Introduction: Introducing GEMpay, A Blockchain Based Simple Payment Service!
The main issue that GEMpay aims to resolve surrounding payment services is eliminating the countless amounts of brokerages and contracts that are needed to issue a payment settlement for businesses. This can become tedious and often costly for the producer. Many preexisting contract structures that are created for convenience and risk structure of financial institutions often accompany high commission burdens to small business owners and simultaneously, franchise owners and consumers bear the economic trickle down burden from this financial model. It is evident that, from a global standpoint, small businesses have garnered more financial burden than they can take on, especially during the COVID-19 Pandemic.
Do Big Tech Platforms Make Life Better Or Is This A Subjective Claim?
Did you know that, as of August 2021, big tech fees were 2–3 times higher than standard credit card companies. This is unacceptable as it creates an immense financial burden on small businesses. A 2–3 times higher fee exacerbates the already preexisting financial problems that small business owners face in 2022, and it must be stopped. The deposits are huge, but where are the financial benefits for small business owners and their loyal consumers?
Starbucks, an unregulated entity, spent 180 billion won as of 2020 from customers at their own will! While fintech companies are required to invest 100% of their customers money into safe assets by trusting them with an external agency, Starbucks is not subject to any restrictions or regulations. It can be pointed out that while Starbucks enjoys the benefits of a regulatory vacuum, it is increasingly passive in social contributions. (Reporter Lee Hyun-seung, Chosun Biz)
The Great Features Of GEMpay: What We Provide
We want users to receive a discount from the GEMpay issuer (online and offline stores that issue points through the GEMpay Issuer Center). Through the asset management service (Defi, Cefi, point-secured loan) provided by GEMpay, users will directly determine the discount rate and risk for the deposit and receive additional discounts. So it is “double discount if you have GEM, GEMpay.” Our aim is to significantly increase the scope so that users can safely use their points, which are their assets. AERGO GEM used through GEMpay will guarantee 1:1 value with Korean Won during the payment process. It would be suitable for use as a payment method as there is no risk of fluctuations in value.
In addition, going beyond a simple payment method, we plan to allow users to directly determine the discount rate and risk by selecting an asset management service for deposits (AERGO GEM charged in GEMpay) according to the risk level of each product. Just as we are trying to guarantee AERGO GEM at a 1:1 value with KRW, we want to solve the rug pull risk for asset management services using a stable token method.
Making It Possible: We Aim To Make It Possible For The Issuer To Issue Points Simply And Transparently
We plan to allow the issuer (online or offline stores that issued points that issued points through the GEMpay issuer center) to directly determine the payment discount rate as the subject of the point of issuance without being dependent on a giant platform. The web-based GEMpay Admin (GEMpay Issuer Center) aims to eliminate the risk of SI performance by making it easy to issue points and easily request settlement.
🎯The GEMpay Roadmap
We plan to launch the beta version in the second quarter of 2022, starting with the opening of the pre-registration landing page beginning in March. Subsequently, in the third quarter, we plan to officially launch the GEMpay app and plan to provide a service for managing point assets with DeFi. With the goal of linking CeFi services and developing point collateral products by the end of the year, we are running to create a win-win service for both small business owners and consumers!
💎If You Have GEM, You Garner A Double Discount With GEMpay!
💻March PoC And Advance Reservations Open
📍The GEMpay Two Line Summary
- Point deposits are also assets!
- GEMpay aims to create a smart and safe asset utilization plan, which allows for small business owners to easily issue, manage and settlement points directly without being dependent on large platforms.