily is going to be the technology provider in India.

Kachyng Inc., is a San Francisco based company dedicated to making payments faster, easier and more secure for merchants and consumers. Kachyng’s patented technology harnesses the ubiquity of mobile phones in today’s world to allow people to pay with one click and anywhere on the Internet.