PayOneSnap is a young EPFL start-up that has developed a unique mobile payment solution for e-commerce websites. It allows users to access many shops by filling out a single online form.
It’s a fact: 67% of Internet shoppers abandon their shopping cart before payment. Thousands of websites are deserted by their clients before the order is confirmed. This is a major problem in the world of e-commerce.
Two causes for this have been identified. First, a customer stops buying when realizing that the basket is too full resulting in a substantial total purchase price. The second factor is related to the time required for online registration. Buyers are reluctant to complete all the sections, which delays the decision to purchase and leads to abandoning the order. However, what if it were possible to fill out a single form to pay in dozens – or even hundreds – of shops?
Three EPFL alumni just created PayOneSnap, an online sales company that cuts through the red tape by providing a single account for all partner shops. The typical constraints of online checkouts such as site registration, bank details, etc., do not need to be repeated. Then, to make purchases, one need only install the application on a smartphone and scan the QR code of the article.
As far as vendors are concerned, the new payment system can be integrated with a few clicks: “We keep all the infrastructure of the e-commerce site. There’s no noticeable change for the vendor to implement other than adding one small line of code that we provide. It fits over what already exists,” says Auréline Grange. With each completed purchase, the merchant pays 1% to the start-up.
The start-up was born from the fortuitous encounter of Jean-Charles Gasche, Auréline Grange and Amaury Soviche during a start-up weekend organized in Neuchâtel. The concept devised there by the three EPFL students of distributing gifts via a QR code pleased the jury and won first place. Since this experience, the idea has gained momentum and transformed into a genuine entrepreneurial venture.
Today, several major online stores both in Switzerland and abroad use the solution provided by PayOneSnap.