The Challenge

Existing payment systems are expensive and inefficient for retailers and service providers. As international commerce has evolved, existing payment mechanisms have not correspondingly kept pace. Credit and debit cards, virtual currencies and blockchain protocols have yet to provide a streamlined and universal solution for payment processing. Finzoh is being specifically developed to close this gap and become a new global payment standard.

Cryptocurrencies have not gained much mainstream traction. Until a consumer-friendly solution to integrate them into everyday transactions exists, they will not be widely accepted as a viable way to conduct everyday purchases. The FinzohPay platform is intended to disrupt that ecosystem and encourage payment with alternate currency using existing retail point of sale equipment. This system should allow users to buy a cup of coffee or pay for an Uber trip using Bitcoin or Ether.

Cryptocurrencies are at a tipping point as they evolve towards a payment protocol. Currently, they remain thinly traded by a very small percentage of the population, leading to the adverse speculation and assessment volatility culpable for the underlying lack of confidence in them as a true currency alternative. Integration into granular commercial transactions will push adoption into the mainstream. and create a global stabilizing effect on the technology. As cryptocurrency is democratized and flows through millions of users making millions of transactions, it will stabilize and become widely accepted.

The primary payment method for both on and offline purchases is plastic (credit, debit and prepaid cards). These systems are decades-old and were developed before the advent of personal computing and mobile devices. They are built around protocols with hand-signed paper receipts and anachronistic banking systems that slow the flow of funds to a crawl. They still exist because there are very few workable digital alternatives and most new systems are not designed to integrate with the current retail POS systems.

Because cryptocurrencies and blockchain technologies are still relatively new, many tokens have yet to become widely accepted or traded. Most ICO's are being developed for a specific purpose, yet very few are making these applications for worldwide usage. Less than 1% of the global population has been exposed to crypto and blockchain. FinzohPay is being developed to bridge the gap and connect to the other 99% by providing an easily adopted interface for a simple and rewarding end-user experience. FinzohPay will start by using off chain payment technology while building on the chain in the background.

Plastic payment cards are not the future and are bogged down by an outdated banking infrastructure and systems that are inherently inefficient with too many intermediaries. The payment card system is also complex and controlled by a few elite players, Credit Card Associations (Visa, MasterCard, AMEX). Banks, Processors, Payment portals, etc. The market is tightly held with the individual players each strongly defending their networks and enforcing their rules and margins. This structure creates a monopolistic marketplace teeming with inefficiencies and user friction.

The current closed system allows intermediaries to create spreads between the value they provide, and the services offered. The retailers that depend on being part of the system are at the mercy of the card operators' rules and fees. It is not uncommon for a retailer to pay 3%-15% of their gross receipts just for the privilege of being part of the system. To make matters worse, the card issuers also make the retailers carry much of the risks of fraud and chargebacks.