Exploring Touchless Payments with Paresh Patel of PayRange
When was the last time you handed someone cash in person for a product or service? Even traditional credit card payments are becoming rarer, being replaced by alternate payment technologies.
One payment technology on the rise is touchless payments. Social distancing guidelines from COVID19, and added convenience are driving adoption forward.
Joining the show to help explore these payment trends and the technology behind it all is Paresh Patel. Paresh is the Founder and CEO of PayRange. PayRange ( App Store | Google Play ) boasts patented technology with over 3 million users worldwide, allowing smartphones to make touchless, socially distanced payments on any person, place, or thing.
Payments & Fintech Insights In This Episode
- What the difference between touchless and contactless payments is, and why it matters.
- The story behind PayRange, and how their technology makes touchless payments possible.
- Paresh’s thoughts on how to effectively drive growth and adoption for new financial technologies.
- What Paresh sees in the future for touchless payments, and the payments landscape in general.
- With so much more!
Featured on the Show
- Connect with Paresh Patel: LinkedIn
- Connect with PayRange: LinkedIn | Twitter | Facebook
- Connect with the Show: LinkedIn | Facebook | Twitter
- Subscribe to the Show: Apple Podcasts | Spotify | Google Podcasts
PayRange was founded by Paresh Patel, a veteran of the automated retail industry having previously founded companies on both the customer-side and the technology-side. While credit card solutions for machines have been around for two-decades, Paresh recognized that current solutions pencil out for just a small fraction of machines. Undeniably the benefits are compelling — double digit lift in sales — but the cost of such solutions is a barrier as evidenced by penetration in the low single digits. One day his car needed air and he stopped at a gas station only to realize the machine only accepts four-quarters … and he had three. He unsuccessfully searched the ashtray of the car, under the seats, asked around, and finally accepted he wasn’t going to be able to get the air.
It’s frustrating, and he realized the problem was not the price – the problem was he was just physically unable to make the purchase due to payment. Payment was the barrier to the sale, not customer demand.
PayRange is focused on eliminating payment as the barrier. We start not with the technology, but rather the operator’s realities and the user experience. First it must work for the operator, or there will be little deployment. Second, it must be simple or there won’t be many using it.