Fairpay. How it will work. version 2

For this project, we will use the banking software of Chip chap for the faircoin cards and POS system. This payment system will be called fairpay.

How fairpay cards will work

Any person with a card or merchant or a local node, who participate in fairpay project, will have one account in this banking software.

Local nodes or the global faircoop where there is no local node, will be able to create accounts for merchants/shops Local nodes and registered merchants/shops will be able to create accounts for normal users.

For a payment, the shop needs to have a smarphone or a card payments device, with NFC technology. Most of the recent devices have it.

Neither Faircoop, neither Chip chap, will receive any fee for creating a new account or for single payments, because the general vision is to provide an alternative without fees to visa and mastercard, etc… Anyway, the local nodes are free to decide any fee as local strategy for developing their work.

Card would have a cost of less than 0.1 eur. Could be given by free when someone wants to use it, if is charged after exchanging some amount of official currency.

We could choose to include a QR from the faircoin adress on the card, so then people with a card can charge the card or receive payments just with the QR.

Fairpay App. Payments and POS

An android App has been developed which cover different needs:

– Receive payments from fairpay cards and from mobile phones.

– wallet for storing faircoins.

– Send mobile payments to other faircoin wallets.

– eshop feature for supporting automate payments of the more usual products.

The app is sincronized with a webpanel, where as has been listed many more features can be used, without needing to move the faircoins from the phone to another wallet.

General panel use

The panel can be used as an online bank account + online wallet. We can decide each category of users which services can access.

For example people could:

– Charge the card online

– Empty the card online

– Send faircoins to an andress outside of the wallet.

– Change from euro to faircoin or faircoin to euro (this service would have 1% fee)

POS System.

With the POS system, the merchants would be able to exchange the faircoins received to euros, from the panel on their account and receive a transfer to their banking account in 24 hours. This service would have a 1% fee.

Organization elements.

A team for coordinating the project should be created. This team could be related to the european coop bank that also is being developed.

Faircoop could inform about this project in use.fair-coin.org. At same time fairtoearth.com could be used.

The local nodes should be able to ask for some amounts of cards for using at their local nodes. Then they could explain and provide the local merchants.

The shops which are not related to any local node could ask for it by their own; then the global faircoop team should use some criteria to confirm if they could be accepted for the way of participation they choose:

1- Accepting card payments

2. – Accepting card payments, distributing cards and selling faircoins.

In the case of shops selling faircoins, they could receive official currency that belongs to faircoop, then would be a task of local nodes to follow up that cash in order to recover it for managing for example. cashout needs. The panel will have info of the stats of the shops they manage for making easier following this data.

This post is also available in: Spanish

This post is also available in: Spanish