If your daily payments could serve a cause that is close to your heart? This is the bet of the Franco-Swiss startup Retreeb and its responsible payment application. Overview of this blockchain-based solution offering a fairer alternative to the traditional payment system.
Daily payment becomes a good deed
Payments by credit card have taken a considerable place in our daily lives. They represent approximately 1.5 billion dollars every day in France. On each of these payments, the issuer of the payment terminal (TPE) and the banks charge fees ranging from 1 to 2.5%.
Considering this fork, this represents between 5.3 and 13.3 billion dollars in fees each year. Imagine if this sum of money was no longer solely for the benefit of banking institutions, but donated to the service of the major societal issues of our time and the community? This is the challenge that Retreeb set itselfa Franco-Swiss startup founded by Jéméri Lepetit that raised $1.7 million in February 2022.
With Retreeb, everyday payments become responsible actions. Indeed, the alternative payment system developed by the startup proposes to redistribute one third of the cost (mentioned earlier in the article) to ecological, charitable or social projects. Then another third is redistributed directly to merchants.
Infographic of how Retreeb works during a payment
It does not cost the user a penny and allows you to contribute either to the development of the local economy, or to a more equitable redistribution within the economy. Moreover, it is the consumer who has control over the projects he wishes to “finance” through his daily payments. There are already a few:
- Unitlife, a UN initiative of which Retreeb is a partner;
- La Barque (luggage storage in a solidarity café);
- Precious Plastic (recycling untreated plastic);
- Utopia 56 (transport assistance for unaccompanied minors);
- Récré en Herbe (De-concrete removal of primary school playgrounds).
Indeed, at present, Retreeb is in the preview phase in the city of Tours, before being deployed in France and then throughout Europe. Thus, the majority of partner initiatives are currently located around the white and blue city.
👉 To go further – Retreeb and the UN launch a collection of NFTs to fight against malnutrition
A simple application, to make the blockchain accessible
From a user point of view, the operation is very simple. When making payment, the merchant generates a QR code directly in the Retreeb mobile application in order to present it to the customer. From a technical point of view, the system is based on a double Off and On-Chain infrastructure, more particularly on the Fantom network and soon Polygon.
The network fees will be borne by Retreeb and the merchant will therefore not have to worry about them. In effect, the ambition is to make the use of the blockchain invisibleso as not to hinder adoption by the general public, as Jérémi Lepetit explains:
“The success of the democratization of blockchain technology relies on the ability of applications to make the blockchain invisible to end users. Retreeb is a service aimed at mass adoption and therefore limits any technical friction for its users. »
Also note that Retreeb has TREEB, a utility and governance token for the community. This can be staked and allows benefit from free services on the application wallet (for example, obtaining a payment card), obtaining rewards and participate in the section of projects that will be funded by users.
With our small daily actions, we participate in building a better world. A few transaction fees on purchases every day may seem trivial. Yet, as evidenced by the billions of dollars that this represents at the end of the year, they are not to be neglected. Retreeb offers to use them for make our payment system more responsible, ethical and virtuous.
👉 For more information, visit the Retreeb website
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