Company Biser has recently signed an agreement with a bank to launch the first cryptocurrency credit card in China. The latter is a smart bank offering efficient and effective solutions as a one-stop bank, while Biser is the ultimate social app that also allows users to process payments within the same platform.
This social media application runs entirely on blockchain technology as a decentralized platform, benefitting from that extra security and privacy that only this technology can provide. The Biser application is meant to be the ultimate communication tool at a global level, which also offers the possibility to pay for goods and services all in one place. A digital wallet is integrated within the app, meaning that users can easily deposit their cryptocurrency of choice in it to start purchasing products or services.
Every payment processed via Biser presents the lowest transaction fee, beating the usually exorbitant card transaction fees. Via the app, anyone can transfer funds to friends or family, by simply selecting the recipient of choice from the contact list, entering the amount desired and then authorising the transaction with two security methods. Ensuring safety for each transaction and the certainty that the funds will not be intercepted by third parties.
This same app also allows users to top up their digital wallets with fiat currency or cryptocurrencies such as Bitcoin or Ethereum. Biser focuses on better integrating crypto as an everyday payment method, as such the app allows individuals to purchase cryptocurrencies easily and quickly.
Thanks to the help of Blockchain technology, privacy remains at the utmost level due to the personal identity of each user not being exposed. To identify Biser users an ID is generated every time the application is used, with the ID being stored only within the application and being only known to the people one chooses to share it with. Placing the control of one’s privacy back to the user instead of it being in the hands of the application’s developers.
The app presents itself as trustworthy as users can communicate directly with each other and never need to share personal details with third parties to access Biser. None of the data shared will be used for commercial purposes, a key point that differentiates this social and payment app from other competitors.
The whole system is completely decentralized, with the core technology including a network of peer to peer nodes without any central server. Meaning that any payments or transfers are carried out safely and anonymously, ensuring that no one can intercept the funds or hack the wallet. Each transaction is carried out via smart contracts on the Ethereum platform, while the end to end encryption and P2P connections between applications ensures that there will never be interception of user correspondence.
The Biser platform provides a unique payment card which allows all Biser token holders to spend any cryptocurrency in any of the shops that support Mastercard or UnionPay card. Ultimately allowing individuals to start using crypto as a currency that they can access for their daily payments. The merchant would usually pay from 0.5 to 3% as a merchant discount fee for every transaction they accept. This fee is consequently split amongst his bank, named as the acquiring bank, the card scheme and the issuing bank. The fee that has been paid to the issuing bank is also known as the interchange fee. Usually, that fee would be seen as plain profit for the issuer, or also often used to give rewards to users in the form of air miles or similar benefits. At Biser, instead, users are rewarded with tokens for every purchase, allowing them to become a token holder. Consequently, token holders will receive an incentive of the entire payment volume on the Biser payment platform. The plan is to continue distributing further rewards to all users and token holders.
Therefore, the individuals using the Biser card will be able to use their cryptocurrency tokens to purchase physical and virtual goods and services. This chosen bank uses the same Blockchain technology to provide complete security and transparency, always keeping in mind their customers to guarantee low costs and efficiency. As such, the two companies meet together with the same goal and guarantee a credit card that allows individuals to use crypto for everyday payments while always feeling secure and being able to access the services quickly and easily.