Why Dropp, why now, and what does it mean for you? How Dropp got to where we are today is a combination of decades of passion for innovation in the payment space, the technology catching up to our digital vision, and customer preferences fundamentally shifting in our direction.
The Technology Matured
Our team has extensive fintech experience, particularly in retail banking. As far back as 2000, we architected and launched a P2P payment platform for a leading retail bank. For the last five years, we’ve focused on distributed ledger technology based on blockchain that makes micropayments attractive to merchants because it doesn’t rely on credit card rails. Our first major breakthrough in this area was becoming a Hedera Hashgraph development partner which gave us unique insight into one of the world’s most innovative new networks where crypto transactions could be completed in a fast, secure and cost-effective manner. But we knew we needed to think beyond crypto to serve all customers, not just crypto fans. Today’s Dropp enables payments in HBAR crypto, U.S. dollars and coming soon other government-issued currencies.
The Market Matured
Even prior to the pandemic, the digital economy grew to the point we felt comfortable sharing our concepts and validating them with the business community. We received immediate confirmation from our partners across the payment and telecommunications space, as well as the media, that Dropp would have high appeal with both consumers and merchants. A number of our initial contacts quickly became investors in Dropp and we were off to the races.
Customers Were Ready
Subscription fatigue and ad blockers have had a devastating impact on digital. Customers want to balance their subscriptions with pay-as-you go options for content and products. Dropp makes these small-value transactions profitable for merchants because it eliminates the high credit card fees on the back-end. The use cases are endless, from renting scooters, to tolls and tips to podcasts and games, wherever the customer is, at home, in the car, or on a plane. You know you have a good concept when weeks and months after you share it, you’re still getting emails and texts with new use case ideas.
What use cases come to mind for your business? We would love to brainstorm with you. Feel free to put some time on our calendar.
Dropp is generating tremendous excitement as we disrupt the online payment space with new technology that lowers merchant fees. In our discussions with merchants of every size across industries, from small data providers to major movie studios to retail startups, the same questions about Dropp tend to surface.
Whether consumers need to pay for parking spots, charging stations, premium content within the car or groceries, updated tech in smart cars will make it possible to handle financial transactions from behind the wheel.