A Silicon Valley-based start-up, Quisk, Inc., is working to enable consumers to use their money without needing cash, cards, or wallets. Quisk partners with financial institutions and other organizations to remove the pain and hassle of paying with cash and other more expensive (i.e., credit- and debit card-based) payment methods. Quisk is the creator of a digital services and transaction processing platform for integrated mobile payments and marketing/loyalty solutions. Their solutions can be used in-store using Point-Of-Sale (POS) terminals, online, or for bill pay, P2P, P2M, and a wide variety of other transaction types. The innovative team at Quisk has significant payments industry experience and is led by Steve Novak, Chairman and C.E.O.
Quisk partners with financial institutions to enable a digitized version of the specific country’s fiat currency—which complies with all relevant central bank regulations. Consumers can use their money—held in their bank—for a wide variety of transactions by simply and securely using their mobile phone number and PIN. All participants of the Quisk ecosystem—banks, merchants, central banks, and consumers—benefit from the company’s next-generation digital cash/mobile transfer money app solution. Quisk is creating a new, regulated digital cash-based payment type, which would be accessed by consumers using their mobile phone number and secure PIN.
Unlike alternative payment solutions which either use more expensive funding sources (e.g., mobile minutes or credit cards), require consumers and/or merchants to purchase new solutions (e.g., new smart phones, new NFC-enabled POS terminals, etc.) or are not regulated by a country’s central bank (e.g., the Bitcoin ecosystem), the Quisk solution does not require consumers to have a smart phone, leverages existing POS infrastructure (so merchants do not need to invest in new POS terminals), is interoperable (vs. existing mobile money initiatives are not) and is simple and secure (Quisk has multiple U.S. patents on its security and solution). Quisk provides an innovative, yet pragmatic digital cash/mobile money solution approach.
Quisk sees market traction in those countries where cash is still the dominant payment type, mobile phone penetration is high, and/or where there are innovative central bankers, financial institutions and/or merchants who want to offer a next-generation, low-cost, highly-efficient payment type, which is open-loop and integrated with merchant-specific marketing and loyalty programs.
Although still a start-up, Quisk’s existing clientèle includes, National Commercial Bank (NCB) in Jamaica and Abu Dhabi Commercial Bank (ADCB) in the U.A.E. In addition, Quisk was recently awarded a Red Herring Top 100 North America award for being a highly innovative and promising start-up.
Due to a different regulatory environment within the U.S., Quisk offers Quisk Pay which is a merchant-driven mobile payments and marketing/loyalty solution. Quisk Pay enables merchants to improve their customers’ in-store experience and loyalty, appeal to a younger tech-savvy and mobile segment, and drive higher in-store traffic during non-peak hours, while lowering their payment related interchange fees.
Moving forward, Quisk, Inc. will continue to enhance its next-generation payment network—for digital cash or mobile money—and plans to expand into other countries. The low-cost, highly-efficient Quisk direct debit platform enables mobile payments and integrated marketing/loyalty as well as many other services for banks, merchants and consumers. The Quisk platform is agnostic to user interface technology (i.e., NFC, QR codes, BlueTooth Low Energy, etc.) and is flexible and modular to adapt the specific needs of the particular market. Quisk is the next step in the evolution of money. ™