Secure Instant Payments
Understanding the HowToPay digital wallet.
HowToPay is a Digital Wallet that can be used online or from our Mobile App.
The HowToPay wallet can be refilled with credits and is able to make fast and instant transfers to other members on the wallets. Transfers are instant and the sender and receiver have clear details of the transaction.
The core to the security of the wallet is that users must PUSH or SEND payments. Nobody but the owner of the digital wallet has the ability to take money out of it. This means unless the user agrees to the Payment Request or sends the credit (possibly via scanning a QR code) then the credits are safely stored in the wallet.
There are two types of members within the wallet: Personal Users and Business users.
Digital Wallet features:
1. Mobile app is free to download for iPhone and Android.
2. Users must open up an account and upload ID prior to use. (Meeting KYC requirements)
3. Users can download a statement from the website or app (History).
4. A user can set up a free wallet and has an option to add a business account.
5. Business accounts must pass KYC requirements in order to accept credits from other users.
6. Users will be able to transfer credits to other users
7. Business accounts can make “settlement” requests.
8. All transactions are from approved “KYC Approved” users. For AML requirements.
9. Business users will have access to more features.
10. Personal users can top up credits to their accounts
The aim of the app is to be easy to use so we can quickly spread it across the world as a mobile based digital wallet. Allowing users to send safe free credits to other members without using a credit or debit card.
As an example we intend to offer the ability in Thailand to top up at convenience shops using cash. This process will give instant credit to the customer on the app as soon as they make payment.
This gives the user a fast way to make electronic (contactless) payments and to be able to pay online or in person without the need for a credit card or linking a bank account.
In small towns etc. some business accounts may allow “Cash Out” options to users that need to remove the credits from the digital wallet.
We intend to network with other retail shops around the world to accept our digital wallet for payments. Having petrol stations, supermarkets and other reputable retailers accepting cash payments to credit our HowToPay Digital wallet will make the product more popular.
The core aim here is to create a digital wallet system outside of the credit card and banking system. This is what Bitcoin was trying to do but with the volatile value of Bitcoin, that system is unworkable. Also the time it takes to complete a Bitcoin transaction takes much longer than our solution, making ours more viable.
The other problem with Bitcoin is that it can’t meet KYC and AML requirements. However with our solution, all users must provide ID in order to activate the digital wallet. As such we have full information of all digital wallet users, which is required by financial institutions and regulators. Additional information from the app can also be acquired such as location, IP and phone details etc. where allowed.
HowToPay has been operating for over 20 years with over 1.5 million clients globally. With our digital wallet mobile app we look forward to the feedback from our users so we can constantly improve our systems.
Welcome to a better way to pay!
Download the app from our homepage www.howtopay.com today. (Its Free!)