KodyPay is a mobile point-of-sale app which allows users to pay for their shopping remotely, and skip the queuing. At 20 years of age Yoyo Chang (CEO, co-founder, and University of York student) raised £1.8 million worth of seed round funding for the fintech start-up. I put eight questions to Chang, to find out more.
1. How do you remain driven towards your goals and motivate yourself in a time of uncertainty and international crisis?
Currently, what keeps me focussed is knowing that we can
make a real difference to improve the life experience of all people. The
excitement of creating something that is yet to happen is compelling, and this
is what drives me.
2. Where do you see both yourself and the future of KodyPay in five years’ time?
I hope that in 5 years’ time, KodyPay will have completely
pierced the financial sphere. KodyPay will go on to revolutionize the payments
industry by allowing all payments to be made on a mobile phone, by anyone,
anywhere. KodyPay will lead the way to reduce the environmental impact of
retail. So, I expect to see a mass reduction of hardware, such as tills in
stores, as well as minimal paper receipts.
3. What efforts have been put in place to make KodyPay secure from hackers?
KodyPay is super secure. The app is supported by Visa CyberSource,
who handle all payments, and IBM protects all data that KodyPay holds.
Therefore, the customer can be relieved and rest-assured that all their data
and finances are as protected as possible from hackers.
4. Do you not fear that moving to an exclusively digitised payment system, physical cash will eventually cease to exist, and the value of money will become an abstract concept?
Millions of people use online banking and pay by contactless
on their card, and have been for years. I am not worried about the exclusively
digital payment system because the world is heading towards it already. We have
developed strong technology, which I have every confidence in.
5. What has been your biggest challenge or setback?
Of course, like most people, the coronavirus outbreak has
been a major setback. We have been unable to trial KodyPay in stores as quickly
as we would have liked to, due to the closure of shops. However, when saying
that, the slowing down of society has presented the urgent need for KodyPay
during this crisis. We are rapidly working on the product to encourage people
to return to normality post-covid, safely. KodyPay enables complete contact
free payments, meaning consumers and merchants can, with confidence, protect
6. If you could speak to your eighteen-year-old self, what would you tell him?
When I was 18, I didn’t really know what I was getting into:
I just went for it. So, I would tell my younger self to just keep going and not
to worry as much. When you’re young, the bumps aren’t mistakes – they’re
learning experiences. It was ok for me to be naive and not wholly understand
what was happening around me. But I would encourage myself to continue to trust
in the process and keep moving forwards confidently. I would say to never give
up on my passions because who knows how much further this project will grow
7. Is it a concern that an older generation of consumers are being overlooked through the move towards mobile and online payments? Particularly as many older people do not have access to the latest technology or fear the security of online payments.
Of course, that is a concern for many digital services.
However, KodyPay has certainly not overlooked the older generation. The KodyPay
app is straightforward and easy to use: making it accessible for all
generations. KodyPay is customer orientated. We focus on the needs of the
public. KodyPay is a service. Therefore, if any customer is dissatisfied, it is
within our interest to listen to their feedback. Although so far, there have
been no complaints.
8. What would be your best piece of advice for aspiring entrepreneurs?
I would advise any aspiring entrepreneur to surround
themselves with people who will nurture and cultivate them and their journey.
It is not easy, and you will need a lot of motivation. There are critical highs
and lows, so resilience is key to success.