This post is part of our live coverage of FinovateSpring 2015.
Persistent Systems demoes its payments innovation, BuddyPay.
BuddyPay is essentially a switching mechanism for Payment made for purchases of goods and services from an online site. It’s a mechanism that allows another person/entity (payer) to pay for goods and services purchased by someone else (buyer). The payment is done on the online site (seller) in real time. The name was coined BuddyPay as it involves two persons, buyer and payer (father/son, two friends, etc.) who are very well know to each other, i.e. “buddies.”
Presenters: Shriram Natarajan, VP technology consulting, and Ray Bharadwaj, global head of financial services
Product Launch: June 2015
Metrics: One of the top-ten companies for investor relations in India, Thomson Reuters Extel Survey Awards; 8,500+ employees; 23% revenue CAGR for the last 5 years; geographies: United States, Canada, Europe, Asia Pacific, Australia
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B), through financial institutions, through other fintech companies and platforms, licensed
HQ: Pune, MH, India
Founded: May 1990