Published on June 21st, 2010 | by Babar Bhatti9
Pay 2.0: Mobile Commerce Idea from Pakistan Is Finalist for Cisco I-Prize Innovation
A Pakistani contributor, Syed Imtiaz Ahmed, is on spot #2 for Cisco I-Prize, a global competition in which entrepreneurs worldwide submitted their proposals for Cisco’s next billion dollar business. Idea submissions were in one of four categories: The future of work, The connected life, New ways to learn and The future of entertainment.
The winner will be announced by John Chambers and Marthin De Beer at Cisco Live June 29, 2010. The team with the winning idea will receive a grand prize of US$250,000.
Here’s the description of the Pay 2.0 idea, which Imtiaz and his team will be presenting to Cisco leadership via remote presence technology. We are excited about this development. We are happy that Imtiaz listed TelecomPk.net as one of the references in his idea.
Pay2.0: The Next Gen Cash-Less Solution To Pay And Get Paid
The idea is to develop and operate an alternate cash-less, credit card less payment system for online and offline transactions using prepaid cards, mobiles, bank accounts, credit cards n debit cards, ATM cards. Pay2 system will act as a middleman between the paying and receiving parties. Both users and merchants will need to create accounts with Pay 2.0.
Imtiaz breaks down his idea in three phases.
Pay2.0 mWallet will be the 2nd extension. Every Pay2 user with an NIC and cellphone will be able to upgrade to Pay2mWallet by registering/attaching their cellphone # with their Pay2 account. an sms/return IVR call will be used to verify # ownership.
After the upgrade, users will be able to pay/send and receive money from merchants/other users, pay utility bills etc using their cellphones (in addition to Pay2 website) with txt commands/mobile apps or IVR system.
Possible partners (starting Phase II);
Cell phone operators
Cell phone manufacturers
Credit card companies
Utility companies (Gas, Electricity, Water etc)
3rd Phase: Pay2.0 Card
Pay2 Debit Card will be launched. linked to user’s Pay2 account it could be used at ATMs to withdraw cash. Pay2 accounts will now be connected with other banks/credit card networks. At this stage, we might also add Banking Agents as in Telenor’s EP for even greater penetration and adoption.