CashBag, found online at CashBag.co, is a cryptocurrency based on a cash back system. Find out how it works today in our review.
What is CashBag?
CashBag describes itself as “the cash back cryptocurrency.” It’s like a rewards program that helps savvy shoppers save money.
The goal of CashBag is to allow shoppers to save money on virtually any online purchase. Today, the platform is used by active online shoppers, businesses, and anyone interested in saving money when shopping online. The platform originally launched in South Africa in 2015, but has expanded to a userbase of 135,000 customers worldwide.
Today, top merchants using the platform include AliExpress, Ebay, Target, Hotels.com, and Booking.com.
You can download CashBag today as an Android app or as a desktop helper app (for Firefox, Safari, and Chrome). Once it’s installed, the app will automatically alert consumers when they can save money online.
The token sale for CashBag tokens begins on March 12, 2018. CashBag is launching its own ERC20 tokens to facilitate cost-effective and an immutable blockchain-based transaction record. The platform’s tokens are called CashBag Coins, or CBC.
How Does CashBag Work?
CashBag describes itself as “more than just a rewards website.” Instead, it’s “a tool” that helps shoppers save money on virtually every online purchase. You can download the app today and start shopping on Android or desktop systems. An iOS app is launching in the near future.
CashBag earns revenue by partnering with hundreds of merchants worldwide. These merchants all agree to share revenue based on transaction income generated by CashBag online shoppers. By directly integrating with retailers, CashBag is able to report transactions in real time, giving instant cashback savings to its members.
As a user, you earn a cash reward when shopping online at participating merchants.These cash rewards are paid by the merchant and tracked by CashBag through its sales integration system with each merchant.
New members can choose to receive their reward in currencies like USD, EUR, AUD, GBP, and ZAR, with support for more fiat currencies coming in the future.
In addition, members can earn CashBag sponsored incentives based on their activity, transaction volume, and social sharing efforts.
How Do CashBag Coins (CBC) Work?
Why does CashBag need to introduce its own ERC20 tokens? The company plans to use tokens to accomplish the following goals:
- Create a seamless experience and global rewards program for members
- Provide a simple, intuitive, easy-to-use system for tracking rewards and earnings
- To create transparency and accountability with seamless, immediate execution
- To cut down on cost and time
CBC tokens will also facilitate the use of Ethereum smart contracts on the CashBag platform. These smart contracts will be used to govern all transactions, creating an immutable record of everything that takes place between merchants, CashBag, and users.
Users can choose to receive their cashback in CBC tokens or in their local fiat currency. As mentioned above, CashBag currently supports major currencies like EUR, USD, and AUD.
If you choose to receive CBC tokens, then you can store your savings in the CashBag ERC20-compliant wallet.
What Can You Do With CashBag Coins (CBC)?
Some of the core features of CashBag Coins include:
- Debit Card: CashBag will create a VISA/MasterCard that can be linked to your CBC wallet, allowing you to spend your balance anywhere you can use an ordinary credit card.
- Wallet Transactions: You can seamlessly send CBC to and from your wallet. You can trade it to other users, store it as a long-term investment, or sell it for other crypto and fiat currencies.
- Pay for Advertising on CashBag: Users can pay for advertising on the CashBag platform using CashBag Coins.
- Gamification: Members can earn CBC tokens for interacting with curated content and videos on the CashBag platform.
The CashBag Token Sale
CashBag is issuing a total of 367,000,000 tokens. A maximum of 120,000,000 will be sold during the ICO at a rate of 1 ETH = 6000 tokens.
The pre-sale is underway throughout January and February 2018. The main token sale, meanwhile, is scheduled for March 12 to April 2, 2018.
Who’s Behind CashBag CBC?
CashBag is led by co-founder and CEO Jonathan Miller, a South Africa-based entrepreneur currently serving as CEO of Forge Media Investments Limited. He co-founded CashBag.co.za in July 2015, initially opening to online retailers across South Africa.
Other key members of the team include Kirsty Henderson (Co-Founder and Business Lead), Eugene Benade (Co-CTO and Software Development), Nicolaas Venter (Co-CTO and Systems Engineering / Software Development), and Jonathan Meanwell (CMO and Business Development / Advertiser Sales).
As of January 2018, CashBag has a roster of over 150 active advertisers, along with 700 more in the queue for integration. The company expects to expand that list to 2500 merchants by Q2 2018 as they continue to enter new territories.
The company has 135,000 members. They aim to grow to 10 million users in 36 months.
Some of the top merchants currently working with CashBag include Best Buy, Booking.com, AliExpress, Ebay, Groupon, Hotels.com, Target, and more.
CashBag CBC ICO Conclusion
CashBag CBC is a successful South Africa-based cash rewards business that aims to put more cash back in the hands of shoppers. The platform has expanded to include 150 active advertisers with 135,000 members worldwide. By launching a token sale for ERC20 tokens called CBCs, the company hopes to continue expanding worldwide. CBC tokens will be used as a seamless payment method on the platform – including payments for advertisements on the platform.
To learn more about CashBag and its upcoming token sale, visit online today at CashBag.co.