Toronto’s QUID has announced the launch of its payments platform that enables online transactions in pennies at very high volumes.
The first of its kind in Canada, the platform makes it possible to process tiny penny-sized micropayments, as low as 1¢, in real time.
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 30¢ per transaction, QUID has no base per-transaction fee.
QUID was created to reduce the constraints and barriers to monetizing pay-per-use applications, systems, and content.
It empowers content creators, service providers and publishers of all kinds to easily and economically 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,” said Mohit Cheppudira, Chief Executive Officer.
“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 is designed to work with any currency in any environment. QUID will launch first in Canada and the US but plans to expand to other countries shortly thereafter.