NEW YORK--(BUSINESS WIRE)--Dropp, the world's first cost-effective digital micropayment transaction platform enabling payments both in FIAT ($USD) and cryptocurrency putting low payment options in reach of both merchants and consumers, makes its marketplace debut today. The company also announced the appointment of an advisory board comprising top media, cloud computing, and fintech professionals.
Dropp offers businesses a profitable micropayment option to enable small value purchases with fees that are on average 15 times cheaper than most payments solutions. The technology is designed to give merchants pricing flexibility that enables purchasing options such as pay-per-use and micro-subscriptions, helping them to retain and attract a new customer base as well as opportunities to add a new revenue stream. Dropp gives consumers affordable access to products and services on an a la carte basis that may have previously only been available via a monthly or yearly subscription.
The Dropp platform was developed by a team with deep expertise in regulated banking technologies and was built on the Hedera Hashgraph network, a high performance public distributed ledger network. Dropp is unique as a micropayment option that facilitates payments in both government-issued currencies such as U.S. dollars and Hedera’s native, energy-efficient cryptocurrency HBAR, which is used to power decentralized applications and protect the network from malicious actors.
“After decades building sophisticated technologies for some of the world’s leading financial institutions and brands, we saw a huge opportunity to build a more inclusive global economy,” said Dropp CEO and Chairman Sushil Prabhu. “Businesses need cost effective payment options without having to pay cost prohibitive merchant fees for transactions under $20, specifically under $5 dollars, and consumers are demanding ways to access products and services that may have been out of reach. With Dropp, consumers can gain access, for example, to a single movie without having to pay a full subscription or a start-up could get access to an expensive cloud data service and only pay per use. It’s all possible because we are providing buyers and sellers access to a previously untapped and unrealized micro-transaction economy.”
“Micropayments is an ideal use case for Hedera’s decentralized network, and we are very excited about the launch of Dropp on the Hedera network,” said Mance Harmon, Hedera CEO and co-founder. “Dropp is one of the few platforms available in the market today for the everyday consumer and merchant, thus the adoption possibilities are endless.”
Dropp’s advisory board brings together some of the world’s best-known leaders with expertise across financial services, technology, media, retail, and academia and will support Dropp’s team in its ambitions to better serve a rapidly growing consumer base that is looking for a convenient, secure and private way to purchase small-value consumer goods and services without signups and registrations.
“Dropp has immediate and logical applications in the media business,” said Dropp advisory board member and HBO Executive Producer Gregg Fienberg, “This will help premium content reach a customer segment that is currently unreachable. It is great for streamers looking to generate trials from new consumers and as a subscriber acquisition and retention tool.”
The advisory board comprises the following executives: Robert Howe, Chairman of Montgomery Goodwin Investments, LLC, Chris Formant, CEO of Avocado systems, Gregg Fienberg, Executive Producer at HBO and founder of CallPlease, John Cronin, CEO of OpCenter, president of BuildCoin Foundation, Nilesh Nanavati, managing partner of Financial Technology Systems, Will McDonogh, chairman and CEO of Corestone Capital and founder of AXS, John B. Penney, executive board member of Consumer Technology Association and board member of Lifebox. John served as chief strategist officer and executive for Starz, Scient, Viacom, IMG, and Robert Flohr, senior advisor to major banks and technology businesses.
“Dropp is excited to welcome this brain trust of powerhouse leaders and entrepreneurs to our advisory board. They bring unparalleled expertise reaching across consumer media technology, cloud data technology, cryptocurrency, and blockchain,” said Prabhu.
“The possibilities for Dropp are game-changing. New types of business models are now possible including the extension of markets by facilitating micro-royalties and micro-donations and the ability for a cloud-based content/data company to offer a competitive usage-based model to small businesses,” said Chris Formant, previously president of Verizon and executive vice president of credit card company MBNA. “For consumers who are either tired of expensive subscriptions or are hitting the subscription fatigue wall, Dropp is a practical alternative that allows them to buy only what they need, when they want it.”
About Dropp
Dropp is a micropayment service for small transactions helping consumers to purchase small-value goods and services instantly without sharing personal details. Dropp maintains the privacy of purchases to the user placing the consumer in complete control of their data. Dropp offers merchants a cost-effective platform to offer a ‘Pay-per-use” option to their customers. Consumers can download Dropp on Google Play and the Apple Store; it is also available on Google Chrome, Safari, Microsoft Edge and Mozilla Firefox. To learn more about Dropp and its offerings, visit here.
