Local Digital Currency For City Led Economic Stimulus That Includes  Banking The Homeless and The Unbanked

 

Paymency

Unencumbered by the constraints of legacy banking business models, a bank charter or dated technology, Paymency will be the biggest change in consumer banking since the Civil War and merchant payments since BankAmericard in the 1950s. First, we will address the economic pain in local communities. Paymency, Local Digital Currency (LDC) is a local stable value currency tied to the US dollar. LDC was designed for the low income, unbanked and small merchants before COVID19 shut down the economy. We have pivoted to expand our touch-less text based LDC to create a local digital currency for all community members. LDC, led by the city or local leadership, will unite the community and accelerate the recovery. It will make banking the unbanked and underbanked a distant memory.

After we launch LDC and gain traction, we will launch our unique Merchant App Payments that will save all merchants up to 90%+ of card fees, expand customer loyalty rewards and allow some merchants to earn transaction fees..

 

The Need and An Example of Local Currency

US cities, and specifically the lower income communities, are suffering from depression level unemployment from rapidly declining economic activity. City businesses and residents need help to kick start the local economy with a positive attitude and improve the general welfare and mental health of everyone.

A few communities have had success by issuing local paper currency with built in discounts as a unifying tool for the city residents and businesses. Paymency provides a similar but contactless, lower-cost easy to use text-based digital currency ,without the need for paper. With Paymency consumers have no costs and merchants save up to 90%+ in card fees.

BerkShares are a local paper currency for the Berkshire region of Massachusetts. BerkShares are issued at local banks and spent at more than 400 locally owned participating businesses.  Unlike BerkShares, Paymency includes the city to lead the program and serve the unbanked and low income community that is problematic for banks to serve. With Paymency a city can do what banks can't.

The merchant value of a local currency with built in discounts is well stated by Steffen Root, owner of Berkshire Bike & Board.  “We can all be richer, both financially and community-wise, if we keep our money local, do our best to support our local businesses, and do as little outside sourcing as possible.” 

 

The New Paymency Banking Ecosystem

Local Digital Currency (LDC) is our first product offering. Paymency has developed a platform strategy that uses US free banking techniques from the 1850s, current app payment techniques used by billions in Asia, and we looked to Africa and India for banking the unbanked using text based payments like our Local Digital Currency (LDC) US dollar based digital currency.

Paymency is the only business that is focused on lowering merchant payment costs and is committed to providing free payments and banking for all consumers. The retail merchants, cities, and tribal casinos are perfect partners because of their needs.

The new Paymency ecosystem includes three main components:

  • A new mobile payment network built outside of existing networks like Visa
    • Text Payments to reach 95% of the population - Local Digital Currency
    • Merchant Payment Apps - Built into merchant apps to protect merchant rewards
  • A new clearinghouse to clear the mobile payments
  • A free to use marketplace platform - Like Amazon for consumer banking and finance

 

Paymency Banking and Its Payment Technology

Transforms Banking But is Not a Chartered Bank

Using the "First Principle" design process, Paymency recognized that we must work outside of a bank charter to meet market needs. Paymency designed the best solution, not the typical solution like putting expensive credit cards on a phone. 

Paymency will help many banks with no cost deposits, and free access to consumers without any listing or sales fees. Our LDC program is one of the best bank CRA products.

 

Merchants Save Between 50% And 90% of Card Fees

Paymency is changing consumer banking fundamentals to give consumers a better way to hold, spend, and manage their money.  Paymency is also the first design that will profit by removing interchange and driving transaction fees toward zero.

Paymency's Banking as a Service model (BaaS), removes the middleman and is very profitable.  Paymency will charge less but earn more than competitors. Paymency should earn between 2x to 6x what Visa and MasterCard earn.

 

Sponsor Merchants Will Share in Our Payment Transaction Fees

For the first time selected retailers, non-profits, and tribal communities will be designated as sponsor merchants. They will share in our transaction fees.  They will use Paymency technology and training to open accounts and process payments. All other merchants will be able to accept payments just like they would with Visa.

Starbucks holds $1.6+ billion in customer funds. Imagine using your Starbucks app or similar to make online or offline purchases at other retailers.

The sponsor will be rewarded with the lowest payment transaction fees and a share of Paymency transaction fees when the consumer spends money at unrelated merchants.


 

    A Career of Banking Innovation

    CEO Evans is the right person for leading a paradigm shift in consumer banking and merchant payments.  Evans' successful transformative vision is documented.  In 2014, The Motley Fool (Link) claimed that Evans revolutionized banking in 1994 when he pioneered Internet banking as President of La Jolla Bank.

     

    Paymency Merchant App Payment Benefits

     
  • Banks generate non-interest deposits
  • Banks will earn CRA credit
  • Paymency provides the training, technology and reporting
  • Selected sponsor retailers earn payment transaction fees when their app is used at unrelated merchants
  • Solving the unbanked problem in America is our first societal problem to solve
  • Paymency makes Interchange a thing of the past
  • All retailers that participate save 50% to 90% of current card fees
  • Inclusive for all consumers and retailers - Unbanked to Gen Z - Mom and Pop to Big Box Merchants
  • Consumers are always free - this includes the unbanked
  • Consumers will benefit from merchant rewards that are better than card rewards
  • Costs are low enough to support micro payments i.e.: News Articles

 

Basic Paymency LDC Unbanked Demo
 

1first product is text-based (SMS) payments.

Built for the unbanked, and can be used for mass distribution with cities, and Native American  tribes.

No Problem
2

Local Digital Currency (LDC) WITH CITY DISTRIBUTION IS OUR BANKING Like PRODUCT THAT can ALSO SERVE AS a Local ID

ALL MERCHANTS QUALIFY AND PAY VARIABLE LOW FEES FROM A FEW PENNIES FOR A $1 SALE OR a Max of $0.25 Up to a $300 SALE




3

MERCHANTS OPEN ACCOUNTS IN LESS THAN 10 MINUTES AND CAN START TAKING PAYMENTS IMMEDIATELY - CONSUMERS OPEN ACCOUNTS faster



4

customer receives SMS for payment Receipt and new balance

 

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