Persistent Systems made its Finovate debut in May with a new solution called BuddyPay. The technology makes it easy for one person to pay for goods or services purchased online by someone else. Think about a parent helping a son or daughter pay for expenses while away at school. Or a caregiver paying for a service bought by a senior in their charge. Rather than sending money back and forth, BuddyPay converts the consumer into a “Payer” and a “Buyer” in real time and lets the Payer handle the payment while the Buyer receives the product or service.
- Founded in May 1990
- Headquartered in Pune, MH, India
- Earned more than 20% revenue CAGR for the past five years
- Named one of the top ten companies for Indian investor relations by Thomson Reuters Extel Survey Awards
Shriram Natarajan, VP technology consulting for persistent systems, demoed BuddyPay at FinovateSpring 2015 in San Jose, California.
How it works
BuddyPay is an app that sits on the merchant platform and shows up as a “BuddyPay” button. A shopper, or “Buyer,” finds a product and then notifies or “pokes” the person on his “Buddy List,” such as a parent, to pay for it.
The person notified, the “Payer,” can then look at the item. If the Payer agrees, they send a notification back to the Buyer who returns to the online shopping cart to complete the transaction.
The Payment Request notification from the Buyer enables the Payer to see exactly what is in the Buyer’s shopping cart. The Payer can then choose their preferred payment method and pay for the item. Once the order is processed, both parties are notified of the completed transaction, and the Buyer can then make shipping arrangements.
Another use-case includes employees paying for work expenses or even someone picking up the tab for a group of friends dining at a restaurant. The technology is ready to be integrated: Persistent Systems has developed SDKs for mobile app and e-commerce engine deployment and is eager to work with both merchants and banks.
Persistent Systems has made headlines recently, announcing the design and implementation of online communities for cloud-managed, enterprise wi-fi solution provider, AirTight Networks. The company was also involved in the Digital Pune Hackathon. Launched last month and organized by the Sakal Media Group and 14C in partnership with Persistent Systems, the Hackathon gave 180 students the opportunity to use technology to solve problems within the areas of transportation, public health, and water management. Top projects will be implemented by local organizations such as the Pune Municipal Corporation (PMC) and the Pune Metropolitan Regional Development Authority (PMRDA).
Check out the demo video from Persistent Systems from FinovateSpring 2015