INITIATIVEQ PAYMENT MODEL ACCEPTED WORLDWIDE!
Initiative Q payment model
Initiative Q is building a modern payment network that will bring together the best ideas, innovations and technologies developed in recent years. The Q payment network will guarantee secure, fast and inexpensive transactions using a global currency.
Many of the ideas that Initiative Q will take over already exist to a certain extent, but so far they have not been well received and no universal system integrates them all. This is due to the classic egg-and-chicken paradox: no buyer wants to join a new network without sellers, and no seller will offer a payment option that no buyer uses. Initiative Q will be able to overcome this obstacle by distributing its currency, the Q, free of charge to the first users , as an incentive bonus for its adoption and use.
This document gives you an overview of the innovations and improvements made by the Q payment network.
Applicability worldwide
Proven solutions
Q initiative
Ease of use
Cards and money in our portfolios are obsolete tools for identifying us and keeping track of our savings. These media can easily be integrated into a smartphone. It's easy to get into a store without your wallet and have your payment account identified in no time using digital methods such as a QR code or audible code. You can use an RFID sticker on your phone as a substitute when the battery is discharged.
Cash payment can be even simpler. With the Q app, you can enter a store, scan the barcode of the items you want using the phone's camera, and then simply leave. In restaurants, you can simply leave the table once finished, while your phone pays the bill directly with your server. You do not have to wave to the server and fall behind.
No more need to fill out forms every time you visit a new online store. Once you authorize your device, you will be automatically identified and can confirm the payment in one click.
Companies such as Apple, Google and Amazon have developed these features, but they are only used in a small part of transactions. Initiative Q will make sure to generalize them.
Fraud prevention
Vendors spend 8% of their revenue on fraud-related costs.
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Every case of fraud takes money out of the system and forces sellers to take costly precautions; expenses that end up having repercussions on buyers in the form of price increases. There is, however, a wealth of information and technologies that can significantly reduce fraud once integrated into the payment network.
We already have access to remarkable technology. Our smartphones are equipped with fingerprint sensors, a GPS, a camera and a microphone capable of recognizing our face and our voice, as well as the most advanced encryption functions. All this can be exploited to implement ultra-secure multi - factor authenticationmethods , so as to significantly reduce the risk of identity theft.
Compared to the very basic Address Verification Service (AVS) used by payment cards, which only compares the characters of the billing address, the payment network Q will be able to verify more information more accurately. It will also be able to integrate more modern sources, such as social network accounts.
Initiative Q can also use the latest algorithms to analyze the numerical behavior of individuals; technology currently offered by companies such as Forter and Riskified , but which concerns very few transactions.
Using a centralized payment page for all Q users will help establish appropriate and inappropriate patterns of behavior. As a result, the evaluation of fraud will be much more reliable than if it were performed by a single vendor.
The above technologies are already accessible and only have to be integrated by Initiative Q. However, the payment network Q has its own particularity. Since each new member must be verified by an existing member, who may lose their premium in case of fraud, the Q payment network will build a network of trusted relationships available to verify transactions. For example, the system may require a trusted friend to contact you directly to verify that you have authorized a transaction for large or suspicious purchases.
Promote good business practices
Today, too much of retailing is based on misleading practices: when the seller is aware that the value to the buyer is lower than it seems or when the final cost is greater than the price presented for example. These practices include free trials that result in paid commitments without warning, sudden price changes, and the promotion of products that promise false promises or misleading advertising.
In the end, this situation hurts all parties involved. It creates skepticism among potential customers, who must remain vigilant at all times, and undermines legitimate businesses that compete with offers that are too good to be true and end up being squeezed out of the market. All this only penalizes the consumer a fortiori.
Q will go beyond standard customer protection legislation. Our project will create a network where buyers will no longer have to worry about scams and sellers will be able to focus on quality rather than alleviating these concerns.
How to achieve it? By ensuring that fraudulent practices legitimately justify the cancellation of a transaction, thereby encouraging sellers to share all the information that can reasonably be expected to influence purchase decisions, even if the law does not require it. Initiative Q will also require client confirmation for any changes to payment terms, such as increased fees.
In addition, buyers will see customer reviews on each seller's checkout page to ensure better service and encourage respect for both sellers and buyers. Only Initiative Q is able to guarantee that valuations are provided by verified buyers who have actually made a purchase from this seller, thus avoiding the problem of false valuations that extol a company or discredit the competition.
Through these measures, the Q Payment Network will provide buyers with an environment where they will no longer have to worry about scams and where sellers can focus on creating value for buyers.
Reversibility and arbitration of disputes
No matter how good a system is, if the human being is involved, there will be mistakes and misunderstandings. That's why reversibility ( one of the limitationsof Bitcoin) is so important . Allowing cancellation of transactions benefits both long-term buyers and sellers because customers are more likely to enter the market when they have protection. Moreover, since payment cards already have this feature, any system that seeks to supplant them will have to provide similar guarantees.
The Q payment network can also integrate an automated dispute resolution process, with a user-friendly interface that allows users to file claims and download supporting documentation.
Disputes that can not be resolved automatically may be assigned to a trained representative, who will investigate whether Q payment network rules have been violated. If the agent finds that the seller is at fault, the transaction may be canceled, but if both parties have acted correctly (eg, unauthorized billing), the buyer can be reimbursed by Initiative Q.
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This reimbursement may come from a global pool of insurance financed by transaction fees.
Parental / Departmental Controls
Sub-accounts can be easily opened to send funds, authorize expenses and provide easy access to the complete transaction history. This is the ideal solution for kids or expense accounts that require control. Using a similar feature, it is easier to share restaurant, utility and other common billings.
Reports
Buyers can have instant access to the complete history of their transactions, including specific dates and locations of their authorization, the verification method used, a copy of the invoice, product details and images, tracking data delivery, an instant messenger service to communicate with the seller and a link to the Initiative Dispute Resolution Forum Q. All of this would mark a significant step forward in the lack of clarity of the references and headings of the payment card statements. current.
Allocation of credits
By combining the latest technology and analytical methods with the information provided by users, we can establish a much more precise and equitable allocation of credit. More data and a more nuanced application of these data allow for more informed decisions. For example, new users may be evaluated based on the reputation of those who validated or associated with them. This would significantly improve the current credit rating system, which relies solely on payment history, keeps inaccuracies for long periods of time, and contributes to higher debt .
Universal access to payments and microfinance for the disadvantaged
Worldwide, 38% of adults do not have a bank account. In some regions, it is much higher: more than 60% in Colombia and Peru and more than 80%in the Middle-East. Similarly, access to basic financial tools and microfinance is very limited in many of the world's poorest regions. Initiative Q will allow people around the world to make deposits, purchases, sales, money transfers and investments without ever using the services of a bank. This solution includes effective microcredit operations that can help change people's lives. Initiative Q reduces prices for all with lower fees and no hidden costs, including remittance and other transfer fees. Unlike cryptocurrencies, Q's operational mode does not result in energy losses or environmental damage.
Transaction costs
Cash money remains the most widely used retail payment instrument. It is used in 32% of transactions in the United Statesand 79% in the EU . In a survey of payment methods in Asia, 57% said they prefer to use cash . This reliance on paper comes at a cost: printing, storing, transporting and sorting paper takes time and money. The use of cash alone is estimated to cost about $ 100 billion a year in the United States . Checks are not much better, as their processing costs tens of billions of dollars a year to US companies.Clearly, moving to a digital system would bring huge savings.
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Credit and debit cards avoid these problems, but bring other high costs because of their use of obsolete technology.
Given its centralized system, its single currency and its all-digital operation with the latest technologies, Q transaction network transaction fees can be much lower. In addition, by reducing fraud and fraud attempts, Initiative Q can also significantly reduce the hidden costs that result in higher product prices .
Universality
We live in a global economy. Everything must be connected. Finally, there is a solution: Initiative Q
Q Payment Network offers a centralized system for instant payment, sales and transfer services around the world. The same currency (Q) is used on all continents, thus avoiding exorbitant foreign exchange costs.
LAB - Fight against money laundering
If the payment systems industry is so complex, it is mainly because of the obligation to comply with anti-money laundering regulations. That's why international transfers can take several days and cost between $ 20 and $ 100 each.
The Q currency comes exclusively from the Q network and, therefore, every Q can be traced back to its source, which exempts us from LAB procedures and paves the way for instant international funds transfers.
An efficient market
Today, a large portion of purchases come from the seller's promotional efforts, even though the majority of these investments are unsuccessful. As a result, consumers are constantly bombarded with useless messages that take up their time and attention and drive up product prices.
Through a strong study of buyer profiles and transaction history, Initiative Q can revolutionize market dynamics: instead of trying boldly to convince consumers to buy their products, the strategy will be to identify their real needs to identify at best their real needs.
Content monetization
The complexity and costs of today's payment systems prevent small, immediate payments of content, forcing their creators to rely on advertising revenues. A universal, inexpensive digital payment system can finally allow users to enjoy ad-free content, paying only a small fee, in the order of the amount generated by an advertisement (usually a fraction of a penny per page or video).
Architecture
Initiative Q ambitionne to become the first global payment network. For this, we will have to implement worldwide, while respecting local regulations and offering quality customer service.
To achieve this goal without delay, Initiative Q will focus solely on technology, standards and regulations, and will delegate financial management to hundreds of local agents. They will be responsible for customer service, member fund security, local store relationships, legal compliance and transaction tracking with other agents.
Agents compete to manage members' accounts (buyers or sellers) and receive a small commission for the transactions they process. A typical transaction of the Q payment network is as follows:
The buyer goes to a store or to a seller's website.
Online, the buyer chooses the payment option Q and is identified by the payment network Q.
In a physical store, the Q application of the buyer's smartphone connects to the vendor's point-of-sale system, which forwards the details of the transaction to the payment network Q.
The application requires the approval of the buyer. Depending on the size and risk of the purchase, additional security measures may be required (see details above).
The buyer's agent is informed of the transaction by the payment network Q.
His server verifies that the buyer has enough Q (or credit) to settle the purchase and, if so, notifies the seller's agent.
The seller receives a notification informing him that the transaction has succeeded and provides the product or service to the buyer.
All agents settle their remaining balance on the internal network Q at regular intervals. This regulation can use a blockchain registry to take advantage of cryptocurrency benefits while preserving customers from their many imperfections ( learn more about Initiative Q and cryptocurrencies ).
Current payment networks rely on outdated technologies. They are several decades behind in terms of security, usability, reporting, and credit management, resulting in high costs and overhead costs. By distributing its currency to the first users, Initiative Q strives to overcome the obstacles that have prevented the adoption of many payment innovations for years.
If a generalized, easy-to-use, faster and more secure system is widely available, it will quickly become the preferred method of payment for sellers and buyers.
Place in Initiative Q.
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