Retailers have a traditionally bristly relationship with credit and bank card companies. These companies have tight control over the mobile payment process and this control translates into a very expensive value proposition for retailers. Not to mention the fact that card companies insert themselves in the middle of the retailer/customer relationship. This situation is both expensive, but perhaps more importantly limits the depth of the relationship between buyer and seller.
This is where OmnyPay comes in. The San Francisco-based startup was founded by executives from VeriFone, Wipro, ViVOtech, and Runa and aims to create a mobile payment and currency system that drives value back to the primary parties in the relationship. OmnyPay’s platform includes not only the mobile payment aspects themselves but also loyalty, rewards and promotion programs. The net result should be a lower total transaction cost as OmnyPay shifts some purchasing to its own alternative currency.