What is Kinesis Pay?
Kinesis Pay is a payment plug-in that gives businesses access to a payment rail built for accepting Kinesis gold (KAU) and silver (KAG).
This highly-scalable payment method is available for all participants of the Kinesis monetary system, who wish to earn or purchase products and services directly from merchant websites, using gold and silver as money.
Key features:
- Receive Kinesis gold and Kinesis silver for your goods and services
- Ideal for any size business, big or small.
- Earn multiple yields on your revenue.
- Make purchases quickly and securely, by scanning a QR code.
- Save time by scanning to pay from within the app.
- Receiving direct payments in gold and silver saves time and reduces transaction fees (by removing the necessity of manual deposits of company earnings, and then purchasing KAU or KAG on the platform).
What types of businesses are accepted?
Kinesis encourages everyone to start using gold and silver as money. There are no restrictions - any type of business, no matter how big or small is welcome to join the highly scalable Kinesis Pay initiative, with the installation process the same for every merchant - and always free.
Restrictions are only applied if the Merchant violates the Kinesis Pay Terms & Conditions policy, for example by selling illegal products or if fraudulent online activity or money laundering is suspected. In such instances, Kinesis with freeze the Merchant’s account until the issue is resolved.
Do I need a Kinesis account to use Kinesis Pay?
Yes. In order to make a payment with Kinesis gold or silver on a participating merchant’s website, you must have a founded Kinesis account. If you don’t have one, you’ll be redirected to the Kinesis sign-up page, where you can register your account with Kinesis.
Can I use Kinesis Pay with both my Individual and Business accounts?
Yes, both Individual and Business account holders can enjoy the benefits of the Kinesis Pay feature, which is designed as a scalable and versatile payment solution, catering to both big businesses and small, independent sellers.
The onboarding process is quick and straightforward - anyone can connect their merchant website to Kinesis technology and start earning in gold and silver for their products and services - as long as they are in line with the Kinesis Pay Terms and Conditions.
What currencies can I use with Kinesis Pay?
Kinesis Pay has been designed to encourage the adoption and use of gold and silver as money. With that in mind, the Kinesis Payment feature is dedicated specifically to purchases in Kinesis gold (KAU) and Kinesis silver (KAG).
The Purchaser can select KAU or KAG only. However, the required amount of KAU or KAG is automatically calculated to cover the exact amount of fiat currency required to purchase the product, at the moment of transaction.
The Merchant can set up any fiat currency during the SDK installation process, choosing from any of the available on the Kinesis monetary platform. The SDK completes the conversion of fiat currency to the correct amount of KAU or KAG spent by the customer.
When the user scans the QR Code or enters the Payment ID and approves the payment, the KAU/KAG amount is transferred from the purchaser's Kinesis account to the merchant's account.
The Merchant always receives either KAU or KAG as payment, allowing the transaction between two (purchaser and seller) parties to occur entirely out of fiat.
What yield do I earn using Kinesis Pay?
Holder’s Yield - As the amount of earned funds multiply in the Merchant’s Kinesis account, the Holder's Yield is generated. This passive, recurring yield is then paid back to the merchant on a monthly basis.
15% of the Kinesis Master Fee pool is allocated to The Holder’s Yield fee pool and then distributed to all eligible system participants, in the proportion they have stored their KAU or KAG with Kinesis.
Referrer’s Yield - Considering that users are able to refer businesses to Kinesis, the Kinesis Pay feature presents an excellent earning opportunity. Upon referring a merchant, Kinesis users would access the Referrer’s yield (a 7.5% share of every fee) on every single transaction the merchant completes, whether via Kinesis Pay or not.
Merchants can also receive the Referrer’s Yield by referring a new user to the Kinesis monetary system. If they use Kinesis Pay, the 0.45% will be collected into the total fee pool and allocated to the Referrer’s Yield.
Is Kinesis Pay available for Desktop and Mobile?
Kinesis Pay is predominantly a desktop functionality, with the full range of its features available through the Kinesis Pay merchant tab of your Kinesis account.
However, a few selected Kinesis Pay features are accessible through the mobile application. For instance, a purchaser may choose to scan the QR code via the mobile app to make their payment, offering a direct, streamlined option without the need for any payment card details.
Does it cost extra to use Kinesis Pay?
No. Access to the Kinesis Pay payment technology is free for both merchants and purchasers. Anyone can create a Kinesis merchant profile by downloading the Kinesis Pay SDK (Software Development Kit) for free and installing it on their website, regardless of the size of their business.
There are also no additional fees for paying for products and services with the Kinesis Pay feature - it’s free to use.
The only fee is the 0.45%* standard blockchain transaction fee, charged to the purchaser, which is already included in the fiat-to-KAU/KAG automatic conversion at the exact moment of payment.
*The transaction amount will be rounded up to the fifth decimal place (0.45% + 0.00001) during the currency conversion.
Importantly, when the transaction between both parties (merchant and purchaser) occurs in the same precious metals currency, eg KAG to KAG, no exchange fee is applied.
How secure is Kinesis Pay?
All Kinesis Pay transactions are protected through multiple layers of security, providing a safer alternative to using a card online. Kinesis Pay ensures that your card details are never shared with anyone and never stored, either by Kinesis or on your device, so your privacy remains fully protected at all times.
Instead of sharing your personal information with the merchant, Kinesis Pay generates a unique encrypted number / QR code to share with the seller, who only receives the information you authorise to complete the purchase — such as your name, email, and billing and shipping addresses.