Start-up LINSR has received an investment of an undisclosed sum from the financial giant Visa
The technology developed by the Cincinnati-based start-up uses ultrasound technology to create secure and easy mobile payments and authentication. It boats security features including advanced cryptography, concurrent transmissions and key exchange – a method by which unique temporary keys are exchanged allowing encrypted data transmission over a public network.
LINSR, currently in commercial beta-testing, rivals well-established NFC (near-field communication) payment services like Apple Pay in the mobile payment market. It also works to extend a more secure alternative to close range payment methods such as QR codes, which don’t offer the security that LINSR provides in conducting transactions from up to 10 feet away.
Co-founder of LISNR, Rodney Williams, sees this investment as major validation for the start-up’s efforts to bring ultra-sound technology into the mobile payments sphere since their foundation in 2012. Although, this is not the first large investment the company has received, listing Intel, Jump Capital, Mercury Fund, R/GA, and Synchrony Financial as other major investors in the start-up.
LINSR to become the new universal payment model in 2020
This new commercial relationship is prioritising retail solutions to bring ultrasonic payments into effect this year. The growth of payments affected by this injection of capital will ensure the future of mobile payment across scan-and-go retail, store pickups, pay zones, point-of-sale, home-based e-commerce, and even voice-enabled purchases. LISNR also plans to work with Visa to improve payment methods in transportation and ticketing, already working closely with international ticket sales giant Ticketmaster.
CEO, Eric Allen, states “We are excited about our growing relationship with VISA and are looking forward to continuing to drive innovation in financial services.”
