PAYMYNT, a mobile commerce company, has recently announced a patent pending universal payment rewards system. The PAYMYNT platform is a one-stop solution for shopping, savings, and rewards. With built in digital wallets, users can earn cryptocurrency by shopping at thousands of stores.
PAYMYNT Patent
PAYMYNT, a financial technology and mobile commerce company, has announced a patent pending universal payment rewards system. In a push to let everyone “be their own bank,” the PAYMYNT app is leveraging blockchain technology, cryptocurrencies, and a universal rewards program. Michael Rosa, the CEO of PAYMYNT stated that:
“Today’s reward systems are fragmented and do little to benefit the consumer. Our universal rewards system unifies all consumer spending into one easy-to-use application while offering customers the freedom to choose how they want to earn, save, spend, or send their rewards.”
The company stated that users can download the PAYMYNT app in the Google and Apple stores at the end of this year. It is believed that the app will have the appropriate infrastructure in place to support online shopping, digital banking, peer-to-peer payments and financial investments under one roof.
The Process To Earning Rewards
When users shop online at thousands of stores, they are eligible to earn cash back and “MYNTs.” MYNT coins are the companies universal rewards incentive that are granted to spenders. With MYNTs being stable and finite, they can be used in the following ways:
- They can be saved
- They can be redeemed for gift cards
- They can be used on future purchases
- They can be reinvested to grow additional earnings
In addition, MYNTs can be sent to anyone in the world at virtually no cost. Unlike traditional banking, these transactions are private and happen instantly. MYNT coins offer this digital alternative due to being cryptographically programmed on the Stellar Network. By leveraging the Stellar blockchain, MYNT transactions are highly secure and eco-friendly.
Who Will PAYMYNT Compete With?
Top competitors to PAYMYNT will be Rakuten, Honey, and Lolli. Rakuten is the largest e-commerce site in Japan, with a market cap of $13.5 billion. Honey is a browser extension that automatically finds and applies coupon codes when shoppers are ready to pay. It is important to note that both Rakuten and Honey do not reward users in cryptocurrency to date.
Lolli is a sole competitor that has made a splash into digital currencies. Lolli is a rewards application that rewards shoppers in Bitcoin. With PAYMYNT gearing up to roll out various features, we can see how the company will ultimately stack up against its competition.
PAYMYNT Brand Partners
With over 2,000 name brand retail partners, PAYMYNT gives shoppers the ability to leverage some of the most popular stores. According to the companies website, some of these partners include:
- Walmart
- Target
- H&M
- Sperry
- LOFT
- Macy’s
- Microsoft
- LEGO
- Nordstrom
- BEST BUY
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