For merchants to plug-in various billing solutions to enable acceptance of cryptocurrencies directly, replacing credit card companies and other billing processors.
To provide customers with a comprehensive and flexible billing solution, addressing all common billing practices, including recurring payments and pay-per-use, as well as providing flexible and immediate refunds.
To eliminate the risks of fraud, chargebacks and associated fines.
To avoid the whopping middlemen transaction fees ranging from ~3% to as high as ~15%.
Transaction gets registered in the shared ledger, when the customer makes a purchase from the Merchant
The Transaction activates a smart contract involving the Card Issuer, Merchant Bank and Credit Card Network
As all the participants are part of a shared ledger, the transactions are created by consensus from all the participants of the network
A shared ledger eliminates the issue of double spending, eliminating the possibility of a customer being charged twice
Distributed ledger technology ensures a safe and secure payment because the network cannot be hacked to create an unauthorized transaction
Smart contracts enables the payment from the customer only when the product ordered has reached the customer
Customer verifies the product delivered, payment is then initiated from the card issuer to the Merchant bank