5 ms·

So is the point of the coins to reduce the cost of credit card fees per transaction? If I can buy $20 worth of coins with a $0.30 + 3% fee, I can then pay a me

by Osiris 14y ago

So is the point of the coins to reduce the cost of credit card fees per transaction? If I can buy $20 worth of coins with a $0.30 + 3% fee, I can then pay a merchant as much or as little as I want with no additional fee. The core problem seems to be that credit card fees aren't structured in a way to support small payments (<$5).

sauravc 14y ago
Micro-transactions are one of the advantages. (Micro-transactions in adult were basically unfeasible before MiKandi, since no adult payment processor would allow a charge below a certain threshold (usually $5-10).) But virtual currency has other advantages. For example: points can be acquired via offer walls (no credit card at all); it can be bought as prepaid bundles anonymously (via third party stations); they avoid charge back issues (refund points instead of dollars to the credit card); they can be given out easily (had a crap experience? have some extra points); and can be traded for other virtual currencies (just like real currencies and third party exchanges).