For the past 3,000 years mankind has predominantly used currency to make payment or exchange value. For the past several hundreds of years payments were made in cash, an exchange based on the trusted relationship between a merchant and a customer, with a trusted instrument backed by sovereign governments and without any fee being incurred. It was a recent event since the mid 20th century that bank payment products, primarily financial cards or credit and debit cards, arrived on the scene. Visa the largest payment card provider in the world was founded in 1958 several years before the first mobile phone in the mid 1970’s and twenty years before the Internet, which arrived in the late 1980’s. The majority of humanity now has a mobile phone so two questions to ponder; why are most mobile payment schemes based on a financial product (other than cash) and why is cash still so resilient ?
ApplePay, Android Pay, Ali pay and WeChat Pay are all based on a “core bank payment engine”. YodoPay alone is advocating a return to less costly, more trusted cash as the core payment engine for mobile payments. Cash has lower transactions costs, zero danger of identity theft (one of the fastest growing crimes) and cash based system tends to be less fraudulent. But wait,”how can one structure a cash based mobile payment system that is efficient, safe trusted and regulatory compliant?” The answer lies in leveraging the routine daily cash handing practices of small merchants and setting realistic balance limits on the mobile cash accounts. General worldwide Money Service Business (MSB) regulators are rightfully concerned with anonymous money transfers due to money laundering but rather than throwing out cash, a method of exchange faithfully serving mankind and still preferred by a majority of the global population, why not use modern technology to perfect cash in a digital form. When regulators set balance and velocity limits on digital cash, government (the people) are better able to control both the transaction costs and fiscal policy (the money supply).
Watch the video that explain this merchant centric process.
Yodo has therefore adopted a mobile cash based system, with zero bank dependencies, which leverages the merchant’s standard cash handling processes. Yodo calls this system YodoPay and it can be used to make payments in retail or online and to perform novel P2P services such as non-profit remittances or the sharing of “purchasing power” across town or across the globe in real time and with automated FX. The whole system is transparent safe, highly efficient and industry compliant. Customers do not need a Credit Card or a Bank account, in fact they do not even need a mobile phone to participate and benefit from Yodo’s payments infrastructure. There are no transaction fees leveraged on the merchant or the consumer for P2B payments. At the same time as consumers enjoy the ease and simplicity of cash transactions every single transaction is fully auditable and merchant settlement, between and among registered merchants worldwide, is performed at the top of the pyramid via fund transfers at licensed financial service providers all backed by Yodo’s block chain mechanism and cloud computing environment.
Yodo is proud to offer affordable POS services free of transaction fees to merchants, with mobile payment, money transfer and content delivery for only a modest monthly subscription fee. Yodo is also proud to partner with SUNMI leaders in Android POS devices. Be brave, know no limits – join Yodo as they disrupt the status quo and level the playing field while enhancing fiancial inclusion with brilliant techncal innovation. You can find Yodo`s mobile payment and POS apps on SUNMI’s App and Google’s Play Store.