GRAFT: The future of retail payments

haslek (43)in #crypto • 6 years ago (edited)

For someone who earns his income in cryptocurrencies, one can only imagine how many times he/she has wished that he/she could use his/her earnings directly to buy anything (even if it is just toiletries) without the hassle of going through the conversion of his/her cryptocurrency to a form of currency which the store across the street accepts. And with the growing acceptance of cryptocurrencies around the world, the number of those who have that wish is also growing.

Cryptocurrency is gaining more and more presence in today’s modern society and as such its use is taking various forms. But at the core is its main function as digital cash which has promoted a lot of innovation in business evolution and development.

GRAFT is bringing that evolution closer to businesses which has direct impact to everyday lives. By this I mean that store across your street or the mall just down the road where you get your everyday supplies.

Before now, the primary form of buying and selling anything at all is through the use of cash currencies. The introduction of online payment transactions took this to a whole new level by affording the buyer and the seller the flexibility of not transacting with cash directly thus reducing the risk of being robbed of their cash returns. However, this introduce an extra cost of paying the third parties which created such medium of such transactions on both parties.

One of the primary aims of blockchain technology is eliminate the use of third parties in financial transactions thus reducing the cost burden of such transaction. This property is currently not being embraced in retail stores as they still make heavy use of payment gateways to facilitate their day-to-day activities. Most of the payment gateways that exists do not involve the use of cryptocurrencies and as such does not offer the customers of the retail stores the flexibility of paying with cryptocurrency.

GRAFT understands that most stores, from convenience to large retailers, use payment terminals to handle payments through the use of debit or credit cards and POS (point of sale) machines. GRAFT also understands that the existing form of crypto conversions to the form of currency which these payment terminals accept is both time consuming and cost intensive, and that the levy placed upon these stores for using these terminals may be taxing and thus result in slightly inflated prices of consumer goods. That is why GRAFT is bridging the cryptocurrency world with the everyday transactions which involve the use of POS machine or mobile devices.

GRAFT is offering the choice of paying for your purchase in cryptocurrency as a buyer and the seller receiving his payments in any currency of his choice. Imagine the possibilities.
Aside from adding to the convenience of the buyers in the purchase of goods and services, it also saves the buyer the time and cost of converting his/her cryptocurrency to another currency form before making such purchase.

As for the seller, GRAFT innovates his business of buying and selling by reducing his overhead cost, create maximum flexibility in terms of payments for his customers and also have the chance of growing his business customer base without having to leave the familiar terrain with which the business has been thriving on.
GRAFT does this by deploying blockchain technology onto point of sales technology to facilitate the cryptocurrency conversion. It eliminate confirmation time factor by introducing real time authorization such that transactions can be swift and secure. The GRAFT network also allows for a buyer to be able to locate stores which accepts cryptocurrencies using the GRAFT blockchain thus expanding the customer base of the merchants. It also allow some limited amount of authorized offline transactions (if there is issue with network) which can be confirmed later when there is maximum connectivity.

Image source: GRAFT whitepaper

WHY USE GRAFT
For any business to survive, it has to embrace technological innovation which can add value to it. If any merchant afford to let his competitor get ahead in terms of innovation and technology application, it always take some time for such merchant to catch up and may lose some of its existing customer in the process if such innovation effect more advantages to the customer than before.

GRAFT is the new innovation in retail-customer businesses, and it is applying a proven technology in the form of blockchain to how payment is handled. This means a new way of utilizing cryptocurrency. With the added advantage that blockchain principles like elimination of middlemen in financial transaction, protection of identity etc. GRAFT is adding a whole lot of value to point of sale terminals.

GRAFT is accessible via mobile devices as mobile applications in two platform, Android and IOS. It has also been integrated into payment gateways such as Verifone and Ingenico. This means it is already a working system, and a near free one at that. GRAFT does not charge the buyer, charges about 95% lesser the fee traditional payment gateways charge per transaction, and allows transfer of funds from one user to another. Given all this, it is only obvious that this is the future of payments.

The next generation payment is here, and GRAFT is bringing it to your door step.

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