Metal is a blockchain-based system utilizing Proof-of-Processed-Payments to identify users, rewarding them for converting legacy fiat currency into cryptocurrency. It is a system similar to bitcoin but with a user-friendly interface and front-end that is similar to Venmo, Square or PayPal. Metal can act as a bridge to bitcoin or any cryptocurrency available. Many small businesses across the world prefer to only accept cash. However, in an increasingly cashless society, refusing to accept digital and card payments can be problematic. Put simply, Metal believes cash only businesses can benefit by adopting cryptocurrency as a new new form of cash, as cryptocurrencies possess many of the same properties particularly around privacy, censorship resistance and fungibility. In order to bring digital payments into a world that utilizes blockchain-based technology over some traditional banking rails, Metal expects to save consumers 4-5% on all purchases.
Metal does everything traditional payment apps can do. This includes peer-to-peer transfer and real-time invoicing. With cryptocurrency integration and PoPP, Metal users will earn cryptocurrency for making normal payments. PoPP is a mechanism to incentivize people to leave fiat money for crypto currency. It gives people an opportunity to be a part of the financial system by giving them a financial history, which can enable them to open bank accounts and access other services. Merchants may purchase platform credit with MTL which will entitle them to a discount on all associated payment processing fees and a discount on merchant services. The use of the MTL token by merchants and individuals will drive adoption and thus usage beyond platform-based services provided by Metallicus Limited, the parent company of Metal. Merchants may also receive an additional 5% off payment processing fees for offering a discount when paying with MTL. Many merchants will find it advantageous to offer the MTL discount to save on traditional credit and debit card processing fees. Due to the ability to save merchants on processing fees, consumers utilizing the platform will receive significant discounts when making purchases. Owners of Metal will receive significant benefits in the form of discounts:
1) Discounts for Metal merchants.
2) Discounts for customers paying with MTL 5.
3) Discounts for consumers in the form of heavy discounts on pay features.
Proof-of-Processed-Payments (PoPP) acts as a provable way of identifying users and distributing new currency into the system. At the same time, it rewards users who convert fiat currency into cryptocurrency. For this identity-based, volume-dependent distribution network, Metal first identifies a user through a social security number or passport ID with identification software. Second, Metal gets a photograph on file, either a selfie or picture of identifying documents. Third, Metal can link a credit or debit card number in preparation for processing a payment. If no credit/debit card is available, a user can sign up with only an email address and invoice credit/debit/ach accounts into cryptocurrency. Provided all data points check out and the registered name on the identification matches the name on the credit or debit card, Metal initiates a payment using proprietary anti-money-laundering (AML) and anti-fraud technology. The payment typically declines or accepts in under one minute. The pending payment notification shows on the transaction list for the receiver of funds. When the payment is completely settled and the bank transfer or cryptocurrency issued, a portion of the gross amount of the payment is returned in METAL tokens. This is 5% of the 6 volume of the transaction at trading value for MTL in either direction (sender/receiver). As an example, $100 in MTL is sent. It is trading $1/MTL. Both sender and receiver would both get 5 MTL. In order for the receiver to claim the additional MTL, they must go through the KYC process and be identified as a separate person receiving the payment. If a user wishes to simply top-up their account with a crypto balance, they are eligible for a discount of the purchase price of the transaction in MTL, the parent company of Metal, collects fees for processing payments.