PayperLess Wins Money20/20 Hackathon
At iMobile3, innovation is the cornerstone behind our research, development, and deployment of fully integrated products and services. This year’s Hackathon recognizes and celebrates innovation, which is why everyone from iMobile3 would like to congratulate Aldo Briano, Eduardo Medina, and Veronica Borges, from team PayperLess, on their grand prize win at the Money20/20 Hackathon last week! The trio used Mercury’s StoreCard infrastructure API to create a new way for consumers to pay merchants from their phones using bitcoins. Their new technology can be implemented without any changes to merchants’ existing infrastructure or business processes and can be used at a merchant location via the consumer’s Apple Passbook or Android PassWallet.
Mercury’s StoreCard, using PassMarket technology, works as a reward card, mobile payment card, and gift card all in one. This unique card allows customers to load and reload it with funds to use in a merchant’s store, and each time a customer uses it, they are rewarded with cash back that is loaded directly onto their StoreCard for future use. Customers can also send eGift cards to friends and family with their StoreCard. The StoreCard provides a convenient and efficient checkout process for both the consumer and the merchant.
Now, with PayperLess’s new development, consumers can choose to load bitcoins onto their StoreCard and use those funds to pay for their merchandise, all from their smartphone. Bitcoins have been gaining traction as an alternate currency in the past few years, but not until recently has it been seen as a legitimate alternative. However, people are starting to realize the benefits of using bitcoins—complete anonymity for consumers, they can’t be forged, and no inflation or deflation ever as there is a finite amount of bitcoins—and wondering how we can make them a more widespread accepted currency. PayperLess made quite the leap in that direction, and in just 24 hours.
Mercury is a technology platform that fosters and enables solutions that can solve merchant and consumer problems. We were impressed by the ability of PayperLess to develop an innovation on top of our StoreCard prepaid product. Their solution innovated in a way we didn’t think possible in such a short timeframe, and moreso we were impressed by the ease with which their technology can be adopted by merchants.
Congratulations again to the PayperLess team for their hard work and innovative solution, we are excited to see where they go next.