Crency is a synthetic word of “Credit” and “Currency”. The name itself explains where it is meant for. Crency enables people to use their credits for P2P payment, which result in circulation of credits.

For instance, if you sell your used laptop to a friend of yours at US$500, your friend can pay it with his credit card (it is impossible for now unless you are an authenticated merchant). You may receive the payment with your credit card (or a different type of payment vehicle you prefer) and the payment (US$ 500) adds up to your line of credit. You can also use the earned credit (US$500) to make a purchase or just leave it for settling your monthly credit card bill.

No matter what payment vehicle you use, in the world of Crency, it would not limit your transaction as long as your credit is available on your payment devices. All types of payment vehicles available now and in the future will be working with each other since Crency manages only “transaction data” not the flow of money.

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Crency works as embedded into your credit card or other credit-based payment account. Thus, your credit card account will have a number of pluses (credits earned) and minuses (credits spent) in a certain period (e.g. a month) and the account is settled at the end of the period. This unique Crency system, beyond the benefit that you do not have to use your cash for P2P payment, allows you to enjoy some extra merits compared to conventional alternative payment services:

• No need to charge your account. You just use from your credit granted by your credit card company without a hassle of signing up for an P2P payment service account and charging the account from your bank account, cheque or credit card
• Lower fees or nominal charges. It’s because you do not have to go through interchange processes in order to charge your accounts or withdraw money, the number of business players involved in the process is only a few.
• Safe transaction. You have chances to fix your transaction before your account is settled in an event of fraud sale or incomplete transaction.

The safe and convenient transaction environment which Crency creates lays enormous opportunities for new business by boosting up Person to Person transactions and other types of financial activities conducted in the human society.

If you imagine that you can pay your rent with your credit card, you can raise micro fund from your high school alumni with their credit cards for a home coming day event, and you can donate small money for a community program while you are watching on your IP TV, you would get a strong sense of how Crency can change the way you live.