A more detailed proposal was shared in late 2017 with few central banks and companies in the Middle East, but no action.
Now, MasterCard is preparing to offer a solution to protect the identity of consumers at the point-of-sale: “People lose money from their credit cards in a mysterious way just because someone duplicated the card details at a point of sale. Globally, people lose more than $2 billion every year to credit card skimmers. Mastercard wants to solve this predicament using the blockchain.” https://blockchainflashnews.com/how-mastercard-uses-blockchain
PoSChain: a Blockchain-based private network for settlement of POS financial transactions and VAT Reporting.
- Reduce operational cost
- Increase profit
- Support cryptocurrency when permitted
- Immediate settlement (benefits to merchants)
- Prevent double debiting to customers
- Immediate reporting or collection of sales tax/VAT
- A minimal transaction fee to be charged to merchants; US$ 0.01 per transaction.
- A monthly support fee of US$10 per POS terminal.
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