Executive Summary

Abstract

Finzoh, LLP is being built to be a universal payment ecosystem that allows users to instantly spend or exchange fiat and cryptocurrency directly from their mobile phone to merchants or other users. Finzoh will reduce friction in the payment process and give users immediate cash back on purchases. Finzoh will be a fast and convenient alternative to cash or plastic and will be integrated with retail locations and online sites. Finzoh, LLP is designed as an integrated payment token that connects any fiat and cryptocurrency directly to the global retail marketplace. Finzoh intends to bridge the gap between cryptocurrency and local currency enabling a revolutionary new payment standard.

Motivation

Current payment solutions rely on decades-old systems built around plastic cards that have not kept up with technology. From the first cards in 1946 to mag stripes in the 1960s to today's EMV smart chips, fraud prevention has improved but the transaction processing remains pretty much the same. Each transaction is routed through a complex series of intermediaries resulting in significant costs to both the retailer and the consumer. They deliver slow transactions and, despite the evolving security patches, are open to multiple avenues of fraud. Integration of cryptocurrency into everyday transactions is not currently feasible due to low acceptance of the coins at retail and slow exchange speeds. This lack of acceptance keeps crypto out of the global retail marketplace, thereby perpetuating its high volatility and low consumer confidence. To make matters worse, a large percentage of the population don't have traditional bank accounts and are not serviced at all by existing systems.

Solution

The "Finzoh” protocol and digital wallet will be able to access fiat and cryptocurrency in real time and allow for cashless and cardless transactions, creating a system that will eliminate chargebacks and dramatically reduces fraud. Finzoh is designed to be a fast and convenient way to convert any accredited cryptocurrency into ready to spend local fiat currency.

Finzoh's goal is to democratize cryptocurrencies and allow them to be widely used for granular transactions in the global marketplace. This process will help popularize usage and stabilize real-world value. Finzoh s also poised to open up a new payment channel and cross border remittances for global consumers that are unbanked.