Mustafa Khanwala Wants to Take Over the Self-Checkout Market in the US — Here’s Why He Can Do It

Mustafa Khanwala Wants to Take Over the Self-Checkout Market in the US -- Here's Why He Can Do It

Mustafa Khanwala, the founder and CEO of MishiPay, is already making waves across Europe and the Middle East. His next move? Revolutionizing the self-checkout market in the United States. 

With a combination of innovative leadership, deep technical expertise, and an entrepreneurial spirit that has driven him to reject lucrative offers from industry giants, Khanwala is poised for success. 

His brainchild, MishiPay, offers a suite of self-checkout solutions that promise to streamline the in-store shopping experience while reducing costs and increasing retail sales. 

As American consumers increasingly demand convenience and speed, MishiPay’s cutting-edge tech could meet these expectations. With a history of success in other markets and backed by strategic partnerships with global industry leaders, Khanwala endeavors to capture the US market in an ambitious but achievable move.

Mustafa’s Entrepreneurial Journey

Mustafa Khanwala’s innovative spirit has propelled him to the forefront of the entrepreneurial world. As the founder and CEO of MishiPay, his background as a Mechatronic Engineer has provided a solid foundation for his ventures.

His groundbreaking company, MishiPay, got its initial boost when he applied for and won £10,000 through the Venture Further Awards from his alma mater the University of Manchester. This crucial funding enabled him to transform his idea into a viable business.

While at Manchester University, he teamed up with Tanvi Bhardwaj, a Computer Systems Engineering student, who became his co-founder. Khanwala’s technical acumen shone through as he personally crafted the first MishiPay prototype. The launch took place at a pop-up store in Shoreditch Market, London, marking the beginning of their revolutionary retail solution.

His journey is decorated with accolades, including the UCL “Bright Ideas” and the Mayor of London’s International Student awards. His rapidly ascending career hit another milestone in 2019 when he was recognized on the prestigious Forbes’ 30 Under 30 list, cementing his status as a leading figure in the tech industry.

Identifying the Market Need

Standing in a queue for 20 minutes at Lidl to purchase a can of Coke, Mustafa noticed an evident need to digitize the in-store shopping experience. This pivotal moment highlighted the demand for a more efficient and streamlined customer checkout process while also providing retailers with crucial insights into shopper behaviors.

This realization sparked the creation of Scan, Pay. Leave, which has since evolved into a comprehensive product suite to accommodate various in-store checkout journeys. Today, MishiPay’s innovative solutions are implemented in hundreds of stores worldwide.

Under Mustafa’s leadership, MishiPay has grown remarkably, with over 1 million monthly users and an Annual Recurring Revenue (ARR) exceeding $3 million. The company has attracted the attention and support of prominent investors such as Nauta Capital, American Express, United Ventures, Commerce Ventures, and Juno Capital, contributing to a collective equity financing of approximately $16 million.

Amid the continually changing retail landscape, specifically the increasing cost pressure and workforce challenges, MishiPay remains dedicated to delivering sustainable solutions that bolster store efficiency and elevate the overall customer experience.

The Next Big Move

Self-checkout technology has been steadily gaining popularity among retailers and consumers alike. With the rise of e-commerce, consumers have become more accustomed to a seamless and convenient shopping experience. This has led to an increased demand for self-service options in brick-and-mortar stores.

The US market is truly oversaturated, with various providers competing for market share. Most retailers have already implemented self-checkout systems or at least tried out one provider, however they have not yet found the right solution which delivers the best customer experience while optimizing the store operations and addressing issues such as shrinkage, changing prices etc. making it challenging for new players to enter the market.

In this highly competitive landscape, retailers must carefully consider their options when choosing a self-checkout technology provider. Here’s why Mustafa thinks MishiPay has the edge.

Picking the Right Technology and Provider

When selecting self-checkout technology, retailers should look for cloud-native and easily customizable solutions. This keeps the systems tailored to each retailer’s specific needs.

A world-class user interface (UI) and user experience (UX) are crucial in optimizing conversion rates. A clunky or confusing UI/UX can frustrate shoppers, resulting in low adoption rates.

Moreover, combining two or more self-checkout solutions is recommended to transition shoppers from the more familiar traditional self-checkout to advanced scan-and-go options. This strategy can help boost adoption rates and improve overall store operations.

The Role of AI in Self-Checkout Technology

Artificial intelligence (AI) has been touted as a game-changer in the world of self-checkout technology. However, not all solutions have lived up to expectations. Companies like Amazon and Mashgin have over-promised and under-delivered their computer vision-based solutions.

Despite this setback, retailers should not be discouraged from implementing self-checkout technology. Options exist to address concerns, such as loss prevention, including trust engines that can keep shoppers accountable and flag suspicious behavior.

Get Ready for MishiPay 

Despite the highly competitive nature of the US self-checkout technology market, Mustafa Khanwala’s MishiPay stands out as a notable contender. 

With a proven track record of success in other regions, strategic partnerships, and innovative solutions that address retailer and consumer needs, MishiPay is well-positioned to make an immediate impact. Mustafa already has a foot in the door, with Mishipay’s products found in 36 airports nationwide.

He’s ready to expand. Focusing on customizable, user-friendly, and AI-enhanced technology, MishiPay streamlines the checkout process and provides valuable insights into consumer behavior. 

As Mustafa continues to lead the charge, his vision and determination set the stage for MishiPay to redefine the retail experience in the US, bringing greater convenience, efficiency, and satisfaction to shoppers and retailers.

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