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What will a cashless slotxo society do if the internet goes down? Crunchfish have answers.
The world has entered a cashless society, and if there is no Internet, what to do?
Today, a cashless society is expanding and expanding. Even during the COVID-19 epidemic This is an important aid to avoid exposure. Especially Sweden and Norway are known as the world's most cashless countries. Sweden was the first country to declare a full cashless society. And nowadays, most of the places are no longer popular to accept cash As of the end of last year, Norway only spent less than 4% in cash.
Cashless payments refer to online transactions such as mobile banking, of course everything has to be linked to the internet. Many people may have the question that if there is an interruption that prevents us from using the Internet. Or credit card in payment So how can a cashless society continue?
That led Crunchfish AB, a Swedish fintech company, to come up with a solution to a cashless society where payments can be made even during a blackout.
The company is developing mobile software that allows consumers to pay for merchants offline, but without cash in any currency, including central bank-issued digital currencies and Bitcoin.
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Crunchfish, which currently has a market cap of $ 112 million, is working on a pilot program with Sweden's largest payment service provider, Swish. And if successful, it can be used for cross-border transactions and help lay the groundwork for the Swedish central bank Riksbank's e-krona cashless scheme.
Crunchfish's program will function as a wallet or checkbook, with users topping up a special account that can tap to pay if the online payment network crashes. And when the internet is up and running again, your payments will be saved a few minutes. And users can add more money to their account
Founded in 2010, Crunchfish has launched innovations for the iOS and Android application markets, as well as providing gesture-sensing software for mobile device makers and app developers around the world.
It is backed by billionaire Saudi businessman Mohammed Al Amoudi, who owns a 17 percent stake through his company Midroc.
Midroc's chief executive officer in Sweden said Crunchfish, now with a market capitalization of US $ 112 million, has the potential to be comparable to Klarna Bank AB, the Swedish fintech company.