Vancouver-based startup nTrust's new Cloud Money payment system aims to make payments easier than ever for both consumers and businesses. The app features a home screen that displays the avatars of your favorite restaurants, bars, etc. If you want to make a payment to an establishment, simply drag your own avatar to theirs.
While typical payment apps require you to choose an amount before choosing people, this app works the other way round and is more intuitive. The incorporation of Bluetooth Low Energy enables you to see nearby businesses on the platform for added convenience.
At present, nTrust's target market includes small businesses such as small cafes, bars and restaurants. The app allows you to exchange money between six different currencies -- those of the U.S., Canada, U.K., European Union, Australia and Philippines -- making it well-poised for international expansion.
Cloud Currency Payments
The nTrust System Aims to Free Consumers' and Businesses' Money
Trend Themes
1. Cloud Money Payment System - The nTrust app provides an innovative payment process for consumers and businesses which offers ease and convenience using Bluetooth Low Energy and avatar-based pay.
2. Drag and Drop Payment System - Using avatars, nTrust reverses the traditional payment process by enabling consumers to drag and drop their own profile to make payments with ease, making it a unique and innovative approach to payments.
3. International Currency Exchange - nTrust's currency exchange feature that allows six currencies to interact within the app makes it well-suited for international expansion, providing a way for businesses and consumers to transact globally in a new way.
Industry Implications
1. Small Business Retail - The nTrust payment system is an innovative tool for small businesses such as cafes, bars, and restaurants to offer customers new ways to pay easily and quickly.
2. Fintech - nTrust represents an innovative new addition to the Fintech space, challenging traditional payment approaches to currency exchange that has the potential to change the way consumers pay.
3. Payment Processors - The innovation of nTrust as a payment processor and currency exchange system provider has caused disruption in a traditional payment processor market that may inspire more fintech startups to take on traditional banking and payment giants.