Choice is a NEM-powered payment protocol platform to replace existing payment gateways with direct transactions, change consumer, and retail behaviour, as well as create a tangible social impact at a protocol level using the NEM blockchain technology. The NEM blockchain will enable direct transactions from consumers to merchants, decreasing the transaction fees to 2-6% that credit card companies pass on to businesses and consumers.
First appeared on coinsessions
Choice will give consumers the power to allocate portions of transaction fees to charities, social enterprises, and causes all over the world. Choice is allowing consumers to use their payments to make a difference. Transactions with Choice will promote the widespread adoption of the NEM blockchain technology without the need for consumers to have extensive knowledge of blockchain.
Choice is set to be the first Kiwibank-backed NEM project
The Choice team has been successfully accepted to accelerate Choice in New Zealand’s leading FinTech accelerator, the Kiwibank Fintech Accelerator 2.0.
Three problems Choice is addressing:
- Transaction fees
- Millennials and tech-savvy consumers
- Donating
The Choice Solution:
- Integration with Kiwibank’s infrastructure
- Back-end accounts and compliance support
- Value transfer protocol using NEM Apostille, mosaic, and namespaces
- Creation of crypto-fiat on/off ramps
- User-focused adoption with seamless blockchain integration
- NEM blockchain at the heart of transparency and trust
- Measurable and tangible IMPACT – P2P, B2B, Nation 2 Nation
- Create namespace with each bank in New Zealand that are OCR-compliant in conjunction with FMA and RBNZ
- Every bank in New Zealand can provide Choice services to their customers, merchants, consumers, and charities
PHASE 1 – Relationship building and partnership establishment (Completed Dec 2017)
PHASE 2 – Accelerated development
PHASE 3 – Roll-out to New Zealand and guide to protocol toward mass adoption
PHASE 4 – Worldwide product deployment and retailer integration
The Revenue Model:
Choice is building the next generation value transfer protocol, owned by Kiwi consumers and businesses. New Zealand will use the NEM blockchain technology globally for the benefit of everyone and Choice will facilitate:
- Pay merchants directly by scanning a QR code at the counter or generate a new one on existing payment machines
- Receive a percentage back in tokens
- Allocate real refunds to social causes and charities all over New Zealand
- Measurable impact for consumers and merchants
Business Model:
Choice has three models to generate revenue as well as to increase use of XEMs
- Business to consumer
- Business to business
- Business to government
Reference: NEM FORUM
