Q&A with Trace Johnson of Chicago-based mobile-payment start-up Mpayy

Chicago isn't Silicon Valley, so it's always interesting to see tech start-ups putting down roots in Midwestern soil. Last night I hit the launch party for Mpayy, a mobile payment start-up that launched just last week. Over a hundred prospective customers, potential investors, and tech and banking professionals hit Fulton Lounge for cocktails, networking and, of course, a product demonstration. Afterwards, I chatted via email with Trace Johnson, Mpayy's product VP, about the launch, the company's future, and the state of Chicago's entrepreneurial culture. (Full disclosure: Johnson and I were once colleagues at Orbitz, one of the Windy City's big tech start-up success stories.)

Agile Ajax: First off, can you tell me the basics about Mpayy? What's the one-minute pitch?

Trace Johnson: Sure, but there are different pitches for consumers, online merchants and mobile merchants:

• Consumers get online and mobile payment processing. Shop online or send money to your friends from your checking account for free and get cash back when you buy.
• eCommerce companies get a secure payment solution with 0% fraud liability and they save 40-50% vs. credit card processing.
• Mobile merchants - taxis, fruit vendors at a farmer's market, Avon ladies, shirt vendors at a concert - get turn their mobile web enabled cell phone into a retail point of sale system.