MyECheck, Inc. (fka MYEC)

[mascale]

Nigerians now half-cashless(?), in some reports. Even street vendors accept mobile debit payments in a population of 198 mil. people. An example of a transaction is below, and supports the creation of MECINCORP revenue reported on Facebook page. More than a third of Nigerian adults likely now have smartphones.
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Now let’s look at the behind-the-scenes digital transaction.

The debit card issued to Jane is Visa card. Visa creates cards like Jane’s which has a magnetic stripe that stores information digitally. When Jane swipes the magnetic stripe against the POS or payment processor, the transaction information is transferred to Visa. The payment processor acts as the intermediary between Visa and Fresh Chain. Visa makes note of the information received from the payment processor and forwards it to Future Bank for approval. Future Bank confirms that Jane has the necessary funds in her checking account to complete her purchase and authorizes the transaction. Visa then relays this information through the POS machine as an authorized transaction. The exact amount of the transaction is debited from Jane’s checking account and a percentage of this amount, say 98%, is credited to Fresh Chain’s account. The remaining 2% is shared between Future Bank and Visa as their fee. Although the process seems lengthy, it actually happens in seconds.


Read more: Digital Transaction Definition | Investopedia https://www.investopedia.com/terms/d/digital-transaction.asp#ixzz500XMpf7M
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