Korean startup Allink offers merchant-friendly solution for NFC transactions
The world of cashless payments through services is becoming mainstream with NFC (near field communication) technology making it easier and more efficient. Korean startup Allink has developed a solution that improves the utility of payments using NFC tags.
With Allink’s solution, businesses can offer payments and other related services such as rewards, redemptions, gift cards, etc., through the same device without the need for additional devices or scanners.
Allink’s solution allows mobile applications to transfer any type of information, whether payments, membership or user information, to terminals such as POS, KIOSK and door locks. Allink’s solution uses an affordable NFC tag and does not require integration with each device. Users only need to tap the tag to pay, redeem, unlock, etc.
Instead of using insecure QR codes or expensive scanners, businesses can simply press the label and the card information is transferred to the point of sale without integration or modification.
Allink’s solution is useful when the usability of the third-party application is limited. For example, Apple’s policy prohibits third-party apps from using the NFC feature on the iPhone. Thanks to Allink’s solution, any application can provide NFC-based services to iPhone users. NFC tags cost less than $5 per unit, wireless and without electricity.
Allink’s solution makes transactions secure and simplified
Allink provides better security by transferring information through a cloud server using end-to-end encryption. Allink’s solution library can be linked to the application in 2 days and easily installed on terminals in about 5 minutes.
Therefore, payment apps don’t have to rely on manufacturers and engage with their customers about their apps. Payment apps are free to use NFC even with iPhones. Allink’s solution is also a merchant-friendly solution, as merchants do not have to modify existing terminals and accept payments without scanners or readers.
Allink commercialized Allink’s solution in December 2021. MiraeAsset was one of the first partners to launch its first NFC payment service for iPhone in Korea with Allink’s solution. MiraeAsset uses Allink solutions in over 30,000 outlets, including major Korean brands such as 7-Eleven, CU and Ediya Coffee.
The startup has raised $2.7 million from industry leaders such as MiraeAsset Securities, Naver, Lotte, Shinhan, and E-land. The company’s business model is based on a fee per transaction with a fixed commission of 1 cent per transaction.
Allink’s team is made up of experienced engineers and designers. CEO Kyungdong Kim designed Samsung pay and launched Samsung pay in Korea and Vietnam, and CTO Sanghak Kim developed many security systems and mobile services including government projects in Korea.
US COO and CEO Denny Jeon is a former VISA and Expedia Korea executive with considerable global business experience, and CSO Wooseok Jang has led various services in Southeast Asia, including Samsung Pay, and has launched Samsung’s blockchain wallet. The company aims to expand in-store mobile business and reach more global brands.
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