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Olo Pay is a new digital ordering platform for restaurants that soon will enable consumers to order and pay with the same payment data at different establishments without having to create unique credentials for each one.
Dubbed borderless payments, this element is part of the newly launched Olo Pay from New York City-based Olo Inc. Olo Pay, available now, requires no merchant hardware and enables card-not-present transactions for digital orders.
Borderless payments give consumers the ability to save and access their on-file payment information so they can securely speed through checkout at any participating restaurant brand—without the creating a new account, remembering a password, or typing in payment information, Olo says.
“Imagine you are ordering dinner on a restaurant mobile app and you’ve opted-in to save your personal and payment information at checkout,” Olo says. “Not only will your information automatically load on subsequent visits to that restaurant, but also at every other restaurant brand that has borderless payments enabled across Olo’s network of 79,000 locations.” This network serves 85 million consumers, Olo says.
As with any digital payment and ordering service, the less friction in checkout, the better. “Olo Pay is a significant unlock for our direct digital program on many fronts,” Corey Kline, executive vice president of technology at Noodles & Co., said in a statement. “We are particularly excited about a borderless payments network in driving a frictionless checkout experience for our guests.” Broomfield, Colo.-based Noodles, as of Sept. 28, 2021, had 374 corporate locations and 76 franchise restaurants
Olo says Olo Pay uses tokenization and encryption along with various other data to secure transactions against fraud. “Olo Pay is built specifically for restaurants and the unique challenges they face with fraud and chargebacks,” Olo says.
The borderless payment element will be available later this year, Olo says. Pricing is determined per merchant.
