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Innovation Accelerator Focuses on Retail

 


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Israel has long been a breeding ground for digital innovation companies such as Red Hat and Klarna. Today, Israel’s new technology accelerator is working on retail innovation, helping to launch new technologies in payments and biometrics.

Known as the Retail Innovation Club, it was founded as a facilitator and accelerator.

We were actually founded in collaboration with Israel’s leading commercial real estate and retail group, Oren Paran Executive Director tells PYMNTS. Doing so can help members get into the early stages of the project. Using direct access to the Israeli startup network, we have teamed together to really understand the needs, challenges, and opportunities of the retail industry.

Paran says the pandemic has had some influence on the members of the group, and generally on the spirit and intent of innovation. On the positive side, he sees more focused efforts from his group, focusing on startups needing to have better solutions.

We also saw changes in technology solutions. Healthcare startups are shifting to retail technology with in-store solutions. We can also see that we had more leisure time to mature. The team can take the time to fix bugs and improve the product and meet customer demands instead of going to presentations all day. However, the downside is that some companies cannot survive this crisis. Early-stage companies that don’t have a product yet or haven’t paid their customers will struggle to raise seed money because of the killer uncertainty.

But some retail innovation club members are up and looking for customers. For example, Preciate Pay is a biometric system that allows shoppers in the physical store to pay without using a wallet, card or mobile phone. Payments are activated at a glance from your own retailer controlled mobile device. Preciate claims that the system is the only one developed specifically for the retail industry.

According to Paran, Preciate Pay was designed and built by a leading Israeli cybersecurity expert. In this era of security breaches and legitimate privacy issues, Preciate Pay was designed to be the most secure private solution in existence. This solution is fully GDPR compliant. The system data is fully protected and is highly encrypted (AES 256). Shoppers give their explicit consent to self-registration with the system and their images are not stored in any capacity. The solution is built on a one-way transformation of the data, making the mathematical representation of the customer’s face unusable elsewhere.

The mechanism is as follows. Retailers use tablets or mobile devices provided by Preciate. The device is used to take selfies of customers who register with the system. Customers do not need any applications or devices. A one-time registration is done via the URL, after which all checkouts are glanced at the checkout camera. There is also an optional kiosk that allows customers to quickly self check out. The solution is POS independent.

The club also backed a company called SensePass, which created SensePay, a flexible mobile payment technology that allows physical and e-commerce retailers to accept any payment method, including points, coupons, and credit cards. Debit card based transactions via mobile app. The company promises easy integration with POS systems and claims to handle transactions at bank-grade security levels.

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