Paytech QUID takes high road to Canada and US
Toronto-based start-up QUID has launched its payments platform in Canada and the US to enable online transactions in pennies at very high volumes.
The platform makes it possible to process tiny penny-sized micropayments, as low as CA$0.01, in real time.
According to the firm, no other major payment processor allows customers to affordably transact at such small amounts. While most payment processors, such as credit-card providers, charge a base fee of CA$0.30 per transaction, QUID has no base per-transaction fee.
QUID was created to reduce the constraints and barriers to monetising pay-per-use applications, systems, and content. It aims to help content creators, service providers and publishers of all kinds to “sell virtually anything online”, with no upfront user registration or fees.
“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,” says Mohit Cheppudira, QUID’s chief executive officer.
The platform’s integrated gateway keeps costs for individual transactions “very low”, allowing merchants to accept payments under a dollar.
QUID claims to be at least 30% cheaper than other payment processors for transactions under a dollar. The savings go up as the transaction sizes get smaller.
Its technology was built from the ground up to handle huge transaction volumes. It was specifically designed for large content platforms and internet of things (IoT) based technologies.
The platform offers APIs, payments in any currency and instant settlement. The firm says it is designed to work with any currency in any environment.
For clarification, this QUID is different from the California-based data visualisation company Quid.