“ Expect APIs to bring a new level of connectivity to the established and outdated modes we take for granted ”
At the time of the company ’ s founding , however , that proved difficult . “ Back in 2013 we thought : ‘ well , everybody ’ s got smartphones in their pocket - if everybody ’ s connected online , we should be able to do the same in the real world .’ But it wasn ’ t as simple as that ,” Subrata laughs . “ We tried with QR codes , with Bluetooth beacons , with wifi sensors and POS integrations , but it all required an extra step .”
MASTERCARD
Smart city commitment involves making cities :
● More efficient and more welcoming , by embedding digital payments into a city ’ s DNA
● Ready for sustainable growth , by unlocking the power of data and digital engagement
● Safer and more inclusive , by reducing the reliance on cash
The solution turned out to be focusing on the specific instant of payment . “ When you ’ re tapping your card or swiping your card , that transaction information is flowing through somewhere . How can we capture that ? That was what we set out to solve .” That ambition placed it of a kind with other innovators enabling new digital finance products by changing the payment experience ; the likes of Plaid and Tink , for instance .
That level of access was impossi- ble . however , without the collaboration of the merchant acquirers , something which Subrata at first thought unlikely . “ Visa turned us down at first , but through some weird turn of events , we got through to one person at Mastercard who thought it was a really cool idea . So we started working with them and one thing led to another . Once we had Mastercard , then Visa was interested and then American Express .”
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