PaidPiper Uses a MasterCard API for its Mobile Solution
- PaidPiper is an American start-up which uses a MasterCard programming interface (API) to create an innovative mobile money transfer system that is expected to be up and running by the summer of 2012.
- PaidPiper uses MasterCard's MoneySend API to develop its system which offers P2P funds transfer services. The start-up has also created an iPhone app called Ok'd to provide a complete funds transfer solution.
- Ok'd enables users to issue (using the Give button) or request (using the Ask button) a virtual MasterCard card and then be free to set the amount on the card and how it is to be used. This virtual card is delivered in the form of a unique transaction number that can be used for online payments or for payments in a physical store.
- PaidPiper already has plans to add NFC features to its app, once this technology is built into mobiles, users will no longer need to enter the card number manually.
Source: Press release
- The originality of this initiative lies with the fact that it uses an existing payment infrastructure created by MasterCard for P2P funds transfers and improves the functionalities to create new applications. It can now be used to offer gift cards or pocket money, to pay back money borrowed from friends, request a gift voucher, for payments between small businesses, etc. These are all needs that were not necessarily catered for with the initial application. The application can even be used as a purchasing incentive by brands wishing to issue gift vouchers to customers who agree to take surveys or for any other types of reward.
- Finally, it is worth noting that for this type of open-architecture, PaidPiper already plans to provide its own development kit which in turn will enable other developers to complete its application.