Cryptocurrency Debit Card By MoxyOne Asks, "What's Not In Your Wallet?
MoxyOne claims to be the first debit card for cryptocurrencies, allowing users to spend tokens in more than 44 million locations worldwide – essentially, anywhere that accepts debit cards.
The system doesn’t require the retailer to deal, exchange, or even be aware that the customer is paying in cryptocurrency for tangible goods and services.
The company is developing an application and is set to issue physical debit cards to its customers and will also allow for payment using mobile device payments. MoxyOne is also white labeling its services, allowing companies to incorporate a financial infrastructure within their existing ecosystems that gives their token holders an opportunity to spend their tokens.
The system features a debit card, wallet system, and virtual debit card. The company’s own SPEND token holders from its planned March 14 initial coin offering (ICO) will have the opportunity to use the MoxyOne infrastructure with some additional benefits, including a rewards system and negligible fees.
Co-founder Tanshul Kumar answered a few Block Tribune questions about the card.
BLOCK TRIBUNE: Explain how your system works.
TANSHUL KUMAR: MoxyOne is building a white label solution so that any company or ICO that issues cryptocurrencies may use our infrastructure. Our system consists of physical and virtual debit cards, wallet infrastructure, payment systems, APIs and much more. In short, this means that companies can approach MoxyOne for a branded debit card to distribute to their token holders so that they may spend them as fiat in the real world.
From a user’s perspective:
1. User goes to buy coffee.
2. User taps/swipes their MoxyOne card at the EFTPOS terminal.
2. They then choose which token to use for the transaction, or lets MoxyAI decide the best option.
3. MoxyOne processes the transaction through its system (utilising the unique JITF protocol) and the merchant receives the requested fiat amount.
4. User’s tokens are deducted and transaction is complete.
From MoxyOne’s perspective:
1. MoxyOne system receives a transaction to process through micro payments channels and sends request to the Liquidity Provider.
2. The Liquidity Provider takes the cryptocurrency in exchange for the requested fiat amount and forwards the money to the merchant.
3. Merchant processes the transaction.
4. MoxyOne deducts the user’s chosen cryptocurrency + fees (in SPEND) from their account and records the transaction.
BLOCK TRIBUNE: What will someone need to do to obtain a debit card?
TANSHUL KUMAR: People interested in the MoxyOne debit card will need to apply and pass basic KYC checks. The cost for the debit card will be paid in our native tokens, SPEND. Partners utilizing our infrastructure will also have to go through verifications and a comprehensive KYB (Know Your Business) procedure. Further checks and verification may be required depending on the companies location to make sure all local and international laws/regulations are upheld.
BLOCK TRIBUNE: How will you make money? Is there a percentage charged the merchant and the customer for each transaction?
TANSHUL KUMAR: Each transaction made will involve a fee that will be charged in our native token, SPEND. Merchants do not incur any kind of fees for transactions. MoxyOne partners will also be required to pay fees in SPEND tokens for their user’s transactions. In addition SPEND tokens can also be used to make purchases as fiat.
BLOCK TRIBUNE: Why are the SPEND tokens needed? Couldn’t this just be done with a debit card and the liquidity provider?
TANSHUL KUMAR: SPEND is needed for a few different reasons, firstly being to sustain the MoxyOne infrastructure and fund further expansion and development of the company and network.
We also chose to use our own native currency on the platform for finer grain control as we can maintain negligible fees for our customers as the price fluctuates. SPEND will have a maximum supply of 50million tokens and no new tokens will ever be created allowing us to have a stable price determination when compared to other tokens which are volatile. Having our own native token also assists with setting up the off-chain solution (micro-payments channels) for near instant transactions within the MoxyOne system.
BLOCK TRIBUNE: Will you white label debit cards as well as your ecosystem?
TANSHUL KUMAR: The white label feature extends to the wallet system as well as the platform including fine grain control of KYC processes and support. All future updates and features will also be automatically pushed to the partners white label version of the system.
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