Pay 2.0 – an Idea from Pakistan Gets into Cisco’s I-Prize Finals
Posted by AAMIR ATTAA
Syed Imtiaz Ahmed has reached into the finals of Cisco’s ‘I-Prize’, a global innovation contest, for his mobile commerce idea dubbed as Pay 2.0.
Cisco I-Prize is a global competition in which entrepreneurs submit proposals and collaborate to create the fundamental idea for Cisco’s next billion-dollar business.
The team with the winning idea will be hired by Cisco, their idea will be implemented by Cisco itself and furthermore it will receive a grand prize of US$250,000.
Cisco I-Prize started in January this year where the first round ran up to 30th April and Pay 2.0 was selected as one of 32 semifinalists and then ultimately for the finals. Pay 2.0 and eight other ideas out of 1,000+ ideas and 3,000+ contestants from 156 countries made it to the finals.
Imtiaz was solely contesting till the semi finals when Asif Raza and Shakeel Tabassam, based in Finland and his long time friends joined him.
Imtiaz Ahmed, Asif Raza and Shakeel Tabassam will be demoing their presentations to Cisco top management on June 21st from Dubai and Finland using Cisco’s Tele-presence solution. Winner will be announced by John Chambers and Marthin De Beer at Cisco Live on June 29, 2010.
What is Pay 2.0?
Pay2.0 is the Next Gen Cash-less Solution to pay and get paid – Online & OFFLINE. This model is applicable for Person-to-Person, Person-to-Business, Business-to-person, Business-to-Business mPayments/mCommerce.
Pay 2.0 will be ‘Alternate Payment Processing Service’ for internet transactions like Paypal (even more basic, but using prepaid cards instead of CCs). In later stages it can be extended as a mCommerce solution and Branch-less Bank functioning as an alternate eCommerce /mCommerce /mBanking system like OboPay.com.
Though the solution was conceptualized with a Pakistan focus but is universal in appeal and scalable worldwide. Pay 2.0 will be unique in that it’s a hybrid solution for eCom-mCom-mBank transactions/services and utilizes prepaid scratch cards or EasyLoad (as in cellphones) method as primary mode of account recharge.
For complete deals on Pay 2.0 you can download this file (PDF – 248 KB) or visit this page (requires registration)
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