Image Credit: KodyPay
A new mobile payment app that has already begun to appear on campus is due to receive more attention in the upcoming weeks.
The app is currently being tri-alled in Nisa stores across the Uni-versity and is currently looking for potential investors. KodyPay allows people to pay for goods over their phone by walking into a shop, scanning the item and then paying for it straight from their mobile.
The app was developed by 19 year old Yoyo Chang, alongside his team. Chang is in his second year of studying Accounting, Financing and Management at the University
KodyPay was designed to be an efficient money sav-ing app that keeps your details secure by not giving businesses access to any banking details, as well as providing use-ful security advice on its website. A great emphasis has been put on reducing the environmental impact of the app and helping the planet as much as possible. The app wishes to reduce the hardware typically used when shopping, such as the need for a cash register and a computer. It also uses e-receipts so as not to waste paper, and every time someone uses KodyPay, money is set aside for replanting trees.
KodyPay is looking to put a reward system in place that gives shoppers the option to donate to charitable works on an interna-tional scale. They are currently ex-ploring the possibility of a tiered reward system based on how much one uses the app. Tier one intends to be an improved version of the current Yoyo app’s wallet system. The subsequent point levels will give a user access to discounts and vouchers for goods such as free cinema tickets and free cof-fee. The app is hoping to work out a way for the fi-nal tier to give 5 per cent cash back for that month’s purchases. Yoyo Chang hopes this will en-able brands to associate themselves with a global green effort.
Ahead of its full launch next year, KodyPay has been recognised by Santander Universities as in the top 150 start up projects and consequently, the app was short-listed for an entrepreneurship award. Talks are underway with a food retailer and a technology company about a potential partnership. KodyPay estimates that using the app-based EPOS solution can achieve a 40 per cent reduction in transaction costs.
Yoyo Chang is now looking for 2,000 students to test the app across the Nisa stores on campus. Students will need to download the app using their University email and then will be given a small amount of money to spend in store in order to provide feedback on the use of the app. It is hoped that this small addition to student funds will be enought to incentivise people to sign up.The app is also looking to run internship programmes with the University to further support student career development.
When asked by Nouse, Yoyo Chang said “we are a young team and have the opportunity to cause a positive shift in a very traditional industry. As a result, we want to look after our world and help through removing the need for hardware such as tills, card machines and receipts. The consumers will know and be able to track their individual contribution levels and achievements. This message will form a part of the total promotions differ-entiating KodyPay from any other potential competitors. This mes-saging will be particularly appealing to the younger generation.”
The official statement regarding KodyPay by Tom Coward, an enterprise development officer at the University of York, reads as follows: “This project is a really excit-ing student business idea that has been supported by the University. It provides a good opportunity for students to get some free shopping and demonstrates how the University’s commercial team are adopting innovative new solutions. Yoyo has benefited from a range of business support that is open to all students and recent graduates.”