- E-wallet adoption in the U.S. lags behind other countries
- Presents great market opportunity for GreenBox
- QuickCard e-wallet powered by blockchain ensures secure payment
Leather wallets are fast becoming passé as cashless payments proliferate. Increasingly, smartphone users are finding electronic payment technology in their wallets. Digital developments have ushered in the era of the e-wallet, payment technology like that from GreenBox POS, LLC (OTC: GRBX), which makes paying electronically a whole lot easier. GreenBox, headquartered in San Diego, California, with offices in Seattle, Washington; Las Vegas, Nevada and Vancouver, British Columbia, Canada, builds customized payment solutions based on blockchain designed to lower transaction costs, reduce fraud and strengthen regulatory compliance. The company has developed the QuickCard e-wallet. As its name suggests, it gets payments done much faster, a boon to consumer and merchant alike.
Electronic payment, particularly through smart mobile phones, is replacing cash everywhere. In China, there have been reports of retailers refusing payment in cash, as reported by the South China Morning Post (http://nnw.fm/Qf6sR). “Mobile payment transactions reached a record 81 trillion yuan (US$12.8 trillion) from January to October last year (2017), according to figures from the Ministry of Industry and Information Technology.” In the U.S., the pace of adoption has not been as rapid. Just 29.4 percent of iPhone owners use Apple Pay and a mere 13.3 percent of those who own phones running on Android use Android Pay (http://nnw.fm/5FXBx). However, the sluggish embrace of cashless payment on the domestic front is presenting opportunities that GreenBox is poised to take advantage of, with its development of QuickCard.
The QuickCard mobile app, or consumer wallet, is a new way to use, interact and pay without money. After installing the app, consumers can load funds with a debit or credit card or at a QuickCard kiosk using cash. Funds loaded onto the wallet are available immediately for purchases at any location where QuickCard is accepted as a form of payment. The consumer wallet includes an easy-to-use interface through which consumers can purchase goods and services by creating a QR code for specific amounts. Consumers can also build a ‘friends’ library to send or request digital funds from their contacts. A record of all transactions is stored in the wallet. In addition, a consumer can create eCheck, pre-paid and virtual gift cards to use the funds for purchases outside of the QuickCard ecosystem.
Since its launch in May 2018, QuickCard has performed well in the market (http://nnw.fm/3RwyY). Over 98 percent of all transactions using QuickCard end with a client downloading and installing the new application. Additionally, no client has withdrawn from the system to-date, and transaction volumes more than double every week. The company expects average daily transaction volume to surpass $1 million in Q4 2018.
Blockchain is not all that’s powering the company’s success. Setting the lead at GreenBox is CEO Fredi Nisan, who comes from the point-of-sale (POS) and merchant services business sector. Nisan completed a successful exit of a company in the POS and ERP business, which he founded and managed through the exit. Ben Errez is executive vice president. Errez has a background in investment, consulting and the software and hardware industries. His previous executive roles include positions at Microsoft (including engineering management of Microsoft Office for complex scripts); IBM (with which he had an exit); and Intel.
For more information, visit the company’s website at www.GreenBoxPOS.com
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