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January 31, 2019updated 01 Feb 2019 1:16pm

QUID launches payments platform to process penny-sized micropayments

QUID has launched a payments platform that will facilitate penny-sized payments at very high volumes.

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Said to be the first of its type in the country, the platform will have the capacity to process transaction as little as even 1¢ in real time.

The aim is to lower the hurdles in monetising pay-per-use applications, systems, and content.

Moreover, QUID will not charge any base fee for a transaction unlike other processors who are said to charge 30¢ as base fee.

Earlier, small transactions were not considered feasible on account of costly fees per transaction.

QUID claims to be at least 30% less expensive than other payment processors for payments worth less than a dollar.

QUID CEO Mohit Cheppudira said: “Today’s consumers are fatigued by subscription-overload, and content creators need predictable ways to expand their digital revenue, beyond schemes such as ads and subscriptions.

“QUID unlocks a whole new revenue model – giving creators the means to turn many small revenue streams into a much bigger one.

“Now it makes sense for content creators, service providers and publishers to transact in much smaller amounts, because they can accept payments under a dollar without the impractically expensive transaction fees.”

The platform will be initially launched in Canada and the US, with plans for a broader rollout later.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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