About Kinekt Terminal
KINEKT technology is a blockchain integrated touch terminal that will be used at a physical point of sale. The terminal that is designed to be a low cost is customer service and POS technology agonistic.
The current terminals are only able to do one transaction at a time. However, the KINEKT terminal will perform multiple transactions at a time with just a fingerprint and the user’s pin. The transactions are further managed by artificial intelligence to select the customer’s preferred card service or changed on the fly as is required using the touch terminal.
How The KINEKT Terminal Will Be Used
The KINEKT technology can be used in the below instances
The increased popularity of cryptocurrencies has led to a growing need for the digital coins to be used as a means of payment in traditional markets. However, the only means of using cryptocurrency has been via a visa or a MasterCard to the existing cryptocurrency wallets. Other providers have set up dedicated cryptocurrency terminals or ATMs. However, these are often costly and inefficient. The KINEKT Terminal overcomes these challenges as it enables both traditional and cryptocurrency transactions to be processed after providers plug into KINEKT Cloud.
Mobile Wallet Transactions
Since the development of NFC, the banking industry and the wallet providers have tried to convince merchants to upgrade to terminals that comply with PCI/EMV regulations to allow customers perform contactless payments.
However, customer participation and market rollout have not picked up especially due to the high-cost merchants have to incur to set up the terminals. The KINEKT terminal will be a solution to this problem as mobile wallet providers can plug into the KINEKT Cloud to allow their customers transact at participating merchant PoS without the need for terminal upgrades.
Most merchants use separate terminals to process loyalty transactions and to offer bankcard payments. This increases costs and the participants have to fill in additional details. Additionally, merchants are unable to generate extra revenue streams at the point of sale. The KINEKT Terminal allows even 3rd parties to include their services in a seamless step. Where artificial intelligence automatically selects a customer default card based on the terminal used and on choice.
Merchants are constantly seeking for banks and card companies that have low card processing fees for PoS terminals. However, banks find it hard to lower the fees, as there are too many intermediaries involved in the processing of full payment. The introduction of the peer-to-peer push programs by global banks will allow the KINEKT terminals to extend the same feature providing a low-cost P2B customer to merchant payment option.
The charity donation market is characterized by inefficiencies at the physical point of sale. The physical tins located on merchants PoS benefits only one charity at the expense of others. The KINEKT Terminal will have a digital tin that will automatically and manually collect small change from users. The terminal will also have an option to determine how much one wishes to donate and to which charities.
The terminal will enable the unbanked to access its services due to the internal GSM connection of the terminal to the cloud and the use of fingerprint reader that identifies customer accounts rather than using the bank cards that are used by banks.
The Kinekt ICO XKN Tokens
The XKN tokens are valued at 500 XKN =$1000. One billion tokens will be generated, and 50% will be available for purchase by the public during the ICO.