Through time, payment has gone through many changes from bartering and livestock to gold and paper money. As technology evolves and society’s needs change, our most notable modern day change would be the transition away from physical cash. But throughout history there has always been difficulty and a transition period for people to adopt new payment methods. Likewise for cashless payments, it experienced its first hiccup in 2017 where adoption wasn’t growing quite fast enough. Many factors such as government regulations and thinning profit margin for merchants became an obstacle for the adoption of cashless initiatives, which proves fatal for mass adoption. In addition to that, people did not trust the technology behind it largely because they did not understand it and in general, the technology was not mature and people were just not ready to use it.
Fast forward to today, China’s cashless initiative has boomed due mainly to its currency fraud and new low cost barriers that drove small merchants to adopt new technology to fight fraud. China’s third-party mobile payment market reached RMB 47.2 trillion ($7.01 trillion) in trade volume in the fourth quarter (Q4) of 2018, a 7.8% quarter-on-quarter increase, according to a report from Beijing-based market consultancy firm Analysys.
Under-developed countries, where banks are not readily available or are inefficient, welcome new payment systems with open arms and are on the rise. In this new found wave, cashless payments is growing faster and bigger than before.
Consumers are currently better educated with cashless payments and have begun using methods such as Visa’s Paywave, China’s WeChat and many other forms of payment. With mass adoption on the horizon, it is time for businesses and small merchants to adapt and be ahead of the curve!
The next foreseeable problem would be cross-border limitations of these new applications, of which Kozjin has identified the void in this market space and proposed a solution through the utilisation of cryptocurrency. The Kozjin app will be able to facilitate crypto transfers between user without additional fees, including merchants that are within Kozjin’s ecosystem.
In our upcoming app update, Kozjin app will introduce a new UI with the following features:
- Send, deposit, access and manage crypto instantly
- Track tokens & currencies with analytics
Followed by our next major update, version 2.0 which will unlock new features such as:
- Ability to buy and sell supported crypto besides KOZ through the app
- Kozjin card application/registration
- Quick exchange [token conversions allowed]
- Kozjin chat allows users to communicate with each other, sending photos, files, audio messages, and supported crypto transfer
Not only will cryptocurrency solve this market gap but also unshackle the boundaries of current payment systems. Start this journey with Kozjin as we build a community of merchants and consumers within our ecosystem.
Join us at Kozjin, as we welcome people from all walks of life, industries and experiences — we want to hear what you think and be part of this journey. Like our facebook page or join our telegram group for latest updates.
