- Electronic
payments engendering transition to a cashless society
- Electronic
payments carry high transaction costs
- Blockchain
technology holds the promise of lowering those costs
- Latest
payment system, QuickCard, launched and running successfully
If cash is still king, it has to be a constitutional
monarchy, for electronic payment instruments and technologies like those being
developed by GreenBox POS, LLC (OTCQB: GRBX) now dominate the payments system.
The company’s latest payment system, QuickCard, has been showing impressive
market performance metrics (http://ibn.fm/TRa8I).
The blockchain-powered e-wallet has performed without flaw since its launch in
May 2018.
GreenBox, headquartered in San Diego with offices in
Seattle, Las Vegas, and Vancouver, British Columbia, builds customized payment
solutions based on blockchain secure ledger technology designed to lower
transaction costs, reduce fraud and strengthen regulatory compliance. By
combining the benefits of cash and electronic payments, these payment solutions
are taking us closer to a cashless economy. As their acceptance grows, these
innovative technologies from GreenBox are likely to change how people worldwide
behave with money.
Cash has lost its crown. In 2015, a study by the San
Francisco Fed found that it had been the most frequently used retail payment
instrument, facilitating 32 percent of all transactions, including bill
payments. By contrast, consumers had used debit cards for 27 percent of their
transactions and credit cards for 21 percent of transactions (http://ibn.fm/gwCzW). In the
space of two years, all of that has changed. The most recent study of consumer
payment choice, conducted by the Federal Reserve Bank of Boston, discovered
that, in 2017, U.S. consumers aged 18 and older made 70 payments per month on
average, with debit cards accounting for 31.8 percent of those payments, cash
for 27.4 percent and credit cards for 23.2 percent (http://ibn.fm/TE61c). Cash has
been toppled, and its position will undoubtedly erode further as innovative
payment solutions like those offered by GreenBox replace traditional
methodologies in the payments ecosystem.
GreenBox is pushing progression to a cashless society with a
string of blockchain-based technologies. Its QuickCard is a blockchain powered
e-wallet accessible through an Android app, an iOS app or via a cash loading
kiosk installed in participating retailers and merchants. It is coupled
with the QuickCard Kiosk, which handles all cash management issues, both
physical and virtual. Working together on the QuickCard payment platform,
direct and immediate deposits from cash to blockchain can be made and instantly
confirmed, providing a deposit solution that is unrivalled. The QuickCard
payment platform takes the concept of an ATM to another level. Using it, a
consumer can deposit his or her cash at the Kiosk, after which it immediately becomes
available for use. The QuickCard payment platform, capable of instantly
settling transactions with unparalleled security and fully integrated
blockchain-secured ledger technology, also includes offline functionality and
cold storage capabilities.
Other GreenBox products include its point-of-sale solution,
which features operational compliance, financial audit preparation, expense
tracking, tax payments and data fidelity controls, such as backup and restore,
cloud security and privacy settings. The GreenBox POS software is fully
integrated with a delivery app, a payment app and an application programming
interface (API), and it features front register mode and back-end admin mode,
in addition to in-admin mode to manage employees, vendors, expenses, taxes and
compliance. All records are stored on the blockchain, with data reliably
secured and protected.
GreenBox has also developed LOOPZ, a delivery software
solution that offers service dispatcher back-end technology with manual and
automatic modes. The software is uniquely designed to be effectively utilized
for mobile delivery service operations with full autonomous dispatch
capabilities. LOOPZ provides two mobile apps (driver and consumer) running on
Android and iOS, direct reporting to point of sale inventory and use-of-pay for
instant settlements, as well as separate escrow setup for tips and merchant
sales. As with other GreenBox solutions, all data and information are securely
hosted on a blockchain platform.
For more information, visit the company’s website at www.GreenBoxPOS.com
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Editor@QualityStocks.com
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