Startup looks to take on cashless payment market with new product using Bluetooth
Neontri, Polish fintech startup is poised and ready to take on the American market.
Following the success of Blik, the mobile payment method, Neontri (formerly known as Braintri) wants to expand internationally not just with their Bluetooth cashless payments, but a wide variety of products for banking.
Neontri’s primary product Jiffee is a mobile payment authorization platform. Unlike the widely successful Blik, also designed in Poland, Jiffee uses Bluetooth technology instead of NFC.
As an older invention, it can used in a wider variety of devices, such as tablets, cash registers, both older and newer smartphones.
The platform uses an algorithm which locates two devices need to make a payment and safely carries out the transaction.
With a number of devices equipped with Bluetooth in the same place, it is crucial the connection is established between the correct ones.
Wojciech Zatorski, Neontri’s co-founder told PAP: “Thanks to the algorithm we created together with Warsaw University of Technology, we can pinpoint with precision from which distance the payment should be accepted.
“For example, in a shop, it should 3-5 cm. A transaction from a longer distance won’t be accepted.”
For different venues, such as highway gates, the distance can be longer.
Jiffee, the innovative mobile payment system is only the beginning of Neontri’s activity. After their recent rebranding, they are ready to take their B2B offer abroad.
CEO and co-founder of Neontri, Maciej Stępień, commented on the company’s recent development in a press release: “The opening of an office in the United States, together with our rebranding, marks the beginning of a new stage in our company’s activity.
“After six years of dynamic business growth on our home market and the acquisition of iCompass we now seek to gain a strong foothold abroad. Our American office is the first bridgehead on the road to realizing this goal. In the long term, we plan to expand to the UK and the Middle East.”
Neontri’s recent purchase, ICompass, fits well into their portfolio. The company was responsible for designing software for leading European banks and Mastercard Payment Transaction Services.
Together, the fintech powerhouse will focus on mobile financial apps, big data solutions and contactless payments.
In Poland, Neontri’s products such as Jiffee are already used as an identity confirmation solution or to confirm financial transactions. Their clients include PKO Bank Polski and mBank.