The vision & mission of the KaratBank Coin is to become convertible into CashGold within the KaratPay system and its participants around the world, through this becoming accepted by consumers as well as merchants and services worldwide.
KaratPay:- What is this?
KaratPay is a subsidiary of Karatbank Singapore. It operates as an online platform which has been developed by Karatbars International GmbH. Currently, it facilitates the electronic registration of the CashGold. If someone wants to exchange the KaratBank Coins into CashGold, they need to transfer the appropriate amount of it to the KaratBank eWallet and register the CashGold; thereafter, the CashGold will be delivered.
In the future, it will facilitate the electronic transfer of the KaratBank Coin, as well as the application for an exchange of KaratBank Coins into CashGold. KaratPay will also be available as KaratPay App for Android mobile phones.
CashGold can be purchased through immediate bank to bank transfers or by using Bitcoins or other acknowledged cryptocurrencies. KaratPay accounts can be credited and used for payments either online or at the different points of acceptance.
Given below is the KaratPay Transaction Cost Structure:-
1) Payments into KaratPay account via immediate bank to bank transfer: FREE
2) Transfers account to account: 0.5% of the transaction amount
3) Payments to online merchants: 1.5% of the transaction amount
4) Purchase and delivery of CashGold: 2.0% of the transaction amount
The APIs for the technical integration of merchants and servicer are already prepared. Therefore, shops and online shops, as well as service providers, can be connected and accept payments with CashGold. In case of a payment, the price will be displayed in tender currency as well as in CashGold.
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