Commonwealth Pay vs Apple Pay and Google Pay
Michail Roerich's Note for Tuesday, November 19, 2024.
Commonwealth Pay was envisioned as an accessible, easy to use and financially inclusive way for businesses to collect money for their products and services.
The initial blueprint for how Commonwealth Pay was to work was established couple years ago with the Commonwealth Wallet operating on PGPN, with Commonwealth Pay acting as the default method of accepting the Wallet. This further expanded to accept various payment methods from Commonwealth Direct Debits to various debit and credit card schemes.
A significant differentiator of Commonwealth Pay to similar services offered by Apple and Google is the aspect of Commonwealth Pay’s jurisdiction of the British Commonwealth, which has a totally different approach to taxation and banking, which is aimed to be just banking, not banking on any particular government’s terms. Essentially Commonwealth Banking, of which Commonwealth Pay is a module and a service of the payments banking products, transfers the legal obligations for transaction lawfulness onto the transaction parties, rather than the acquiring process supplier or the payment system etc.
Commonwealth Pay offers the ability to generate QR codes (Chinese model), send payment links, tapping to pay with the use of the Commonwealth App and the ability to integrate into your website or app, thereby covering most usage scenarios. Let me know in social network channels if you think this can be improved in some way.
The ability to process PLEX cards, also offer the ability to offer, more or less, the cheapest card processing fee in the world – something ideally we will try to partially replicate with other card schemes enabling across the board of lowering of card processing charges in general.
Such an approach goes to the core of building financially inclusive banking that helps build growth by keeping more in the pockets of business owners, especially small business owners that should be supported as that I think makes for a better economy across all regions, industries and times.