Initiative Q- Digital Banking Payment System in the Making
Initiative Q is a new payment system in the making. It has become a new buzzbord in financial sector. Initiative Q is in the early stages of establishment and the promoters expect to absorb and integrate the best technological improvements that have reformed the payment industry during last few decades and to build a cost effective, user friendly and flexible payment network. Initiative Q payment network is envisaged to evolve as a major player of global digital banking and payments. To promote the network, currency Qs are offered as incentive to early adopters of the technology.
The enrolment to Initiative Q and allotment of currency Qs are through invitation to ensure that the adopters are genuine and real people. If you are active in Facebook, Gmail and twitter, probably you might have received invitation to join initiative Q from your friends. Initiative Q was founded by Saar Wilf, a serial entrepreneur. The Fraud Sciences founded by him was acquired by PayPal in 2008. According to the details provided in the website of Initiative Q, the team of promoters consists of experts in payment systems, economics and and Internet technologies.
The marketing strategy of Initiative Q
VISA, Master Card and Amex have been pioneers and leaders in the business of debit and credit cards. They provide payment system for settlement of card transactions. Recently, China UnionPay has emerged as a major competitor. Rupay payment system is emerging as a major payment scheme in India. There have been many payment networks in the past also. But they face a major challenge as no merchant wants to join a payment network without sufficient buyers and vice versa. Initiative Q through the unique marketing strategy is trying to create a payment network with new global currency Q and distributing this currency freely to those who are ready to use the currency and payment network. When different countries are using different currencies, the settlement of cross border transactions becomes a huge task and a costly affair. By introducing the global currency Q, Initiative Q expects to reduce investment and cost involved in setting up the payment network.
Incentive by way of Qs is envisaged as an external motivation to join the network. On registration, certain number of Qs is allocated. Said reward currency Qs will be released gradually as the Q payment network becomes active. It may also be noted that a portion of reward is likely to be released only after the user utilizes the platform at least once. That will ensure that more and more people will be prompted to use the platform. As the platform becomes popular, the incentive offered will come down.
Advantages of joining Initiative Q
When joining initiative Q, you will be allotted with currency Qs. You will derive value from the joining incentive only if initiative Q becomes a worldwide payment network and succeeds in redefining global payment standards. Initiative Q does not offer to make you a billionaire overnight. According to the promoters, the currency Q may equal one US Dollar, if the payment network succeed. But, as more and more persons join Initiative Q, the number of customers gets increased and the chances of payment network becoming a success increases. The advantage is that you need not pay any amount to become a member of Initiative Q. You have to just share the e-mail address and name. Initiative Q will credit currency Qs to your account. In this way, it can just be considered as a lottery wherein the cost of ticket also will be borne by Initiative Q.
As more and more people join Initiative Q, automatic awareness creation happens and chances of success increases without huge investment for advertisement. As the success rewards early adopters, they themselves will become users of the technology. This will reduce dependency on physical cash, and cards and will push digital banking to next level. The success of currency Qs will eliminate cryptocurrencies like bitcoins which consume huge quantum of energy for their mining.
Initiative Q adopters are verified real persons
A secure payment network should be associated with real people. To ensure that initiative Q gets new members verified by existing adopters who actually know them. For enrolling a new member and verifying him, the existing members get rewarded. One user can open one Q account only and true credentials should be used for it. But an existing member can only enroll five members. Verification of unknown new members can lead to cancellation of incentive and account itself. Initiative Q may also put in place a ‘trust network’ in future to better security. Multiple accounts by same person or same person using multiple options like Gmail account, Facebook account or twitter to enroll may lead to cancellation of account.
Initiative Q is different from Pyramid or MLM scheme
In Pyramid or MLM schemes a portion of money collected from new members is distributed to earlier members. Initiative Q does not charge new members for joining. Joining is completely free. Further, Initiative Q offers free currency Qs to those who enroll. More Qs are given to early adopters. The currency Q derives value only when currency Qs start accepted as a better currency, in accordance with the “equation of exchange” in economics. This marketing strategy is similar to that adopted by other major players like Uber, AirBNB, Zoho etc that compensate existing users for adding new users.
Initiative Q Vs Cryptocurrencies including bitcoins
Cryptocurrency is digital money based on ingenious mathematical formula that is hard to counterfeit. Cryptocurrencies work on a model wherein banks and regulators have no role in the activities and crypto currency owners themselves have to take security measures to protect their holdings in the form of bitcoin or other cryptocurrencies. Volatility in value is a huge risk associated with cryptocurrency. Mining of bitcoin and other cryptocurrencies involves wastage of enormous energy.
Initiative Q’s objective is to make the payment network a globally adopted mechanism. It is offered as a real solution to a real world problem. Initiative Q is proposes a globa payment system that ensures ease of use, stability, cost effectiveness, security, efficiency and legality. They may adopt certain technologies associated with cryptocurrencies. However, Initiative Q proposes to abide by local regulatory guidelines.
Only limited countries have approved cryptocurrencies as legal tender. Initiative Q is a technology in the early stages. Approval / decline of Initiative Q and Currency Q are also at the sole discretion of monitory regulator / government of a country. The article is intends to introduce a new emerging method in digital banking and digital payment system to the readers. The article is based on the details furnished in the website of initiative Q and no independent verification of claims has been made. Celebratebanking.com readers shall make own researches or seek advice of experts before taking any enrolment /investment decisions.
