PAY BY TOUCH and domestic violence that cost $340 000 000

Apple Pay and its counterparts are becoming more and more popular as means of payment in our daily life. We could have used a similar and even cooler concept as long as 10 years ago, but something went wrong…

The American startup Pay By Touch could have been ahead of its time. The idea of paying for goods and services with a simple finger touch could have revolutionized the market and become one of the most successful projects in the field of innovation and financial technology.

From 2003 to 2007, the startup managed to attract more than 340 million dollars of investments. Many gambling magnates, lawyers and businessmen were interested in the concept of paying by touch.

Billionaires Gordon Getty and Ron Burkle invested their money in the startup; the project was even funded by a group of players from the National Football League.

It looked like the startup success was only a matter of time, however… At the end of 2007, the company filed bankruptcy.

John Rogers, the Director-General and startup founder, was charged with domestic violence, drug abuse and misuse of investors’ funds.

The investors’ trust was lost – and one of the most promising companies of the XXI century hit the bottom due to the devastating actions of its leader.

We do not encourage people to lead a chaste life; just remind you that if ideas are worth their weight in gold, managers who are able to implement them into life are worth even more.