A big resource for entrepreneurs and startup owners, in which we have collected and analyzed why +100 big companies have failed. Learn from mistakes, and avoid being part of the 90% of businesses that fail.
Online payment system for digital content
Bitpass was a company that gave people a platform to make micropayments online. These payments were ranging from one cent to a dollar. BitPass developed an online payment system for digital content and services like the downloadable music and PDFs. Mperia, an online music store founded in 2003, was one of its greatest projects for unsigned artists. BitPass customers included giants such as Disney and Microsoft.
The main reason for closure as stated in their email was competition. The newly rolled Google Checkout payment system, which was offered for free, made BitPass business superfluous. Bitpass CEO originally hoped to get their micropayment features integrated into Google checkout but that never happened. After raising about $12 million and acquiring one of its competitors Bitpass journey came to an end in 2007.
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