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Mobile Payment made easy and secured

IT Finanzmagazin sheds light on Bluecode Secure Payment which wants to provide banks with a European alternative to the American payment giants.

From Secure Payment via Veropay to Bluecode

The idea of developing a mobile payment method came to the Tyrolean Michael Suitner as early as 2011. After a year of development, the first version went live with grocery store MPreis and Bank Hypo Tirol. Suitner’s concept was designed from the outset to partner with banks rather than supplant them.

“Secure Payment” began to scale in Austria and was renamed Veropay. Meanwhile, large partners such as the Austrian REWE subsidiary Merkur and later also BILLA and BIPA were added. Suitner continued to improve its technology and in cooperation with the Austrian company Bluesource began integrating various value-added services in Veropay. The acquisition efforts in the German market were strengthened.

In 2014, the next stage of development came with Christian Pirkner. Initially started as an advisory board, Pirkner decided on a strategic realignment. Veropay was to be developed into a European payment scheme. Through his company BC Capital Pirkner participated in Veropay and drove forward the reorientation.

This also included the renaming of Veropay to Bluecode. Large parts of the code have been rewritten and adapted for better scaling. The new system will only be the technical and regulatory link between the banks (issuers) and the payment service providers of the trade (acquirers).

Bluecode starts in Germany

When starting into Germany, Pirkner had a lucky knack as a brand ambassador with the acquisition of Hermann Stengele, formerly CEO of girosolution. As a result, BS Payone, the payment service provider of the Sparkassenfinanzgruppe, and the savings banks themselves were acquired as strategic partners.

This was followed by the first Bluecode pilot applications such as the refectories of the University of Siegen and Frankfurt, the Munich Oktoberfest and the 1.FC Köln, as well as the Konsum Group in Dresden. Further steps in 2018 were then the comprehensive rollout in the Globus Group and at Galeria Kaufhof.

Behind Bluecode are 15 private investors

In addition to Pirkner, 14 other investors from the DACH region have now invested in Bluecode. They are exclusively private persons, including entrepreneurs from finance, commerce, and industry. Michael Suitner is still on board as Managing Director of Secure Payment Technologies GmbH in Innsbruck. This subsidiary of BC Capital AG is responsible for processing and operations. Suitner also takes care of support and cash register integration.

Also published on Medium.

Published inFintech

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