The ‘frictionless commerce’ company aiming to make easy smartphone payments a reality
Founders: Richard Harris and Matt Deacon
Launched: December 2013
Despite much anticipation in 2012 of a card-less future where easy mobile phone payments would become the norm, the reality has been somewhat underwhelming.
However, Richard Harris and Matt Deacon’s Ensygnia mobile payment system may be about to change all this. Ensygnia’s Onescan technology uniquely uses just a phone camera to enable consumers to scan a special barcode and ‘go from looking to buying in 10 seconds’ – eliminating the need for specialist hardware and bypassing the cumbersome multi-stage process that is currently part and parcel of buying online.
After following a simple sign-up process, consumers can use their phones to quickly browse and buy with any merchant signed up to Onescan. Ensygnia’s proposition is particularly exciting for retailers, as consumers are less likely to give up during a cumbersome payment process – termed ‘basket abandonment’, this phenomenon is estimated by Mastercard to comprise 60% of transactions and costs retailers more than £1tn per year.
A member of O2-Telefonica’s prestigious Wayra tech incubator, Ensygnia has already closed two separate investment rounds, with the first raising $3.3m from Wayra, Irongate Capital, Jesus College Cambridge and others and the second coming on the back of a 300% rise in share price since launch.
The company has also won a host of industry awards– seriously impressive accolades for a pre-revenue start-up that has just launched this month.
2014 promises to be a landmark year for Ensygnia, as it will use its considerable backing to make a real impact on the multi-trillion pound world of e-commerce – potentially transforming it altogether.