India's digital payments app Paytm has apparently inspired the US, as a team from Harvard Business School, led by a US Army veteran, is currently working on a similar app for a wider launch in December this year.
Called as 'FlashCash', the app allows consumers to pay with their phone camera’s QR code reader, rather than cash or credit.
Currently being incubated as part of Harvard's Rock Center Accelerator, FlashCash project has received significant non-dilutive grants from Harvard Business School. The co-founders of FlashCash are - Chuck Nadd, Pavel Vydra and Bohuslav Šimek, according to Harvard Business School website.
Interestingly, Nadd also has a message for PayTM founder VIjay Shekhar Sharma as he said --
We are excited to bring the kind of experience that Paytm offers to the world's largest economy. We would love to partner with them. If Vijay Shekhar Sharma is reading this, we would like to be in touch and see what we can build together,
According to the FlashCash CEO Chuck Nadd, a US Army veteran, who flew Black Hawk helicopters and coordinated military operations worldwide, felt that QR codes had not yet been widely adopted as a payment solution in the American market.
Nadd told news agency IANS, "We firmly believe that this is a more secure, customer-friendly solution. We live in a digital world that has left many 'brick-and-mortar' businesses behind. FlashCash is completing beta testing and we are looking forward to a wider launch later this spring."
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