Turns out nice guys do finish first. World-first actually.
All-round nice guy, Greg Walter, recently launched a new business called Q-Pay, which will change the way we buy and sell stuff.
A serial innovator, Greg first had the idea for an SMS marketing solution in 1999. After years of initial research and two years in heavy development, Greg secured two world-first patents that address two very specific and immediate needs.
First Things First
The first is a mobile phone (cell phone) payment solution, which means you can buy stuff through your phone. To buy items you need a Q-Pay account, which is much like an ordinary bank account. When you want to buy something you simply send a text message with the relevant item code and amount. The money is debited from your account, and the item dispatched. In future, this will include everything from pizza to you name it.
Having been operational for six months, essentially in testing mode, Q-Pay is now on a mission to acquire a wide array of merchants so they can offer a broad range of products and services at consumers’ fingertips. Merchants are licking their lips over this technology – take-up is around 90 per cent – which makes perfect sense, because the convenience to customers adds to their value proposition.
Even charities can see the potential in it, and the future looks rosy. Just after the tsunami disaster in Asia two years ago, Australians were offered the option of making donations via their mobile phones. But because this technology had not yet been developed, the charities used a phone company to collect the money. Clearly people loved the convenience because donations were off the chart.
Could you use Q-Pay for your business?
If your answer is “yes!”, then I have good news and I have bad news.
The bad news is that the Q-Pay system is currently only available to Australians. But plans are in place for rapid expansion into Asia and then the UK. They are now also seeking a contact in the USA. Can you imagine the scope of this? It’s mind blowing.
But wait, it gets better.
Their second product is also being welcomed with open arms because it stops online fraud. Greg and his team have developed the world’s first interactive two-layer authentication for online transactions. What that means in English is that in future your online transactions can be verified through your mobile phone. So whenever a debit to your account occurs via an online transaction, you will receive a message on your phone that money is about to be transferred from your account. If you did not initiate the transaction you have the option to put a stop to it then and there.
I stumbled across Greg’s idea when I saw an advertisement in Australian Anthill a few weeks back. Having spotted a back issue I wanted, the ad prompted me to send a text message to buy it. Intrigued, I thought, how easy is that? Soon after, I got a phone call from the Q-Pay office advising me how the system works. Before I could say, “how cool is that?”, my account was set up. Ironically, this all happened just after my post, Case Study – Part 1: Blaze a New Trail and Clean Up Financially in which I promoted the “Year of the Idea” idea.
Lessons from the Q-Pay Startup Front
Brisbane boy Greg describes his entrepreneurial journey as an amazing rollercoaster ride, both emotionally and financially.
“I’ve made two major mistakes, which is all part of the learning curve,” he said.
As an “old-fashioned” kind of person, Greg said one of his big lessons was: be trusting, but not too much. And another biggie: maintain control.
Although building his team was part of the roller coaster ride, today he said he’s got a really solid team, and their seed investor is very ethical. When contemplating bringing someone on board, in whatever capacity, Greg advises to ask yourself, “is this person going to contribute or drain?”
To ensure their product was really meeting a need, Greg and his team invested the money in independent market research – at corporate as well as grass roots level – and they believe the money was well spent.
And last but not least :: celebrate your wins :: as they will give you emotional fortitude.
Married with four children, Greg said he’s been very fortunate to have the support of his family, especially his wife who he describes as “terrific”.
When someone does something good, applaud!
You will make two people happy.
~ Samuel Goldwyn
Danielle
Ideas Champion