ABOUT MENSARII
Good night friends blogger, meet me again as a user Bitcointalk forum with the username.
Username : MeongElek
Through the official account of this blog, I will post about Mensarii. Hopefully, this post helps for anyone who needs information. If you have any questions or feedback, please write in the comments section. I will respond immediately.
Mensarii is a decentralized platform that aims to help consumers and merchants overcome the obstacles of a traditional banking industry. With a blockchain validated system, the inbuilt error and malfeasance of old-fashioned bank processing can finally become a thing of the past. A blockchain validated system provides inherent protection against fraud and is a haven for transparent payment processing. Mensarii is designed to eliminate money-skimming in the form of hidden fees and charges so commonly practiced within banking and credit card institutions worldwide. Through smart contracts and democratic voting, Mensarii is controlled by the community that it serves. Members will determine updated implementations to keep up with or stay ahead of an evolving global economy. At Mensarii, the future of banking is within reach
MENSARII RATES AND MENSARII BENEFITS THAT CONSUMERS GET
- No-Fee Free Lifetime Account (Gas Fees Can Apply)
- Free Union Membership
- DAO Democracy
- No Monthly Account Fees
- Credit Cards
- Community Probate Services (ID Recovery in Case of Unexpected Death)
- Account Proof Letters (Account in Good Standing Letter, Account Verification, Proof of Funds Letter, Length of Accounts Letters, Sponsoring Letters, Bank Confirmation Letter)
- Free Block Union Services on ETH Block
HOW IT WORKS
Mensarii is simple. It utilizes a decentralized cryptocurrency platform interacting with the Ethereum blockchain to settle all of your payment processes.
This includes Visa, Mastercard, Check 21, ACH, SEPA, Foreign Exchange, BOJ-NET FTS, China Union Pay, ETH, LTC, BTC and countless other payment methods.
All processes are validated and bound to a decentralized blockchain that cannot be manipulated — creating a safe and fully-transparent marketplace for consumers and merchants worldwide.
Solution: The Mensarii Way
Mensarii is an aiming to build the first-ever Blockchain digital currency Union, controlled by the community through smart contracts and democratic voting. Its underlying profit would come from its decentralized payment processing, while always focusing on its members receiving 100% direct benefits of pooled financial resources; this would, at the very least, enjoy benefits such as Lower Loan & Credit Card Rates, Lower Fees, Customer Focused Banking, Better Service, More Flexibility, Fewer Complications and More Privacy.
Mensarii Payment Processing
Our goal is to bring greater transparency to the market in terms of both processing fees and fraud by building the first decentralized platform that interacts with the Ethereum blockchain for settling payment processing, which includes Visa, MasterCard, Check 21, ACH, SEPA, Foreign Exchange, BOJ-NET FTS, China Union Pay, ETH, LTC, BTC and many other payment methods.
The payment processing industry is riddled with fraud. Intermediary “middlemen” swipe billions of dollars from hard working business owners; this problem has its source in the fees charged at every step in the payment transaction chain. Credit card company fee structures for card processing vary depending upon the issuer and often have an array of hidden costs. While large enterprises may have the financial resources to better absorb the litany of payment processing fees, small and medium-sized businesses operate on smaller profit margins. Furthermore, it isn’t just the merchants who are financially burdened; the cost is passed on to the consumer.
We also aim to provide transparent marketplace services to our commercial members: Acquirers, Payment Service Providers (PSPs), Payment Facilitators (PFs), Independent Sales Organizations (ISOs), Independent Software Vendors (ISVs) and other Value-Added Service Providers (VASPs) that offer services to merchants seeking access to payments and services, API for banks, merchants, and processors for reporting information to the block regarding the global payment ID, Chargebacks, fines, issues with the merchant, customer complaints.
Payment System Market Analysis
Within the broader context of the financial services provided by banks and other large financial institutions, such as credit card issuers, the payment systems market is one of the most lucrative. Indeed, in 2016, global payments comprised 34% of the banking industry’s revenue generation, and McKinsey projects that the payments market will reach in excess of $2 trillion by the year 2020. The Asian-Pacific and Latin American regions will be the largest drivers of revenue growth with an expected compound annual growth rate of 8% and 9%, respectively.
Digital payments, in particular, are quickly becoming a global phenomenon, as the ubiquity of mobile phones and mobile payment systems continues to increase steadily. Current market predictions for the digital payments sector places the total global revenue for mobile payments at $1 trillion by 2019, which translates into 50% of the entire payment systems sector. A large proportion of this surge in digital payments is influenced by an uptick in alternative payment systems including mobile payment apps and other popular methods such as PayPal, Apple Pay, M-Pesa, and Alipay.
Therefore, the overall payment systems sector is a healthy one. However, it is still dominated by traditional banking and financial services institutions who are centralized intermediaries that have an overwhelming amount of power. Given that payments constitute just over one-third of their revenues, their desire to continue to maintain the system in their favor isn’t surprising. Through the levying of fees at every step of the payment processing chain, banks and card issuers ensnare merchants and consumers in a cycle of dependence. However, there are additional confounding factors that all payment system participants face: fraud and chargebacks resulting in high transaction fees.
High Transaction Fees
Consumers, merchants and financial institutions all have a certain amount of overhead they need to fund in order to survive: consumers must earn money to pay rent, bills, etc., while merchants and other enterprises must do the same on a larger scale. Transaction fees are the mainstay of how banks, payment processors and card issuers generate revenue. Certainly, at the consumer and merchant payment transaction level, this can be viewed as a necessary cost of doing business.
However, traditional banks and card issuers aren’t completely clear regarding their matrix of transaction fees. As a matter of fact, such fees became so outrageous, particularly within the U.S., that in 2011, the U.S. government issued the Dodd-Frank Wall Street Reform and Consumer Protection Act which, among other things, “capped or eliminated certain fees credit card companies commonly charged.” Nonetheless, the financial services industry wasn’t deterred by this limitation. They merely added additional complexity to their varying fee structure.
For example, on the merchant side of payment processing, Visa, MasterCard, Discover and American Express have a litany of fees, with each being different depending on the card issuer. To further illustrate, in addition to the interchange fees, all card issuers have assessment fees which can include, but are not limited to:
- Debit Assessment
- Credit Assessment
- Acquirer Processing Fee, Debit
- Acquirer Processing Fee, Credit
- Credit Voucher Fee, Credit
- Credit Voucher Fee, Debit
- System File Transmission Fee
- Transaction Integrity Fee
- Fixed Acquirer Network Fee (which is variable)
- Kilobyte Access Fee
- Network Access and Brand Usage Fee
- Merchant Location Fee
The above is merely a small sample of the possible fees and do not include hidden fees such as non-qualified transaction downgrades, lost interchange credits on refunds or padded assessments. Consumers are dinged with fees as well, including reward redemption fees, foreign transactions fees, reward recovery fees, activity fees and payment protection fees. Again, this is only a fractional list of the myriad of revenue generation tactics deployed by the industry behemoths. Visa, alone, has over 700 billion credit cards in circulation worldwide. Thus, even the smallest collection of transaction fees yields huge financial returns.
Certainly, there’s nothing wholly wrong with reaping a profit. The issue here rests on the fact that merchants, especially small and medium-sized businesses (SMBs), and consumers are the bearers of these costs.
Fraud
Globally, the U.S. has the largest share of payment card fraud, which is approximately 39% of the $22 billion total fraud valuation in 2015. This amounts to a total of $8.45 billion in losses, and that figure is expected to surpass $12 billion by the year 2020. Furthermore, Nilson expects the worldwide upward trend in fraud volume to continue, indicating that the fraud-based loss will exceed $30 billion in 2018.
While over 70% of the expenses associated with fraud is absorbed by the card issuers and another 28% of the loss is covered by merchants, both consumers and merchants ultimately bear the responsibility via increased costs.
More information is:
Website: https://www.mensarii.io/
Facebook: https://www.mensarii.io/
Twitter: https://www.mensarii.io/
Telegram: https://www.mensarii.io/
The bounty manager: Hotachy
my bitcointalk account: MeongElek
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