PaySocial is Konnect's first fully developed product. Konnect intends to launch its Beta within the Canadian market place during 2018 over three phases (first Montreal, then Vancouver & Toronto and finally the rest of the major cities in Canada).
PaySocial will be a new mobile wallet available to users via the website portal paysocial.ca and the mobile app for both iPhone and Android. Konnect intends to allow multi-fiat and multi-crypto currency, but only CAD will be supported initially.
PaySocial will allow users to send and receive money transfers, make bill payments, buy and sell items, both in-store and online, and load & withdraw funds using your bank account, credit card (where available) or cash at participating PaySocial merchant teller locations.
PaySocial will be monetized by a social affiliate cashback rewards program and targeted in-app advertising campaign. Digital payments are expected to hit $726 billion USD by 2020. Global remittances were $444 Billion USD in 2017.
A letter of intent has been signed with DECOSTA (www.decosta.global) to participate in the development and marketing of the new PaySocial application. DECOSTA is a professional services and consulting firm that engages audiences through the creation and delivery of strategic marketing, sales, and business solutions. DECOSTA clients are from various industries across the United States and Canada. The company generates outstanding results for clients through four expert practice groups: 1. Marketing & Communications: Marketing strategies that create identity and awareness. 2. Entertainment: Management of unique artist brands and their digital content assets. 3. Business Acceleration: Business & Sales strategy consulting that increases profits. 4. Internet & Mobile Solutions: Online and wireless solutions that drive business and sales.
WHAT MAKES PAYSOCIAL UNIQUE?
PaySocial will give users the choice to either pay a transaction fee or watch a 15 to 30 second in-app targeted advertisement to waive that fee.
PaySocial will also give users the choice to share their purchases via their Facebook profile feed by providing a positive review of the merchant in exchange for an instant cashback reward. The average cashback reward is expected to be 5%.
Finally, anytime your direct or indirect referrals share their purchases via their Facebook profile feed in exchange for an instant cashback reward, you will receive a notification to "back-up" your referrals share by also sharing their purchase via your Facebook profile feed. This will entitle you to also earn instant cashback rewards from their purchases. The average cashback reward is expected to be 1.5% per "backed" shared purchase.
Say "NO" to transaction fees and say "YES" to cashback by switching to PaySocial today!
HOW DO MERCHANTS ACCEPT PAYSOCIAL?
Point-of-sale options will be quick, easy and FREE for small-to-medium sized merchants. They can simply use their own smart phone using our mobile app and upgrade from user to merchant for FREE, which will give them access to the PaySocial merchant POS terminal. For larger merchants, PaySocial intends to allow for direct integration into the merchant's existing POS terminal via a loyalty button.
Remember, merchants don't pay processing fees when using PaySocial; they only provide an instant cash back reward to the network when users share their transactions via their Facebook profile feed, providing the merchant with native advertising and exposure. The average cash back given by merchants is expected to be 10% and is classified to the merchant as a marketing fee.
WHAT TYPEs OF TRANSACTION METHODS DOES PAYSOCIAL SUPPORT?
The PaySocial mobile wallet will support 2D barcode scanning using the mobile app, non smart phone SMS checkout and e-transactions. E-transactions can be done through the website portal paysocial.ca using virtually any device that connects to the Internet.
WHAT IS THE TARGET MARKET FOR PAYSOCIAL?
1. The Canadian millennial market segment. This segment is now starting to dominate the use of the economy's spending power in both retail and online point-of-sale (POS) purchases.
2. The 7 million migrant worker population in Canada who are under-banked or un-banked. This market segment is sending approximately $100 billion CAD (50% in and 50% out of the country) and paying approximately $3-$4 billion in fees.
3. The small-to-medium sized merchants in Canada. These merchants are charged excessive fees by the existing financial institutions and credit card processing companies for processing fees and loyalty rewards program fees.
The operations of the PaySocial platform may require Konnect to (a) obtain a license from the Autorité des marchés financiers to act as a "money service business" and to successfully register as a "money service business" with the Financial Transactions and Reports Analysis Centre of Canada; or (b) enter into a licensing or other arrangement with a financial institution or "money service business" to facilitate the PaySocial platform. As such, the operation and launch of the PaySocial platform remains subject to regulatory approval.