Safein, the digital identity and payment wallet, continues to set the pace for the legitimization of modern payment service providers in becoming the first to secure the Electronic Money Institution (EMI) license issue in the European Union. The license, which includes both cryptocurrency and traditional fiat payments, is only obtainable by companies that pass some of the most stringent business due diligence around, proving the viability of and trust in the Safein project.
Safein’s utility payment platform aims to do away with the redundant process of identity registrations and Know-Your-Client (KYC) procedures that have become an inconvenience to users, with each procedure exposing users to extra risk to their privacy. With Safein, users only need register once on the platform, using the same protected data as required by other online services.
Its Monitoring and Verification Platform (MVP) is now activated, inviting users to try it out by visiting the Safein website, registering, downloading and using the mobile app.
With electronic commerce seemingly outpacing protective measures of online users, we are now witnessing increasing risks to data protection and cyber security while centralized services grow their monopolies, even as anti money laundering regulations clamp down. Because the Internet currently relies on centralized services for identity layers, normal users now find that they are required to supply and, therefore, expose their personal identities to each and every service they access.
This complicates matters for the other side of commerce as well, with merchants facing extra costs to onboard new customers. Studies show that this can cost up to $20 per individual, running up a significant EUR 3.5 billion cost of identity assurance in the UK. This does not take into account the cost to maintain, secure and protect that personal data.
One click is all it takes for users to register, authenticate and pay online. Users are in full control of their own data, with anonymous access possible at any time, and the ability to authorize transactions as well as reverse them if they so choose. With a full record stored, users can review all their payment activities - from logins and sign ups to payments.
Users can now forget the hassle of repeated verification needs every day, with payments possible without extra information needed once logged into Safein. Safein also provides a secure wallet to store funds in both fiat and crypto, automatically converting and settling payments according to the merchant’s preferred method. Payments are settled instantly and at far lower costs.
Once its premier all-in-one identity verification and payment wallet service is established, Safein intends to seek out sectors to which its features can further benefit both physical and digital users, keeping the same simple aim of simplifying and eliminating unnecessary KYC and registration processes. It also looks to be a standard for payments across e-commerce services, allowing seamless financial interactions between consumers and merchants regardless of the currency used, through direct Safein wallet payments.
A token sale has also been launched to raise the funds needed by Safein to pursue these developments. Participants are required to complete a whitelisting process on March 1st, 2018. Meanwhile, they are free to test out the live MVP – making Safein one of the very few crowd funding projects to demonstrate a working product prior to its token sale.
The SFN digital token native to the Safein network will be a zero-cost payment method between users and merchants. Paying with SFN also earns 0.25% active cash back, with a login pool available to incentivize SFN use among other websites. A registration pool of 100 million SFN for the first 5 million registered users and a referral pool to be launched six months after token sale conclusion will add extra rewards for the community to help drive initial user base expansion.
The token sale will be launched on April 25th, 2018, targeting a 4,000 ETH soft cap and a maximum hard cap of 12,500 ETH. Bonuses will apply, with the earliest contributors able to purchase at the best rate of 1 ETH = 9,000 SFN. After 8,500 ETH has been raised, the rate will be fixed at 1 ETH = 7,000 SFN.
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