Online shopping has indeed become more interesting for the ordinary Juan. A homegrown financial technology (fintech) firm has launched a blockchain-based e-commerce site in time for the holidays.
Powered by NEM and Proximax, founder and CEO Fruvy Rivera said CashCart.io would change the way Filipinos shop online because it is the only online shopping platform that provides opportunities for small and micro-entrepreneurs to sell their items online by solving their logistical issue of delivering their products to the consumers.
“The CashCart platform provides opportunities even to microentrepreneurs, like kutsinta, puto bumbong, or those who operate a small business at home to be our partner merchants,” Rivera said. “These small-scale businessmen have to fill-up the application online to become a certified CashCart merchant to sell their goods, items or services. They don’t even have to have a physical store to become a merchant.”
He noted one of the biggest challenges faced by micro businessmen is logistics. CashCart has solved this by integrating a delivery feature through its Pick-O app. This allows both the merchant and the buyer to arrange the delivery of products, goods or services. Since the app works like a Grab — booking-type scheme — buyers have the option for same day deliveries.
“This works best if you are selling or buying perishable goods,” Rivera added. “So if you are selling sandwiches and operates on your home, you can promote your products through social media and CashCart will arrange that you can expand your market reach through its delivery feature.”
He went on to say “It has a wide catalog from veggies in the wet market to gravel and sand for construction,” said Rivera in an interview with Daily Tribune. “Aside from the items for sale, we have a category of services, such that a dental clinic can list its services there, example: Tooth extraction – 500 per tooth and they will have a QR code.”
He explained once a user availed on the tooth extraction, payment can be transmitted using a QR code, and this would be deposited in CashCart’s internal escrow before being credited to the dentist’s account. The service provider could use the QR codes as proof that services have been delivered.
“The ‘internal escrow’ will then be triggered and the doctor will get his/her payment in CCNX token, or cash depending on their preference,” he added.
The use of QR codes protects both the seller and the buyer from fraudulent and bogus transactions. He explained a QR code is generated after each transaction is completed. The Pick-O delivery will scan the QR code from the buyer before an item is delivered.
Reward system and crypto community
Rivera explained, CashCart is also creating a cryptocurrency eco-system in the Philippines to encourage mass adoption of digital assets.
With their blockchain-enabled platform, buyers and sellers have the option to pay and receive payment in fiat currency or their CCNX cryptocurrency.
Buying from CashCart has a wide range of payment method, added CashCart Blockchain Lead Rom Brillantes. He explained the online shopping platform accepts fiats sources like credit cards, Visa, MasterCard, Paypal, as well as XEM and CCNX cryptocurrency. The CCNX is pegged at $0.02 per token or approximately P1.08.
Merchants automatically receive a reward of about 50 CCNX by merely registering with CashCart. They are also rewarded with CCNX every time they accept payment using the cryptocurrency, but they are not rewarded if they receive payment in fiat money. The same benefit is given to buyers who pay in crypto.
From a buyers perspective, Brillantes said they would earn 50 CCNX after creating an account at CashCart and completing the KYC (know-your-client) process. And even if the user is not ready to use CashCart or is hesitant to provide their credit or debit card details, he or she can still earn more rewards by helping sellers boost their listings or take job orders for stores.
Every transaction paid in CCNX brings rewards to the buyer, Brillantes said.
The earned or accumulated tokens could be used to buy more items in CashCart or even exchange them for cash, he said. In the future, this CCNX cryptocurrency could also be used to pay for services like tricycle fare, with the tricycle driver having the option to buy items sold in CashCart with CCNX.
“It will be a growing community,” Rivera said. “That business model will also help our merchants expand their market and earn more. With more people using CCNX and buying from them using the digital currency, they will have the opportunity to earn more.”
However, he clarified paying in cryptocurrency is only an option and is intended for the newbie in the crypto world to experience buying online using digital currencies through their platform.
“Thus we have a coaching academy. Here is the catch, if you will enroll in our coaching academy to learn how to use CCNX or XEM as a mode of payment, CashCart will reward you for it,” Brillantes said. The reward token could be used to purchase in the platform, he added.
According to Rivera, CashCart is also envisioned to empower micro-retailers by giving them expanded business opportunities. “We are not just offering the services of banking the unbanked, we are also helping the government achieved its goal involving the micro- small- and medium enterprises achieve financial inclusion,” he added.