Hi all. I’ve been following the Bristol POund project for awhile, and in one place they say that Bristol, UK loses approximately 60 million GBP to payment gateways a year. Wow.
I have been thinking about the ways to develop a coop payment gateway that can be used by websites and apps, and even brick and mortar shops - in a way that would avoid sending money to Visa, Mastercard, paypal etc. Instead, the fees chargeable per transaction would go towards support and maintenance of the platform, and the surplus would go back to the communities/localities that helped earn it in the first place.
Specifically what needs to be supported, in my view, are the local projects that take a long time to mature. Examples would be: food forests, permaculture projects, reforesting, greening and cleaning. Much as we all depend on the health of the ecocsystems, and our actual survival depends on their survival, one wouldn’t know it from the headlines…
I thought his could be great fun to do. As far as I know, no solution of that kind exists (but if you know of any, let me know?). Most Fintech tends to be almost exclusively profit oriented, so to have a non-profit fintech project, worker +customer owned, and who returns the surplus to where it needs to be returned… that would be news.With some good marketing/sotrytelling, it could attract quite a following.
Of course, it is all very ambitious, but then, why not? It would be subject to financial regulations as well.
It would all be done as transparently as possible - with reports of where the funds come from, where they go, the biggest versus smallest salary ratio, the worker paygrade, profits, tax paid etc.
Would anybody be interested in brainstorming as to how a thing like this could be got off the ground?