Initiative compensation 50% tariff
Technopark "ECO Standard -GE" came to the government level of Georgia with the initiative "About 50% compensation of the" sea fare "for Internet retail in China, Europe and the USA, as well as the creation in the territory of the Technopark" ECO Standard -GE HABA- 65 000 m2 (5 construction phases).
How did such an initiative become possible?
In March 2019, all large UK and EU retail banks opened access to their OpenBanking API for both viewing and payments. The absolute majority of non-cash payments in the market of consumer payments and online payments in the EU and the CIS pass through VISA & Master bank cards. The cost of processing online transactions is very high, from 3 to 4%. When making a purchase, the recipient always uses the cards, which earn as much from the transactions as online retailers use the same 3-4%.
Reducing the cost of Internet retail and end-user is an authorization system for direct payments from the buyer's bank account to the seller’s bank account (A2A).
The advantages of the system for the buyer:
- Security (no need to transfer card data);
- Convenience (only need a phone and a bank account);
- Automatic accounting of cards and loyalty programs for each payment;
- Free payments to friends and family by phone number;
The advantages of the payment system for the seller:
- Automatic issuance of loyalty cards for each purchase and feedback from
by the buyer.
Advantages of the payment system for customers and residents of Technopark:
The low, almost unimportant cost of the services of the innovation system and settlements in it for the buyer (0.5, not 3%) is a huge impact on the amount of the net profit of the investor, allowing you to perform various logistical activities of Internet operators - absolutely free.
The scheme of the innovative payment system Technopark:
A universal API is being created that will allow linking an existing bank account to an application, with the help of which it is possible to make A2A payments from any European or CIS bank directly, to an online or offline retailer account. The API also includes the server part, which allows an online or offline retailer to receive an A2A payment, bypassing the processing of VISA & Master card systems.
That is, in the online store, an additional button should appear in the "Checkout" section that will allow the online store to issue an invoice with the usual bank details, and the client (using the application to which his existing bank account is linked), with one click, pay online store account. Further payments are made through the existing channels of interbank payments with a minimum commission of 0.5%.
Offering online retail to our warehouse site in Georgia (for handling, handling, forming, sending and insuring packages), we bind our customers to our A2A payment service (without a bank card) as a possible, but not the only option to pay for online purchases , but with less risk and lower commission 6 times!