There is only so far you can go when it comes to getting creative with online payment systems. It is a simple process which merely contains the sending a receiving of cash. However, two new start-ups have recently emerged which is already causing quite a stir in the market. The new businesses have been turning eyes from all angles, including various investors after they let out that they are looking for someone to help fund their business.
One of these systems is called POKKT, pronounced pocket, which facilitates advertisers paying for the content that consumers enjoy. The task of making money from your digital content is not always as straightforward as hoped, and this could be an effective way around this issue.
The way the new system works is this. When a developer of an app includes the POKKT SDK into their app, users of the app can then purchase various items, such as following a social media page or entering some contact details, without actually paying any money. The way it works is that advertisers are paying for the digital content which the consumers are receiving. In return for this, advertisers gain brand exposure and leads. The performance-based value is measured in clicks, including various other tasks you might be asked to complete. Whether or not the advertiser gains from the deal is up to the consumer.
The app hosts a program which calculates how much each action is worth (liking Facebook etc.) and then matches it with the cost of the content. CEO and founder of POKKT, Rohit Sharma, said the following, “At the core we have the product and platform, then we have 2 key stakeholders: those who are selling digital content and advertisers who are running campaigns on POKKT. We give users the content free because he chooses to do the advertiser’s action”. He went on to say “what we are doing here, nobody is doing in India.”
In a recent announcement, POKKT told that they have finished their seed round of funding from the co-founder of Qyuki Digital Media, Samir Bangara, and a venture fund from Singapore named Jungle Ventures.
Venture capital firm Jungle Ventures has also funded another business in the same industry recently. Singapore-based Fastacash raised a total of $3 million from SPRINT SEEDS CAPTIAL and Funding The Future (FTF) from Honk Kong. Prior to raising this fund, the firm had already secured an additional $1.5 million in another round run by FTF.
The premise of Fastacash is very simple. It integrates a payment option into various social network sites, meaning that people can pay for things in a click. All you have to do is log in to your Fastacash account, connect with people from your social network and you can send them money. When you go to send someone some money, they will receive a secure Fastalink on their social network page, which allows them to access the money. The process is simple repeated to send more money. The simplicity of this process makes Ukash and PayPal seem slightly over-complex!
Fastacash have claimed that it is the security offered which is central to the success of the new link-generating technology. “The links generated come with multiple layers of built-in security measures, including limited one-time use, specified expiration date and password protection.”
Although it is still in its early days, the company is already working with organisations such as banks, mobile operators, gaming companies and social networks and they are currently integrating the new Fastalinks into their systems.
To make it a little bit more special, the start-up has included a digital content transfer facility along with the payments. This allows people to send audio, video or images along with their payment. The firm’s CEO said the following:
“Our solution is adaptable across multiple platforms. We are looking to work closely with our partners from different industries to understand the respective consumer behaviour and to offer the best use of the link generation technology…
Our vision is to create a global network by connecting our partners, where moving value can be simple, secure and done across multiple social networks and messaging platforms.”
If these systems continue to gather momentum, they could be used in all sorts of industries. For example the various bingo sites, which take loads of payments every day, could integrate this into their pages. However, if you like the heighten security and the minimalised liability, try Ukash bingo here.