Blockchain-Enabled Online Shopping Rolls Out in the Philippines

A fintech firm in the Philippines is offering the country's first online shopping platform powered by blockchain.

A local financial technology (fintech) firm has launched a blockchain-based e-commerce site called CashCart.io, which is powered by NEM and Proximax. During its soft launch over the weekend, founder and CEO Fruvy Rivera said he envisions CashCart to be a leader in the online shopping space in five to 10 years.

CashCart.io founder and CEO Fruvy Rivera said he aims to establish his online shopping platform a leader in e-commerce in five to 10 years during its soft launch over the weekend.

“It has a wide catalog from veggies in the wet market to gravel and sand for construction,” said Rivera in an interview with Cryptovest. “Aside from the items for sale, we have a category of services, such that a dental clinic can list its services there, example: Tooth extraction - 500 per tooth and they will have a QR code.”

He explained that once a user had a tooth pulled, the payment can be transmitted using a QR code, and this would be deposited in CashCart's internal escrow before being credited to the dentist's account. The service provider could use the QR codes as proof that services have been delivered.

“The ‘internal escrow’ will then be triggered and the doctor will get his/her payment in CCNX token,” he added.

Buying from CashCart has a wide range of payment methods, added CashCart Blockchain Lead Rom Brillantes. He said the online shopping platform accepts fiats sources like credit cards, Visa, MasterCard, Paypal, as well as XEM and CCNX cryptocurrency. The CCNX is pegged at $0.02 per token or approximately P1.08.

However, he clarified that paying in cryptocurrency is only an option and is intended for the newbie in the crypto world to experience buying online using digital currencies through their platform.

“Thus we have a coaching academy. Here is the catch, if you will enroll in our coaching academy to learn how to use CCNX or XEM as a mode of payment, CashCart will reward you for it,” Brillantes said. The reward token could be used to purchase in the platform, he added.

From a buyer’s perspective, Brillantes said they would earn 50 CCNX after creating an account at CashCart and completing the KYC (know-your-client) process. And even if the user is not ready to use CashCart or is hesitant to provide their credit or debit card details, he or she can still earn more rewards by helping sellers boost their listings or take job orders for stores.

A similar initiative was launched early this month by CitiCash to push the mass adoption of cryptocurrencies by allowing ordinary people to use digital currencies on a daily basis even if they have little or no knowledge how to use cryptocurrency. CitiCash offers a seamless synergy using crypto and fiat currency for ordinary purchases.