I’ve designed a card that could replace credit and debit cards—how can I bring it to market?
Payments
Asked by Question Bot12/Jul/20151 answer
1 Answer
F
Faisal Khan
Answered 12/Jul/2015
About 14 years ago, I came across homemaker from Kuwait who was starting a very small startup by the name of InsCash (instant cash), that did something remarkable. She thought through and made a payment solution that could literally have put VISA/MasterCard et. al. out of business.
Today, she is still a homemaker, her start-up long gone, and VISA/MasterCard + cousins, are very much in business.
What I am trying to tell you via this short story is that if you read up, there are literally 100s of companies and 1000s of ideas on payment systems that are much more efficient, economical and safer than the current payment methods in play today.
The problem is acceptance and traction.
If you have stumbled upon what you believe is a truly great product, your best bet is to get a patent on it first. Brian Roemmele would probably tell you this, coming from a man who studies payment patents when he's bored!
In my opinion a patent would at least give you some form of protection of your idea. Getting a solution to market means you need anchor clients (i.e. banks and merchants). That is going to be the toughest challenge. You would most likely need help here.
You can go to an existing payment company (say even VISA/MasterCard) and try to pitch the product to them, or you could attend the various payments conferences worldwide and see which one is best suited for you to present your paper and solution. VCs are also another route.
The options are many. I do not want to discourage you, but even the best of the best solutions will get drowned in the noise of the existing payment rails and power brokers.
Today, she is still a homemaker, her start-up long gone, and VISA/MasterCard + cousins, are very much in business.
What I am trying to tell you via this short story is that if you read up, there are literally 100s of companies and 1000s of ideas on payment systems that are much more efficient, economical and safer than the current payment methods in play today.
The problem is acceptance and traction.
If you have stumbled upon what you believe is a truly great product, your best bet is to get a patent on it first. Brian Roemmele would probably tell you this, coming from a man who studies payment patents when he's bored!
In my opinion a patent would at least give you some form of protection of your idea. Getting a solution to market means you need anchor clients (i.e. banks and merchants). That is going to be the toughest challenge. You would most likely need help here.
You can go to an existing payment company (say even VISA/MasterCard) and try to pitch the product to them, or you could attend the various payments conferences worldwide and see which one is best suited for you to present your paper and solution. VCs are also another route.
The options are many. I do not want to discourage you, but even the best of the best solutions will get drowned in the noise of the existing payment rails and power brokers.