What is up everybody? Welcome back, join us now is Rishi Tiparia, Vice President of Business Operations at Point, a software platform trying to make mobile payments a bit easier. Rishi, good morning. Thank you for joining us. Good morning. Thank you for having me. Okay, so this thing is really cool looking but for people who may be unfamiliar. How is point helping consumer as well as the merchant and walk us through what the apparatus is itself? Yeah, absolutely. So what we're trying to do for merchants around the country and around the world is what smartphones do for consumers. Give them access to incredible software and security on top of a necessary device. If you think about what smartphones have done for consumers, we have access to incredible capabilities at our fingertips, but merchants have largely been left behind by technology. And so we've built hardware from the ground up and built a proprietary software on top of it to create a platform on top of which merchants can now also get access to third party applications to help run their business better. So it's fully secure, fully capable and accept any payment type that a consumer will want to pay while also in allowing for merchants to have a beautiful device in their store. Okay, Rishi. So later this year, we're expecting a 200, the newest model to come out .5. That's a pretty steep price point for some people. Still obviously a lot less than the iPhone. If they just wanted to integrate some sort of app to try to make this work on their own phone themselves. But what specifically are they going to be able to do? What all does it encompass? Can they even make calls? I mean, we've seen some people come on with devices similar like this that want to be able to make calls so that they can check on inventory and check on the warehouse simultaneously in the product as well. Sure, yeah. So you know, the device was built as a payment first device. And the reason for that is because of all the security standards that go into building a payment hardware. There's what we call the payment card industry PCI as well as EMV, the June chip standards. And in order for an enterprise-grade security, you need to be able to have access to all of the capacity and capabilities that you need with the certifications that are required for something to be able to scale. So unlike a phone, which is a consumer hardware technology that isn't fully certified, we built it so that not only is it fully certified, but you can also accept all the payment types that are coming out as well as out already. So your traditional magnetic stripe, your new chip card that people are seeing Apple pay with NFC, and even QR code and Bluetooth, which are not yet readily available here in the United States, but are being used widely across the world. So it sounds like that feeds into what our next question was because on your website, you do discuss the importance of how you call the .5 future proof. And obviously we know that the chip readers on a lot of debit cards are relatively kind of new invention for us in kind of in day to day living. But how can you design something that is truly future proof without really having a two-concrete of a knowledge of where a lot of these payment services will be several years down the line? Sure. So you know, payments is all about standards and standards take a long time to implement. And so what we've done is from a physical payment perspective, we've tried to integrate all of the payment types that we believe will persist over the next 10 years, based on our conversations with the networks, these are mastercard American Express Discover, and what we're seeing evolve over time in other countries. And from a digital perspective, one of the things that's amazing about point is any digital payment type can be integrated into the device with a simple push of the button. If you want to accept Bitcoin as an example or you want to accept the digital form of payment like PayPal, you can simply upload that and enable it from the device in an over-the-air update as the device is again fully connected and able to take on all of the different digital and physical forms of payment. Rishi Yers CEO is the former head of Google Wallet. What sort of expertise has that brought to the company? It's been fantastic. You know, Sama brings with him 25 years of experience and payments and commerce and you know, we wouldn't be where we are without his understanding. You know, payments is a very difficult industry to break into and see tremendous and broad success and without his understanding of the market, understanding of the landscape and ability to see around two corners if you will, we would certainly not be where we are today. You referenced, you used the word beautiful a while ago to describe the design of the point five and that's kind of what I'm interested in. I'm interested in kind of the aesthetics that went behind it because on the website there are videos that you know, it seems to be a very high mobility factor as we can see there on the screen. You know, waiters can easily lay it down on tables, bartenders can put it on bar tops. Talk to us a bit about the design, Genesis and what would it say? What were the most important factors to consider? Absolutely. So we spent a lot of time doing user research to try and figure out what made the most sense. You know, merchants have so long been relegated to ugly gray bricks that are necessary devices they use every day to make a payment but these are things that people keep in drawers or behind the countertop and, you know, in the 21st century when you got companies like Apple putting out beautiful products that are aesthetically pleasing, we wanted to make sure that merchants had access to that similar level of aesthetic and grand cache if you will on their countertop because that's the one of the first things that you see when you walk up to the cache here stand and it's the thing that you know you're going to interact with and so we wanted to make sure we designed it from the ground up to be beautiful to be aesthetically pleasing, have great balance and great weight and while at the same time maintain the rigorous security standards we wanted to employs and empower the merchant with as well as all the capabilities that we built into the device. Richie internally, how does the breakdown work in terms of the focus on software versus the focus on hardware because obviously a lot of retailers can buy this but over time who knows what sort of devices will be available and how much you can consolidate all of the devices. So right now at the company what is the focus on software versus the hardware? I would say you know we're a software company first as an organization we believe in the platform that we're trying to build and the enablement of merchants through third party software access on top of our platform. However that being said you know we are a hardware company as well in that we are making payments hardware and so the split is about 50-50 at the moment you know 50% of the company focused on the software platform and 50% making sure that we've got all of the hardware operations and manufacturing in place and but certainly the effort and over time will scale on the software side as opposed to hardware. Now let me ask you when you release something like this it seems like you may have a customer by customer need what I mean by that is that you know there may really need to be a personal tailorization product so kind of what features are inherent in all the devices that allow for client by client customization. Yeah so you know the device runs point to west which is the variance of Android and the reason for that is we want to make sure that with the clients that are using the device can build for themselves you know just like Apple the iPhone and iOS on top of it with third party applications being developed using standard and common APIs and SDKs we wanted to do the same thing for the retailers and the merchants such that they can build whatever they need while not having to think about payments at all while not having to think about how secure the devices so we've built as a standard the hardware and the underlying operating system as well as APIs and SDKs that can integrate to whatever third party application or proprietary application a customer wants to build and allow for that integration to take place seamlessly on top of the device. Rishi Tepari a vice president of business operations at point Rishi thank you for joining us sir thank you for having us. Yes thank you Rishi all right everyone