- 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://nnw.fm/zfF2a). 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://nnw.fm/pAkf3). 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://nnw.fm/kJk2r). 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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