Experiencing a Better Payment Method With Graft.

in #blockchain6 years ago

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It is of no doubt that money as a means of exchange is important in the world of today. Money is needed for a variety of things...infact, no one can live comfortably without money.

That is the purpose of earning a livelihood, to be able to provide life's basic needs, food, clothing and shelter. Whether its buying groceries, shopping for new clothes, taking public transport or buying gas for your car,going for dinner with a friend, paying rent or utility bills, casor credit card payment is required.

Some establishments take both or just one type of payment. It seems easy right? Just walk up to any place, flash your cash or credit card and you are home free.But what happens when you lose your money or perhaps got robbed? Assume you are in a strange city with no help whatsoever, what would you do?

Or you were caught in the same situation I was last week. I went to a store to get some bread late at night. I had no cash with me, just my credit card. I was shocked to hear that they accepted only cash payment so no credit card would be allowed. I was disappointed by the news and what I bought was quite important. That was the only store open at that time of the night. I pleaded in vain until a late shopper like myself had pity on me and paid asking me to transfer the money to his account. I was lucky.
Everyone would not get the same chance I did.

Cryotocurrency was a welcome development with its promise of payment flexibility. It promised to tackle some of the problems with the traditional payment systems. You can pay with cryptocurrency anywhere and anytime irrespective of location with less charges to the customer unlike the credit card would. What more, transactions made would be private and secure. It was a good idea, only it is hard for marketers to adapt to this new mode of payment.

Also, transactions are not all that secure and private as it is easy to know trace transactions back yo their source. The transaction rates are also high and are a great burden on the consumer. Transaction confirmationis also slow. Not so fair, don't you think? Now there is no need to wonder why merchants are finding it hard to accept this form of payment.

We all dream of that time when we all as consumers would have the power over how we pay for our goods, cash, credit card or cryptocurrency, particularly cryptocurrency. A lot of us have earned a series of coins but there is no way to dispose of it except exchanging it to fiat which sometimes cost an arm and leg in exchange fees. How easy would it be to pay for goods directly with crytocurrency with little interest rates. What more, the transactions would be secure and private, in summary, customer friendly. Graft is here to offer us all this and more. I would explain more.

What is Graft all about?

The word 'graft' is not strange to anyone that deals with plants, botanists, farmers and gardeners use grafting method as a means of asexual reproduction. This method is used to match plants of desirable characters. A plant with good root system but bad fruits can be improved by collecting tissue from a tree with good fruits. This tissue is attached to the old tree and grows as an extension of the tree, improving its attributes. The tree is all brand new with good root system and food fruits. A win-win!
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Graft works the same way. It integrates the traditional payment system with the new, crytocurrency making it all the better for both the merchants and consumers. Another win-win.

Also known as Global Real-Time Authorizations and Funds Transfer, this is a blockchain based decentralised platform that supports traditional payment methods as well as crytocurrencies. Payment through cryptocurrencies and tokens, credit cards as well as bank transfers are allowed on this platform, allowing the processing of real-time authorizations(RTA) and settlements of payments using the power of the decentralised block chain and API.

Graft offers us a world where crypto is allowed everywhere sale is conducted. What more, people can earn tokens by being part of the network. Graft is fast, safe, compatible with transaction and credit facilities and is decentralised with no one individual or corporation in control, characteristic of the blockchain.

How would Graft change the payment processing Industry?
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The current payment processing industry is not without its problems. Graft like a knight on a white charger rides to the rescue. Graft is going to change the outlook of the industry in the following ways.

Lower transaction fees/rates
Consumers bear the brunt of charges with the old system. They are burdened wittransaction charges but now, with the merchants bearing the cost at a fraction of what it was before under the Graft system, the consumers have the advantage.

Increased privacy
Graft offers secure and private transactions under this new system providing better privacy than what was previously known.

Reduced crime rates
With the eradication of cash and credit card transactions, Graft will help reduce crimes, whether physical or electronic. Crime is less likely with the shift to cashless and secure cryptocurrency.

Freedom from high interest rates
Consumers are free from high interest rates based on cash transactions. There would be lower interest rates resulting from borrowing as peer lending is a better alternative with lower interest.

Enhanced global commerce
Government policies makes it difficult to successfully carry out transactions across borders without stress as there are regulations and restrictions. Graft breaks these barriers as cryptocurrency is border insensitive.

Decentralised system
There is no central authority in Graft.

Convenience for buyers
Buyers now have the ability to pay with a method of their choice. They can choose cash, credit cards, cryptocurrencies and even in various currencies without any worries.

Benefits of using Graft

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Cryptocurrency on its own has some flaws which makes it unacceptable for traditional purchase use. First, transactions are slow. It takes up to 30 minutes to confirm a transaction using bitcoin. There are a lot of cryptocurrencies which makes it difficult for merchants as confusion is sure to arise. Large transactions fees to the consumer is another major problem. Graft offers solutions. There are a lot of benefits, to the merchant and consumer.

** To Merchants**

  • Real Time Authorizations
    Instant confirmation of transactions made within seconds.
  • Low Transaction Fees
  • Free point of sale app that accepts all payment methods
  • Payouts in local fiat currencies
  • Buyers can be identified and verified(authentication)

To Buyers

  • Absence of transaction fees
  • Free transfer between wallets
  • Privacy
  • Payment flexibility
  • Availability of crowd funded credit

Integration of Graft's RTA system with the traditional payment methods

Payments for goods and services is usually are usually handled at payment terminals that usually take payment in form of credit cards.To allow a smooth transition from the traditional method to the new Graft system, it is important to use a method that is familiar to the merchants.

That is why Graft has been able to integrate on Verifone and Ingenico payment terminals. Merchants can just install a free application on their terminal and begin to accept payment in cryptocurrency. It is as easy as that. Check out this video for a graphic explanation.

There is no difference in the way payment is accepted, only allowing the acceptance of cryptocurrency which is of more benefit to the merchant. High transaction fees formerly charged by credit card companies are removed. The transactions made are fast, made within seconds. Graft is an exact copy of the modern payment system with little difference for both merchants and customers.

The ability to pay with and sell for any form of payment is of no doubt beneficial to both the buyer and merchant. It is convenient and allows flexibility.With Graft, cryptocurrency would be widely accepted as a form of payment globally.

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Graft Mobile Wallet
Multiple currencies can be kept in a single wallet.

Graft Mobile POS
With this application, merchants can accept payments on their mobile devices.

The Graft Cryptofind App

This is a mobile application that is all about Graft which allows users to find merchants accepting cryptocurrencies as well as list merchants accepting cryptocurrencies as a form of payment.

With the app, you can browse through and search for stores that accept cryptocurrency as a form of payment within a geographic location. Merchants are listed as accepting Bitcoin or accepting all cryptocurrencies with Graft.

Users can earn Graft tokens by being active on the platform. By performing merchant status updates, a user has the opportunity to earn tokens. Correcting a listing made on the app and also including a listing let's a user earn on this platform. There are three ways to earn;

  • Getting a merchant interested in and listed on Graft
  • Placing a 'coming soon' window on a store
  • Getting a merchant setup with Graft

There are also bonuses to be made on the platform. For a better understanding, watch this video for more details.

Conclusion

Graft brings a new outlook to the payment industry. Cryptocurrencies would now be at every point of sale. Accumulated tokens need not go to waste as they would now be used to pay for goods and services with ease and at less transactions fees. International financial transactions are easy with less stress due to the absence of government regulations. With the mobile app, users can use
Graft's multicurrency wallet, get assess to Graft's mobile POS and use Graft's cryptofind to locate establishments which accepts cryptocurrencies.

Graft has succeeded in getting cryptocurrencies accepted globally. Furthermore, users of this platform would be rewarded with tokens for being active and helping the platform grow.

Graft coin distribution
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Roadmap
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The team
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All images and videos gotten from Graft

Written for originalworks writing contest

Check below for more information.

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