Last month we had the opportunity to present during our keynote the Cashfree vision in Seoul, South Korea at the Blockchainer Summit event. Here’s how it turned out.
In this 15 minutes keynote our head of crypto, Nico, analyses the current payment landscape in Europe, and compares it to Satoshi Nakamoto’s promise of a world where payments are done fully decentralised and peer-to-peer.
Where are we now?
The current payment landscape in Europe is based on the so-called four party model, designed by big banks, Visa, and Mastercard. With this scheme, they rake in all the profits. Merchants that accept payments end up paying huge transaction processing fees. We see a big need to simplify this model to keep the value in the local community instead of going to big corporations.
Where do we need to go?
The future of payments is in a fully peer-to-peer and decentralized network. Payments are processed instantly and the money goes directly from shopper to merchant, with no-one in between. In this ideal future the value is kept inside the local community. The shopper pays less whilst the merchant receives more for the same good or service.
How can we get there?
Cashfree is a bank-independent mobile payment app that uses the new Open Banking directive to disrupt the current four party model. Cashfree is able to initiate payments straight from bank account to account, in real-time and with minimal costs. This results in lower fees for the merchant, and more value that is being kept in the local community.
Next to the fact that Cashfree supports local entrepreneurs and communities, it also allows 1-click access to purchase and use cryptocurrencies. With this, Cashfree aims to spur widespread use of crypto’s, and help build its reputation as the most sound means of payment.
Watch the full video here.
Cashree effectively disrupts the Fintech world by storm. It brings us closer to this decentralised world, making sure more value is kept in the local community.
So be part of our journey to this new world and download the application now using the buttons below.