Around 1.2 million dollars worth of online business transactions are done every half a minute, according to AdWeek. Out of those transactions, retailers have been losing $3.08 for every dollar of fraud they incurred in 2014 while 2017 data shows that consumers lost more 16 billion in online identify theft and fraud.
In the UK, Financial Fraud Action group reported that:
“Overall card fraud losses as a proportion of the amount we spend on our cards has increased during 2015, rising from 7.5p per £100 spent in 2014 to 8.3p per £100 in 2015 (in 2008 it was 12.4p for every £100 spent”.
With very few protection platforms and regulatory options for both consumers and sellers, online trust is not easy to come by. In an effort to re-instill trust in payment transactions, world’s first Blockchain solution UTRUST aims to bridge the gap between consumer and seller trust online.
In fact, UTRUST hopes to implement the world’s first cryptocurrency consumer protections into its platform to ensure that the consumer protection are in place especially for transactions usually plagued with fraud such as traditional online purchases, acting as a mediator, resolver of conflicts, enabling the possibility of refunds to mitigate risks and fraud, while shielding the merchant from cryptocurrency market volatility.
In its partnership Swiss Blockchain incubator, Crypto Valley, the company aims to champion online trust and implement consumer protections on a mass scale, building up a global payment system that is very similar to that of PayPal but benefiting from Blockchain endless advantages.
Ensuring both consumers and merchants interest
UTRUST has a team of fintech professionals in corporate management, B2C, law, finance, developers of Blockchain systems. Backed with their experience in fintech and Blockchain, the Switzerland-based company has created a new way of online payment where people can trade in cryptocurrencies ensuring that every transaction is secure for everyone involved by providing innovative purchase protection mechanisms in place.
Crypto Valley Association, on the other hand, is popular for being an independent organization. Strategically located in Zug, Switzerland, the hub of the largest internet technologies and richest business, Crypto Valley Association connect with other hubs around the world and provide services about Blockchain and crypto-technologies.
In order to make its plans happen, UTRUST has already raised $2 million from private investors and $1.5 million in its pre- initial coin offering (ICO) which sold out record time. The public ICO starts on September 20th 2017.
In quest for better and more secured payment solution
Leading payments platforms such as PayPal has already been toppled by Bitcoin in terms of market capitalization. With the continuous value surge of all cryptocurrencies, it is not impossible for PayPal users to switch to a much better payment solution.
UTRUST and Crypto Valley agrees in one mission, and that is to ensure the interest of both the consumer and merchants' by creating a secure cryptocurrency platform.