SOURCE: Minkasu, Inc.


July 08, 2015 09:00 ET

Minkasu: Pay With Your Smartphone on Any Device, Anywhere

Minkasu Launches a Smartphone Checkout Option for Merchants

MILPITAS, CA--(Marketwired - July 08, 2015) - Minkasu offers a simple, smart and secure way of making and accepting mobile payments.

Minkasu, a seed-funded Silicon Valley startup, recently debuted a cool mobile payment app for smartphone users along with a smartphone checkout option for merchants.

The first couple of merchants are thrilled with the Minkasu experience.

"It was super easy to set-up and we increased our conversions. Our customers are thrilled with the experience of using their smartphone to checkout on our website," said the founder of iGroceryOnTheGo, an online grocer.

Chief executive officer of Crazy on Digital summed up his Minkasu experience as, "We set it up in less than 30 minutes. Our customers love the convenience of the password-less checkout."

According to a blog on Wired, mobile payments have turned your phone into a wallet. "Mobile-based transactions in the U.S. have grown 118% per year on average for the last five years."

The Minkasu app lets you pay, using your smartphone, online and in-store. You can use your smartphone to check out online, on any device be it laptop, desktop, tablet or the smartphone itself.

"We bring the values of Apple Pay, the ease of use and high security, to the entire web: online, mobile-web, and mobile apps for both iPhones and Android Phones. Even though our app could work everywhere, our current focus is on enabling mobile payments for ecommerce and mcommerce transactions," said Anbu Gounder, chief executive officer and cofounder at Minkasu. Gounder is a Silicon Valley veteran. Most recently, he worked in executive management roles at Dapper and Efficient Frontier that were acquired by Yahoo! and Adobe, respectively.

Minkasu's patent-pending technology makes use of tokenization, ID verification and fingerprinting to make mobile payments extremely secure. There are no usernames and passwords required. The credit card details are never shared with merchants.

"The users' credit card details are not stored either in the cloud or on their phones making it super hard for anyone to gain access to credit card numbers," said cofounder and security expert, Subbu Lakshmanan. Lakshmanan has a PhD in Computer Security from Georgia Tech with several patents in his portfolio.

Naveen Doraiswamy, the other tech cofounder, has a Masters in Computer Science from Stanford. The two bring with them a wealth of technical expertise.

Minkasu lets merchants add a smartphone checkout option for free, which in turn allows them to receive smartphone authenticated card payments on their ecommerce and mcommerce stores.

Minkasu is a 100 percent software solution. It doesn't require any changes to the existing payment infrastructure. It can be installed in less than 30 minutes on most merchant websites. With the Magento approved extension, it is incredibly quick and easy for the 240,000 Magento merchants to install.

As per Baymard Institute, a web research firm, an average of 68.53% of online shopping carts are abandoned.

With Minkasu, merchants can look forward to increased revenue and substantial savings by reducing shopping cart abandonment, increasing conversions and reducing chargebacks. The Minkasu app does not require users to enter passwords and payment information which means very minimal friction and higher conversions. Furthermore, cryptographically signed digital signatures eliminate chargebacks caused by fraud.

The Minkasu app is available on both App Store and Google Play.

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