INCLINE VILLAGE, Nev. - Phinge's® Netverse® looks to disrupt the banking and credit card processing industry by creating a parallel, rewards payment ecosystem with no transaction fees, enhanced security through hardware verification, and an integrated rewards system.
Its patented Netverse technology and through its PhingePay platform will enable a direct, commission-free, seamless payment process between businesses and consumers that bypasses traditional credit card networks and banks for all rewards transactions occurring within Netverse.
Reduced transaction fees.
- Netverse model: Phinge will not charge any commission from rewards used through PhingePay for purchases of good and services. This is more favorable to businesses than the high accumulated fees charged by traditional credit card processors, banks and the duopoly of App-stores through in-app purchases.
- Non-rewards purchases. All businesses and third-party platforms receive a free, minimum amount of no-risk, no-cost advertising for each of their offers and advertisements. Phinge will only take a 10% commission from the direct sales produced from them for cash payments made through PhingePay at the point-of-sale. Businesses and consumers receive a portion of Phinge's commission in the form of rebate and referral rewards.
- Legacy model: Banks and credit card processors (Visa, Mastercard, etc.) operate on an interchange fee model, where businesses are charged a percentage of each transaction. These fees, often 2-4%, can add up to billions of dollars in revenue for these financial institutions.
- Disruption: By moving transactions off the traditional network through rewards, Netverse could divert a significant portion of this revenue. A business that processes a customer's payment directly through PhingePay using rewards instead of Visa or Mastercard would save on fees and, in turn, offer more value back to the customer and its own bottom line.
Enhanced security and fraud prevention.
- Netverse model: Transactions on Netverse use hardware-based verification, confirming the identities of both the consumer and the business through Phinge's proprietary devices. This direct verification eliminates many of the fraud vectors inherent in traditional systems.
- Legacy model: Credit card transactions rely on authentication processes that are vulnerable to data breaches, phishing, and other forms of cyber fraud. This forces banks and processors to invest heavily in security infrastructure and pass the costs of fraud detection and chargebacks on to merchants and consumers.
- Disruption: Netverse's approach to security, which will be built into its patented hardware, could lead to a lower incidence of fraud and chargebacks. A more secure, verifiable ecosystem would not only attract more users but also reduce the costs associated with fraud for merchants and the payment network itself.
Integrated rewards economy and loans.
- Netverse model: The platform includes PhingePay, a universal payment system integrated with a universal rewards system. These rewards can be used for purchases anywhere on Netverse. Phinge also plans to offer interest-free, buy-now-pay-later (BNPL) loans to users, with future earned rewards used for repayment.
- Legacy model: Credit card companies offer rewards programs and lines of credit, but they are often tied to specific cards or networks. Loans are typically managed by a bank or a dedicated fintech company.
- Disruption: Netverse creates a more fluid, integrated, and self-contained financial ecosystem. Users are motivated to use PhingePay to earn and redeem rewards, while the BNPL feature provides an alternative to traditional credit products. This creates a compelling financial loop where users are incentivized to conduct all their transactions within the Netverse, effectively disintermediating external banks and processors.
Seamless, integrated financial management.
- Netverse model: PhingePay provides users and businesses with a single dashboard to manage purchases, transactions, and rewards across the entire ecosystem. This eliminates the need for merchants to manage multiple systems for sales, payments, inventory, and marketing.
- Legacy model: Merchants today typically use separate POS terminals, payment processors, and business management software. The data from these systems is often siloed, making real-time analysis and action difficult.
- Disruption: Netverse's unified approach simplifies financial management for businesses. It provides them with granular, real-time sales data and the ability to automatically trigger deals based on that data. For consumers, it means managing all finances—purchases, rewards, and loans—in one place.
Shift away from proprietary hardware and software.
- Netverse model: Phinge's proprietary hardware and software serve as a secure, closed ecosystem. Netverse cannot be accessed through traditional apps on devices from Apple or Google, meaning users enter through the Phinge hardware.
- Legacy model: Banks and payment processors are typically hardware and software agnostic, relying on interoperability across many different platforms and devices. This creates a dependency on external technology.
- Disruption: Netverse creates an end-to-end payment and banking solution built around its own hardware. This gives Phinge complete control over the entire user experience and the user permissible data it generates, rewarding users and merchants in a way traditional financial institutions cannot
Summary of Netverse disruption
Netverse's strategy is not to build a better version of today's App-based credit card and fintech platforms but to re-architect the entire fintech ecosystem and experience to benefit both buyers and sellers.
You may learn more about Netverse and its patented, magnetically attachable smartphones and devices by visiting Phinge's websites at
https://www.phinge.com
To get on a contact list please fill out the online form here
https://www.phinge.com/netverseai.html
About Phinge Corporation
Phinge was founded and through Netverse® is being developed to disrupt today's outdated App technologies, including the App-store duopoly, by partnering with and giving its users and businesses ownership and control of their data, enhanced privacy and a better overall mobile experience including their ability to monetize it.
Phinge through its upcoming patented Netverse App-less technology platform with proprietary AI, will be a better, safer, verified and rewarding alternative platform and technology for users and third party businesses and developers to today's App stores, operating systems and ecosystems of Apple, Google and Android.
Netverse will not be an App or Super App that resides on the major technology platforms of today.
Instead, it will be a standalone, all-in-one, app-less platform, accessible only through Phinge's revolutionary, patented, Mobile Hardware which includes Magnetically Attachable/Detachable Phones, Tablets, Mobile Gaming Systems and peripherals like the stylish, wireless earbuds with interchangeable batteries and built-in sensor screens for continuous usage without recharging. Smart Watches that never need to be physically charged as they come with stylish external, interchangeable bezels with built-in rechargeable batteries and come in a variety of colors, patterns and finishes.
Netverse will be a verified, centralized-decentralized platform.
Centralized in the way it provides universal safeguards through verification of all users, businesses, organizations, entities and IP through Phinge's patented Netverse technologies and hardware.
Centralized because Phinge and Netverse will be compliant with all government regulations regarding data and privacy.
Decentralized because all third party platforms will be compliant with all government regulations regarding data and privacy as soon as they are verified and join Netverse.
Decentralized because its users, businesses, organizations and entities will have the power to live, work and thrive in a verified world.
Netverse will benefit all verified users and approved, verified third party businesses, developers and platforms on Netverse in ways not possible with today's technology including total verification of all users, businesses, organizations, platforms and entities.