Beluga Pay - Farewell to Cash

cryptotaofficial (56)in #blockchain • 6 years ago

Paper money, what we are used to call cash, are becoming obsolete. So I believe. Indeed, to carry around bundles of banknotes is inconvenient and risky. Plus instead of lying like a dead weight in my pocket those funds could circulate in the financial system producing interest for me. Money should work, and the best condition, ensuring that, is if they are never taken off the circulation. So it could have been a normal and convenient reality when all the purchases and settlements were conducted via smartphone applications or at the very least plastic cards. Which would be just as well beneficial for the economy, since money instead of lying purposelessly in the pockets of consumers in the form of paper banknotes could endlessly circulate in the financial system fueling the enterprises and startups and bringing dividends to its owners in the process. In the financial jargon, it could be said that it would increase the “velocity of money.” In reality, though, paper money often still is the only option when dealing with small merchants and food vendors, local grocery stores, and mobile phone kiosks. The problem is highly exacerbated in the developing countries with poor financial and IT infrastructure, where acquiring payment terminals becomes a difficult process riddled with bureaucratic hurdles. Often card payments incur fees high enough to incentivize small businesses to conduct all settlements strictly in cash.

A promising attempt to break free from this antiqued system based on paper money as a primary means of exchange is made by Beluga Pay - an up-and-coming startup based in Guadalajara, Mexico's silicon valley. The company is developing a mobile point of sale system that in addition to standard VISA and Mastercard payments will accept crypto. This is particularly timely considering the popularity of cryptocurrencies in Mexico and favorable conditions for their usage, including the fact that it's not even necessary to have a bank account in Mexico to buy and sell crypto. Merchants and small businesses using Beluga Pay mPOS platform are also encouraged to accept payments in cryptocurrencies by faster transfers and loyalty points. In addition to Point of Sale application, Beluga Pay offers several other products: Beluga Restaurant Edition - a similar to mPOS mobile application tailored to manage orders, reservations, and payments in restaurants and cafes. Beluga Peer 2 Peer - an app to initiate peer2peer transfers among friends. Beluga Payment Data - a marketing spending pattern statistics based on anonymized data collected from multiple consumers using Beluga platform to conduct payments. Currently, Beluga has acquired an exclusive, global license to Espiral and their team with an intention to expand its innovative payment technology to new domains.

Roadmap

Starting from January 2018 Beluga Pay conducts pre-sale and ICO with an intention to distribute 100,000,000 BBI tokens. BBI tokens are ERC20 compatible tokens used for conducting operations within the platform.

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