Webtel.mobi’s Global Payment Systems Fuse Cash and Digital Capacities – Creating a Functioning “Cashless Society” Model

(image: Korea Bizwire)

NEW YORK and ST PETER PORT, Guernsey, Sept. 29 (Korea Bizwire) — To create its Global Clearing System – a digital version of John Maynard Keynes’s proposed “International Clearing Union” – Global Telephony Provider Webtel.mobi (“WM”) also created a Global Unitary Payment System – with two Global Payment Facilities – the ICLM Payments and the TUV Digital Currency Payments (also known as “TUV Payments”).

Both Payment Systems have all the characteristics of Cash Payments and Digital Payments combined, are globally applicable, globally available, require no specialized equipment to function, have multicurrency wallets, enable multicurrency payments with FX Conversions in-wallet, and are equally available to Banked and Unbanked persons.

One of these Payment Systems – the ICLM Payments – is ultra-low cost to use, and the other – TUV Payments – is completely free to use.

These Payment Systems not only facilitate a “Cashless Society”, but have also already introduced a fully operational global Cashless Society system in a benign way. It is benign because this version of a Cashless Society preserves individuals’ privacy, freedom, and choice.

WM’s Payment Systems do not require a Central Bank issued Digital Currency or CBDC to function because WM’s TUV Digital Currency itself is already the equivalent of a Global CBDC.

WM’s Payment Systems – like all its other facilities – are not new. They were functional and operational in 2009, but WM spent nine years testing and perfecting them – and subjecting its system to multiple third-party Due Diligences worldwide – to ensure compliance and robustness before rebuilding its Platform 2 to provide these Facilities in an unrestricted manner internationally.

Access to WM’s services is only available to WM Members because it is a Closed-Loop Members-Only service. However, it is free and instant to join WM as a Member.

WM has one of the safest systems internationally in Security and Anti Money Laundering. WM’s Payment Systems synchronize, into one product, the characteristics of Cash and Digital Money with the ease of use of Cash and the safety of Digital Money. They also have the security of a closed, monitored system and transactions – ensuring robust security and Anti-Money Laundering capacities.

To load WM accounts, Members can transfer funds (”Stored Credit”) into their accounts using any means, and also purchase TUV Digital Currency from WM Agents (“VSMPs”) for cash. The system provides a Unitary and level playing field – and entry into a 21^st Century Digital Economy for all people – whether Banked or Unbanked. It renders even the concepts of “Banked” or “Unbanked” redundant – because the only differentiator is the method used to load funds (“Stored Credit”) onto WM Accounts.

All funds (“Stored Credit”) of WM Members is held in regulated Bank Accounts, so the WM System has permanent 100% liquidity, and all Payment and Settlement Transactions are carried out simultaneously in 1/100^th of a second.

WM’s ICLM Payments and TUV Payments are fully operational, and available to all WM Members on its platform. Examples of some of WM’s ICLM and TUV Payments Systems’ characteristics in comparison to other Payment Systems in the Offline Payments role are as follow:

OFFLINE PAYMENTS CHARACTERISTIC	CARD PAYMENTS	MOBILE PAYMENTS	CASH PAYMENTS	ICLM PAYMENTS	TUV PAYMENTS
Payments made Instantly	Yes	Yes	Yes	Yes	Yes
Functions 24/7/365	Yes	Yes	Yes	Yes	Yes
Funds Secure in Digital Wallets	Yes	Yes	No	Yes	Yes
Functions without a Physical or Digital Card	No	No	Yes	Yes	Yes
Has Combined Usability of Cash and Digital	No	No	No	Yes	Yes
Has Identical Usability to Cash	No	No	Yes	Yes	Yes
Pure Peer 2 Peer Transactions (PP2P)	No	No	Yes	Yes	Yes
Impossible to Carry Out Fraudulent Transactions	No	No	Yes	Yes	Yes
Impossible for Merchants to Incur Chargebacks	No	No	Yes	Yes	Yes
Instant No-Retention Settlement to Merchants	No	No	Yes	Yes	Yes
Payment Process without Intermediaries	No	No	Yes	Yes	Yes
Payment Process without Intermediary Fees	No	No	Yes	Yes	Yes
Receive Payments without Terminals/Equipment	No	No	Yes	Yes	Yes
Functions Alone Without Any Other Entities	No	No	Yes	Yes	Yes
Functions in all Countries and Territories	No	No	Yes	Yes	Yes
Merchant and Payer can Split Payment Fees	No	No	Yes	Yes	Yes
Self-Contained Unitary Global System	No	No	No	Yes	Yes
Uniform Global Security and Standards	No	No	No	Yes	Yes
Total Access from Any Smart Phone	No	No	No	Yes	Yes
Total Access from Any Pre-Smart Mobile Phone	No	No	No	Yes	Yes
Impossible for a 3^rd Party to use if Stolen	No	No	No	Yes	Yes
Impossible for a 3^rd Party to use if Lost	No	No	No	Yes	Yes
Impossible to Clone or Counterfeit	No	No	No	Yes	Yes
Clients can Pay in Multiple Currencies Globally	No	No	No	Yes	Yes
Clients Control FX Conversions	No	No	No	Yes	Yes
Merchants can Accept Multicurrency Payments	No	No	No	Yes	Yes
Merchants Control FX Conversions	No	No	No	Yes	Yes
Totally Free to Make and Receive Payments	No	No	Yes	0.25% to 1%	Yes

Once people have joined WM as Members and loaded Stored Credit onto their accounts, they can start using the ICLM Payments of TUV Payments Systems immediately – to make or receive payments. The only requirement is a Smart Phone – or a Pre-Smart Phone (which still comprise 50% of Mobile Phones in use) – and the ITAN Number and Registered Mobile Number of the WM Member they want to pay. That is all.

ITAN Numbers (“Inter-TEL.mobi Account Numbers”) are the unique Account Numbers issued to all WM Members when they join, and the Registered Mobile Number is the member’s Mobile Phone Number.

For Merchants to notify clients they accept ICLM and TUV Payments of WM’s unique Global Account Numbering system, they simply need to display this sign, and indicate they accept payment in only one currency, only some currencies or in all currencies.

As all WM Members can execute in-wallet Currency Conversions or Currency Swaps within WM, it makes no difference whether only one currency or all currencies are accepted. This is because all Members can convert before paying or after receiving payments. Examples of the Merchant notifications for accepting ICLM and TUV Payments are as follow:


We Accept ICLM and TUV Payments			We Accept ICLM and TUV Payments

Our ITAN:	WM1234567891234567891234		Our ITAN:	WM9876543219876543219876

Our Mobile:	+XX 1234 567 890		Our Mobile:	+XX 9876 543 210


Payment Currencies Accepted:		All Currencies	Payment Currencies Accepted:		USD only

Instant Confirmation by Text:		Yes	Instant Confirmation by Text:		Yes