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

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.