The Better Way to Pay: Blockchain Payment Through Kinekt Terminals
Problem Overview
The original design and development of bank card terminals were based on technologies of the time (1979), including the core intention to exclusively process digital card payments on behalf of baking industry participants. Ever since bank card terminals slowly evolved over time, becoming more established without considering that a new generation of terminals using technologies related to the internet and blockchain would become possible.
To date the original design and functionality have basically remained the same except for some changes on the front-end, where customer interaction with the terminals have moved from a swipe, to a dip and recently a contactless tap. Additionally, some improvements were also made on the security side through the introduction of Bank Card Chips, Host Card Emulation (used by mobile payments) and Card Tokenization etc.
Bank Card Terminals Problems:
- They are EXPENSIVE to buy, they have high transaction costs, and high charge back risks.
- They exclude 3rd party (including blockchain) related transactions and services
- They require sensitive bank card credentials to be handled and transmitted.
- They prohibit transactional data collection and direct marketing opportunities.
- They require a handset or bank card naked payments are not supported
- They are considered costly / unfeasible for low end under / unbanked markets
Solution Overview
KINEKT solves the above and other current market related problems by way of a low cost Blockchain Integrated Terminal that is entirely Customer, Service & Technology Agnostic. KINEKT is a patent(s) pending solution comprised of the following basic functional units;
- KINEKT Terminal
- KINEKT Cloud Platform(s), which are connected to one another using a combination of centralized and blockchain networks.
The KINEKT Terminal solution:
1. Customer Agnostic because it provides a low cost, simple, secure and foolproof way for the ANY conceivable end-user customer to transact at physical points of sale using just a fingerprint regardless of social or economic standing.
2. Service Agnostic because it provides a remote cloud server platform for ANY conceivable 3rd party service provider to plug into so that their customer base can transact at participating merchant points of sale.
3. Technology Agnostic because it works with any point of sale, and does not require customers to have specific handsets or bank cards etc — to participate only a cellphone number and fingerprint is required.
Although cell phones, bank cards and QR codes can be included as part of the transaction process, the idea is to move towards Naked Payments. Naked Payments are transactions where a only a fingerprint and secret PIN are required.
Additionally, value is added through the use of Artificial Intelligence. Kinekt leverages AI and Machine Learning to select a customer’s preferred card service(payment and loyalty) for every point of sale. Kinekt Terminals include the option to change payment options and preferred card settings through the use of an application online, at home, or through a Kinekt Terminal.
