पे in the Hindi language means “on” and is pronounced as “pay.” We exploited this vernacular to form Cardपे, which means “on card” and is
pronounced as “CardPay”: to pay on cards, and पेCoin, which is pronounced “PayCoin”
SummaryAccording to the Confederation of All India Traders, there are over 60 million merchants in India. Of these, over 45 million merchants operate in smaller cities, such as Nagpur, Ambala, Vapi, Rajkot, Madurai, Amritsar, Ranchi, Salem and others. These small and medium-sized merchants are the predominant way people in these cities transact for goods and services. They range from grocery stores and local vegetable shops to corner shops and service providers of all sorts, be it electricians, plumbers, and teachers.
The problem is that customers transact with these merchants mostly in cash, which is becoming increasingly impractical in a society that is becoming increasingly cashless. These transactions are conducted in cash because of the nature of banking relationships maintained by these small and medium-sized merchants.
In larger urban areas such as Ahmedabad and New Delhi, merchants tend to use national banks like HDFC and the State Bank of India (SBI), as these banks acquire merchant customers by focusing on the most populous cities in India. These banks also have a platform that enables merchants to accept cashless payments. Merchants in smaller markets maintain relationships with small, neighbourhood banks. These banks operate by means of cash, forcing merchants to accept only cash and make only cash deposits and withdrawals.
Moving these merchants to national banks so they can accept credit card and other forms of payment is challenging because their existing banking relationships are based on years of friendship and trust. They are opposed to replacing this trust and moving to a larger bank where they are merely an account number.
CardPe offers a Point-of-Sale (PoS) terminal that accepts cashless payments without the need for merchants to change banking relationships. This device empowers merchants to seamlessly shift their business to cashless transactions.
CardPe in collaboration with Premier Singapore is also launching the PeCoin platform, which will connect customers directly to merchants without having to use a bank. A new token, PeCoin, will enable customers to purchase goods from merchants at a substantial discount via the blockchain. Furthermore, due to reduced transaction fees associated with such transactions, merchants who transact via the blockchain will enjoy additional discounts as well. The PeCoin platform will have a merchant network, seamlessly connecting customers with merchants all over India. This platform will further simplify the relationship between merchants, customers and banks by reducing time spent on complex processes and transaction costs, while still maintaining a system of trust and integrity.
CardPe initially began as a story about financial inclusion for small merchants and their customers. PoS terminals proved to be limited in their ability to scale to market demands because they are hardware-based and they are distributed by feet on the street.
CardPe’s next evolution with PeCoin will dramatically accelerate growth and financial inclusion by using the blockchain and Stellar platform.
https://imgur.com/QILsu1Shttps://imgur.com/xhWknivWEBSITE for whitepaper :
www.pe-coin.comTELEGRAM channel :
https://t.me/pecoin
