Financial Wallet operations include:
- Pay Vendor QR allows the user to scan the Retailer/Vendor QR or use phone’s NFC and get the vendor’s details to pay. The user then pays the amount using online or MP cash tokens. When online, the vendor will get the payments details immediately. The vendor will get notification or SMS that the payment was provided. All communication and the QR code include encrypted data.
- The Generate QR Code Pay allows others to pay you when they scan the QR code from your phone. You provide the encrypted account details and the amount. The paying user, use the first option (Pay Vendor QR) in order to pay you.
- The Pay/Credit/Debit card will encrypt your selected payment card data and provide it to the vendor/retailer. He users MoneyPINs app to clear the payments in a conventional way.
- Pay MP Cash enables you to transfer cash notes that are digitally signed and encrypted to the payee when offline or no internet connection available. The payee can verify the notes without internet connection. However, secondary verification occurs when Internet connection is established.
- Pay with bank account uses third party library and need to be coordinated with specific banks that agree and signup with MoneyPINs
- Deposit cash will deposit MoneyPINs cash available in your MoneyPINs Debit account back to the bank of your choice. 8. My transactions will list all MoneyPINs transactions for the last 3 months.
MoneyPINs app enables users to QR Scan or use Contact-NFC over posters posted on participating retailers doors/windows/counters/cash registers/item shelves. When using the app users can use the scanner to scan the QR Code on the door front of the retailer or use the phone’s NFC. Once connected to particular retailer all future updates from the retailer will be delivered to the user (Coupons, Flyers, Events, and Notifications). The user can disconcert from the retailer any time when he/she elects to do (Setup/Retailer)
Note: MoneyPINs Electronic Cash (several pending patents) as opposed to Bitcoin, is digital currency of a fixed value, not speculated, has unlimited minting issues and can be validated at POS and later online. In many ways it is equivalent to paper money and it can also be printed by owners and used like any other currency notes. The currency can be subject to supervision by a central bank or organizations and financial institutions can be empowered to issue the money to their clients. The issued money can be verified off-line and once back online the currency and ownership is centrally validated. MoneyPINS Payment Methods are encrypted and non-repudiated. Each payment token include payer’s payment information and will need MoneyPINs front-end and backend schemas in order to be processed.