Backed in excess of $2m, Minneapolis startup Jingit has been patiently quiet for well over a year now. Co founder and CEO Joe Rogness provides us with an exclusive first look today prior to beta launching this week at Finovate in NYC.
Forget virtual currency, credits or points. Jingit wants to pay people cash for their opt-in brand engagements online.
The process starts with a one time Facebook authentication, is followed by an incentivized interactive experience, and results in an immediate monetary transfer to the Jingit VISA debit card issued by U.S. Bank.
In our demo, a :30 second video spot targeted at a hypothetical airline passenger is displayed, followed by a five question survey. In less than one minute, I hear the cash register ‘cha-ching’ to confirm that 50 cents has been added to my tab.
Depending on the value of a consumer profile and the objectives of the advertiser, payouts could range from a few cents to a few dollars. “We capture multiple data points through Facebook, amongst other means, and can target down to a highly individualized level,” he explains. There’s special offers, geo targeted real time coupons and “post activity rewards” to track and tip social influencers.
Jingit engagements could appear anywhere on the web and are mobile friendly.
Rogness says Jingit solves for the “spray and pray” model of traditional banner and CPM advertising where there’s lots of hope involved. “We enable brands to reach, qualify and convert in a completely unique and effective way. Our payment platform tracks everything from the first engagement through the final purchase.”
The platform is going to market this week in partnership with digital goods retailer Music.me, offering users 12 million+ songs to choose from; the Jingit account functions independently and accumulated funds can be spent anywhere the VISA debit card is accepted.
“Our value engagement process is step one,” he elaborates. For chapter two, Rogness sees Jingit as a means of lubricating the systemic friction around payments and the monetization of digital goods.
“Would you ever pay a penny, nickel, or a dime for a news article? How about a song or a video? Yes! Could you? No — because there isn’t a ubiquitous and cost effective mechanism for publishers to transact. Our ultimate vision is to create a consumer brand that people can use all over the web for convenient real time payments,” says co founder Todd Rooke.
Jingit’s plan to scale the consumer oriented model is a blend of social, PR and affiliate. “The more money we can move, the more we can make,” he says.
“We completed a healthy series A round, have tested the efficacy and are swinging for the fences.”