GXXD Pay Revolutionizes Everyday Payments
When I began working on GXXD Pay I set out to solve the problem of credit/debit and bank relay processing. It’s an archaic, slow, fee-ridden vulnerable system that has frustrated me as a merchant and user for years. My experience as both an ecomm and brick & mortar merchant as well as my familiarity with China and the monumental rise of Wechat/Alipay sent me on the path to solve the backward way we pay for our goods and services here in North America.
I’ve been lucky to have advisors that push me to keep digging and find the solution that truly solves the problem. One advisor suggested I look at stable coins as a solution. I listened to the concept he proposed and began to look into it further, diving deeper and deeper into the concept. After a month of research and meetings I’ve worked out a solution that sincerely has the capability to get GXXD Pay completely out of the problem and into a space that is progressive, revolutionary and liberating for payments. The blockchain! This revelation has completely engulfed my every waking moment with excitement and push to bringing the MVP for this payment system to market.
Use Case: A user transfers USD from their bank account onto their GXXD Pay account. This USD is then exchanged for GXXD Pay’s digital currency that is 1-to-1 USD pegged stable coin. The digital currency (stable coin) is used for all transactions in the payment ecosystem on the blockchain. The user buys a coffee at the coffee shop by scanning QR with their mobile device and the digital currency is exchanged between the user and the coffee shop’s GXXD Pay account on the blockchain. When the user pitches in on some pizza they p2p with the digital currency in their account. There are no transaction fees for any of this, 0%! Merchants are being charged 3% for all transactions with credit/debit and having to wait days for those funds to be settled and in their account. This 3% savings on merchant transactions coupled with the fact that chargebacks will not happen in this payment system and merchants loose avg. 2% a year on chargebacks gives merchants 5% savings annually in the GXXD Pay ecosystem. Merchants can transfer from their GXXD Pay account to their bank account daily giving them liquidity that just isn’t possible in the credit/debit system.
This use case is only the beginning. There is a multitude of benefits with our USD stable coin/blockchain model that can project the ecosystem beyond payments. GXXD Pay can provide a better system for payments to utilities, travel, subscriptions and products like loans, leases and insurance.
I’m determined and obsessively motivated to make payments better here in the US and North America. It’s time to move forward and GXXD Pay is the progressive, revolutionary and liberating payment system to launch us into better.