Why the Slingshot Mobile Payment System?

The plastic credit card and point-of-sale landscape is ripe for disruption by the SMPS. 

Lack of innovation from constituents in the plastic credit card ecosystem presents an unprecedented opportunity to disrupt >US$1T of market value.

Plastic credit cards, and the required hardware, terminals and processing equipment to read them are:

• Expensive – High plastic credit card fees and high bank transaction fees, including fees to point-of-sale vendors
• Unsecure – Consumers have had their personal information hacked and compromised time and time again. 
• Unsafe – Use of plastic credit cards, cash and checks has virus transmission concerns

• Merchants and consumers are burdened with high plastic credit card fees, bank processing fees and POS fees. Merchants have been adding “convenience fees” to cover the processor charges they have been forced to incur.
• Other payment systems, such PayPal, Google Pay, Apple Pay, Venmo, etc., remain dependent on and require traditional plastic credit cards and add an additional layer of fees for their services.
• POS systems, such as Square, are also dependent on plastic credit cards and charge additional fees for the use of their equipment. 
• In addition, consumers have had their personal information hacked and compromised in connection with major vendors such as Home Depot and Target.
• In the current COVID era, credit cards are still not entirely “touchless”.