The Quicksilver payment system is designed around an all-inclusive mobile app. The mobile app will have two sides to it: one side which provides features and services valuable to taxi passengers and the other side which allows for easy and low-fee payment acceptance for taxi owners and operators. This app will allow taxi passengers to acquire QSLV with one-click purchasing through the app store, while also allowing taxi operators to convert their QSLV back to USD immediately upon receiving a payment. This immediacy mitigates any real or perceived risks which exist with cryptocurrency as a store of value.
Passenger Side
The customer side of the Quicksilver app will be built around the core ability to easily purchase QSLV through the app store. This allows passengers to pay for taxi rides without having to give their personal financial information to a stranger, every time they enter a new taxi. This necessity of this change from “Pull” to “Push” has become especially apparent with the rash of recent credit card security breaches.
Along with providing improved security, the Quicksilver app will have a taxicab reputation rating system and mobile taxi hailing. Upon completing a taxi ride, passengers who submit a taxicab review will be rewarded for their efforts with a QSLV bounty, paid for through the Quicksilver Development Fund.
Review of passenger benefits provided by the Quicksilver mobile app
• Push vs. Pull payment system provides improved financial security over credit card payments.
• One click USD to QSLV transactions, to protect passengers from fluctuating exchange rates.
• Taxicab reputation rating and review system
• Mobile taxi hailing
• QSLV bounties for reviews and ratings of individual taxicab service.
Taxicab Operator/Owner Side
There are two main benefits provided to taxicab operators and owners through use of the Quicksilver mobile app. The first benefit is the avoidance of expensive credit card fees and chargebacks. Most payments in the taxicab industry classify as a low value transactions (the average charge for a taxi ride in New York City is approximately $13.00), making this a perfect market for cryptocurrency adoption. Furthermore, the Quicksilver app will provide an automatic QSLV to USD transfer, thus protecting taxicab operators from fluctuating exchange rates. A small processing fee (but a fraction of the current credit card fees) will be charged upon the QSLV to USD conversion, which will go towards the Quicksilver Development Fund as well as the funding of the bounty system.
Taxicab operators who accept QSLV will be eligible for the highest level of reputation rating in the Quicksilver app, in addition to attracting the business of passengers with QSLV funds provided through the taxicab review bounty system.
Review of owner/operator benefits provided by the Quicksilver mobile app
• Costly credit card fees will be replaced by inexpensive QSLV to USD transfer
• Immediate QSLV to USD transfer to protect from fluctuating exchange rates
• Attract the unique customer base created through the taxicab review QSLV bounty system