Mobile Payments Technology SmartCash Makes a Move on Brazilian Markets
We’ve heard about mobile payments and wearable technology before, and it’s always been a little underwhelming, especially given that the technology in question is generally seldom-used. What if, however, there were a wearable mobile payments technology that actually did go into widescale use? What if that same technology was built around a cryptocurrency? The resulting combination might be downright unbelievable…if it weren’t already happening. It’s called SmartCash, and it’s recently tipped us off about some moves it’s been undertaking.
Recently, the SmartCash system, along with its SmartBand wearable payments system, was adopted by close to 2.5 million merchants in Brazil, giving it a substantial presence in the field. The SmartBand system is a wearable bracelet that’s used as a near-field communications (NFC) system to serve as a payment processor on the store level. It can not only load SmartCash, but it can store it and use it as well.
Now, SmartCash is working to expand its reach by evangelizing, in a bid to spread the word about the successes already enjoyed and those likely to follow. The good news is that the company has a lot to work with; it’s already cut transaction fees down to under $0.001 per transaction, brought out username-based addresses for transfers and more.
It’s also got quite a bit waiting in the wings to bring up, including the SmartCard system, which ostensibly works like SmartBand, but in card-based form. It’s poised to “…further fix and improve upon the current limitations and drawbacks of conventional payment methods.”
Given that, by 2020, there are expected to be 726 billion digital payments taking place worldwide annually, having a simple, inexpensive, accessible and user-friendly system would likely be something in demand. While this system is built around a cryptocurrency, which may turn some users off—there are surprisingly few people who even know about cryptocurrency to begin with, and many who do know about it don’t trust it, considering it the domain of criminals—the fact that it’s worked so well in Brazil already may give it an edge.
Only time will tell how well SmartCash and its various properties work, but there’s certainly some advantage on its side that it may be able to put to good use.