Quisk Takes Cash, Makes it Digital

Mobile payments are a huge growth front, and just looking back over the last year in development proves as much about as incontrovertibly as the sun’s rise proves another day successfully started.

Changes in this field have been likewise huge, and one new one from Quisk shows us how fast the changes are coming and how pronounced they’re getting.

Quisk, essentially, digitizes cash and allows it to be used with mobile platforms as though handing over physical cash even to an online storefront.

Quisk accomplishes this with a digital services platform—along with a transaction processing mechanism—that allows users to use money without needing cards, or even cash. With this platform, banks can issue Quisk accounts just as readily as they can issue bank accounts, or even Visa or MasterCard accounts.

The Quisk system is geared to work not only with near-field communications (NFC), but also manual number / PIN inputs, and even quick response (QR) codes.

Quisk knows the circumstances it’s walking into. With around 275 mobile payment schemes running across 90 different countries, Quisk knows it will have to be more than just another payment system to get through the background noise of such huge competition.

Having recently completed a pilot program in Jamaica and being made the new strategic partner of Dubai Smart Cities, it may have a little extra juice in its proposition after all.

There is something to using cash as the basis of a mobile payment system; not only is it simpler to use, but it also represents a way to better stick to a budget. One of credit’s major problems is the ability to bring out a lot more money than someone may have at the time, on the expectation that it will be repaid later, with interest.

For those who don’t want the temptation of having a larger sum of money available than they may actually have at the time, cash is the way to go. Physical cash can be a target for thieves, however, so building it into a mobile wallet may be a way to make cash a safer proposition.

Quisk will have an uphill battle ahead of it, but with a focus on being different, it may have just what’s needed to make itself a name in a field full of vaguely familiar names.