SETL blockchain trial at Innovate Finance Global Summit
As the platinum sponsor of Innovate Finance Global Summit (IFGS), we want to do more than just talk about technology; we want to bring it to life through the attendee experience. That’s why, using SETL’s blockchain technology, we’re conducting a blockchain trial during IFGS.
How does it work?
Taking place with a select group of participations, users must first verify their identity using Onfido’s database, document and facial checking technology.
The pre-loaded payments card, is a SETL E-Money contactless smartcard that allows payments to be made in E-Money on the SETL blockchain. SETL E-Money is based by deposits at Metro Bank, so every penny on your card is held securely on your behalf in an account dedicated to client money.
The card works just like any contactless smartcard, using a specially programmed merchant terminal at Drake & Morgan restaurant The Anthologist to transmit the encrypted transaction to the SETL blockchain.
Money is transferred from the user’s balance to the merchant’s balance immediately and directly, with no acquirer fees, interchange fees or other bank charges. Cardholders can scan the QR code on the back of their card to check their balance using the SETL wallet webapp.
Could this be the future of payments?
Figure 1: SETL blockchain trial user journey