E-commerce will continue to increase in adoption as there has been a projected increase in the adoption of online retail sales. Despite this, there is the challenge of trust between merchants and consumers. There is no way to measure trust in E-commerce. Rating systems have been corrupted. Existing rating systems are not transparent as merchants can buy high ratings for themselves to get the attention of consumers. Many consumers know this because of past experiences and testimonies of others who had fallen victim, so, they have lost total trust in rating systems today.
To pay for goods online today, the use of different payment processors relying on centralized control systems or fiat currencies are still in use. This is cost implicating as there are high transaction fees for cross-border payments and the time taken to complete a successful transaction is long. In Nigeria today, if a consumer wishes to purchase a good from an online marketplace or merchant which/who is out of the country, one of the major flaws is the number of fees the consumer will pay using different payment processors for the goods to reach him. This sometimes results in the cost of the goods doubled compared to the original cost. This is because many merchants do not accept cryptocurrencies as a payment option for they do not understand its operations.
Integration of different payment processors which rely on the centralized system or fiat currencies in merchants’ online store requires a technical know-how and incurs high costs for merchants.
Peur leverages the blockchain technology to solve the existing challenges of the E-commerce adequately. Because of the massive benefits of the blockchain technology that Peur has embedded into its system, now merchant can have their transaction history or information safe, secure and readily available to authorized users. This is possible because all transactions made via the blockchain are timestamped and recorded on the blockchain.
By developing the Peur marketplace, payment solution & payroll integration, we enable merchants to participate in the decentralized economy. All information will be secured and only available to authorized users. Peur token as a digital currency can also be used as payroll integration – a salary payment option. Peur will drive innovation in the way companies pay their employees.
With Peur, merchants can easily accept cryptocurrency payments, with no hassle using the etherium based token on the platform. The advantages of accepting cryptocurrency payments are low transaction fees and elimination of challenges encountered when paying for products from a different country. On the blockchain, paying for products in another country is the same as paying for products in the same country. The time taken to make and deliver payments are also cut short. On the Peur platform, users can easily convert their cryptocurrencies to fiat currencies.
On the Peur platform, cryptocurrency can be used as salary payment option. This is a great advantage for multinational companies as they can leverage the Peur platform to pay their workers in different countries seamlessly with the aid of smart contracts, companies can specify the mode of payment, the taxes to be deducted, etc. Since smart contracts are self-executing, it will be easy to use same for payment specifications. With different salary grade levels, the smart contracts will ensure all workers (no matter their location) are paid as at when due and with the right amount. Not just this, the transaction history is stored on the blockchain which means it is always available and secure. Thus it is easy to compile payment reports, payrolls etc. Another advantage is that paying workers with fiat currencies incurs a lot of transaction fees by the banks and take a lot of time but with the Peur system all these setbacks are eliminated.
On the Peur platform there is a rating system to empower trust between merchants and consumers:
- Merchants are able to verify their identity by uploading their identification passport, company merchant portfolio history, and company/merchant transaction history. For all merchant who completes these processes, they are labeled as trusted and verified and verified with high ranks, they also enjoy 1% transaction surcharge, compared to those who are registered but not verified and trusted who has 1.5% transaction surcharge.
- Consumers can also rate and review merchants and companies. These ratings will affect their trust and reputation rank.
On the platform, consumers can get up to 2.5% discount if merchants cannot deliver products for more than six hours after the order is submitted. Users can make credit payment when their ranks are more than 4 on the platform.
Wallet and Token details
There is a wallet for all users on the Peur platform which is secured with three layers protocols: finger scan, Barcode and Google Authenticator. This is to ensure the safety of user funds against theft, hacks, and viruses.
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