The world of cashless payments across services is becoming common with the NFC (near field communication) technology making it easier and more efficient. Korean startup Allink has developed a solution that enhances the utility for payments using NFC tags.
With Allink’s solution, businesses can offer payments and other allied services like rewards, redemptions, gift cards, etc., through the same device without needing additional devices or scanners.
Allink’s solution enables mobile apps to transfer any type of information, whether payment, member, or user information, to the terminals like POS, KIOSK, and door locks. Allink’s Solution utilizes an affordable NFC tag and does not require integration with each terminal. Users only need to tap on the tag to pay, redeem, unlock, and more.
Instead of using insecure QR codes or expensive scanners, businesses can simply tap on the tag, and the card information is transferred to the POS without integration or modification.
Allink’s solution is useful where third-party app’s usability is limited. For, e.g. Apple’s policy limits third-party apps from using the NFC function on iPhone. Using Allink’s Solution, any app can provide NFC-based services to iPhone users. NFC tags are under $5 per unit, wireless and electricity-free.
Allink’s Solution makes transactions secure and easier
Allink provides better security by transferring information through a cloud server using end-to-end encryption. Allink’s Solution’s library can be linked to the app within 2 days and easily installed on terminals in about 5 minutes.
As a result, the payment apps don’t have to rely on manufacturers and engage with their customers on their apps. Payment apps are free to utilize NFC even with iPhones. Allink’s Solution is also a merchant-friendly solution as merchants don’t have to alter existing terminals and accept payments without scanners or readers.
Allink commercialized Allink’s Solution in December 2021. MiraeAsset has been one of the first partners that launched their first NFC-based payment service for iPhones in Korea with Allink’s Solution. MiraeAsset uses Allink solutions at more than 30 thousand outlets, including Korea’s leading brands like 7-Eleven, CU, and Ediya Coffee.
The startup has raised $2.7 million from industry leaders like MiraeAsset securities, Naver, Lotte, Shinhan, and E-land. The company’s business model is based on fees per transaction with a fixed fee of 1 cent per transaction.
Allink’s team is made of experienced engineers and designers. CEO Kyungdong Kim has designed Samsung pay and launched Samsung pay in Korea and Vietnam, and CTO, Sanghak Kim, has developed numerous security systems and mobile services, including government projects in Korea.
The COO and US CEO, Denny Jeon, is a former VISA and Expedia Korea executive with tremendous global business experience, and CSO Wooseok Jang has conducted various services in Southeast Asia, including Samsung Pay, and launched the Samsung blockchain wallet. The company aims to expand the in-store mobile businesses and reach out to more global brands.
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