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.
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By GlobalDataThe 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.
