BuddyPay – It’s When Your Buddy Pays
Imagine your son entering a shoe store, seeing his favorite pair he’d like to buy but unfortunately does not have you around to pay for it! Guess what, with ‘BuddyPay’ on his mobile, he can actually request you to complete the payment transaction on his behalf.
‘BuddyPay’ is an innovative concept, which is essentially a mechanism to transfer control to a second person (Payer) to complete a transaction (can be either a Payment, Booking or Ordering) initiated by first person (Buyer).
‘BuddyPay’ redefines the buying experience and benefits E-Commerce/ Online sites, Insurance Case Management, Stores, Booking sites and Sellers like Wallets & Banks.
Need for this Invention: In recent years we have witnessed tremendous growth in online transactions along with the high penetration of Internet on Smart phones. This has brought in unique set of challenges and opportunities which are:
- Though teenagers are now very active on the internet, most of them don’t have their own credit card or bank accounts. And even if they have one, typically there aren’t enough funds available. However they would like to buy things of their choice on their own. This throws up a unique opportunity. Why not allow teenagers to browse, select items on their own but for payment purpose give the necessary control to their parents? The same is true for retired parents who may want to ask their sons and daughters to pay for the products they select. This is applicable for online purchases as well as in-store purchases.
- Professionals who are bound to travel frequently know the pain of booking a hotel in an unknown city. The TravelDesk, which can’t have knowledge of every city in the world will try to book a hotel which is in the company’s budget and which they think is convenient. The employee in many cases will find the hotel completely unsuitable for variety of reasons like distance to from the customer location, inconvenient location for staying, unavailability of public transportation etc. Why not allow employees to browse and select hotel on their own but switch the control to the travel desk to actually book it?
- For flight booking and any other transportation booking similar logic can be used as mentioned above.
- For employees who get reimbursement for insurance premiums (say car insurance), the insurance companies and banks could offer this switching mechanism on their site which allows employees to switch control to employers after they see the premium notice online. The same is true for certain bill payments (like telephone bills) which the employer is going to reimburse.
Similarly there could be many such use cases. In a nutshell with BuddyPay, there is a unique convenience of transaction.