Paymency
Financial Services - San Diego, California, United States
Paymency Employees
Paymency Details
Unlike all FinTechs and banks, Paymency provides consumers a better way to hold, spend, and manage their money as we drive card fees toward zero. We do this with what we call a new challenger financial system (ecosystem). A Challenger bank is only one aspect of Paymency.Our primary source of income for the foreseeable future is our new low-cost mobile payment network that is outside of current card networks. Our primary source of distribution is through large retail merchants using their merchant apps. Paymency is all mobile, no plastic, no paper, and 50% to 90% lower cost for merchants and always free for consumers, including the unbanked and homeless. Yet, our merchant payment network earns 2x to 6x what Visa earns. Paymency is an amalgam of the successful Chinese payment app model and the large US merchant led, Merchant Customer Exchange MCX (2012 – 2017) that failed to launch after years of development. With Paymency, merchants replace card-issuing banks in payments as Alipay and Tencent replaced the need for issuing banks in China. In a first, we benefit selected merchants by sharing in our transaction fees for opening payment apps. Merchants will hold the consumer funds safely in participating banks and other financially strong participants that are nodes on our Blockchain Clearing House. Because we do not offer all banking and consumer financial products directly, to complete our new financial ecosystem, we need to make all product alternatives available to consumers. Our solution is automatic enrollment in our financial marketplace platform to help consumers source financial products. To assure a wide product selection all banks, and financial firms will list and sell products at no cost.Most Fintech and challenger banks focus on volume and high merchant card fees with limited prospects for profitability. Paymency is designed to be a very profitable model for all participants.
Paymency Technologies
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