FAQ About the Blockchain Loyalty Cashback Program for Africa
UKa$ii Blockchain Loyalty Program FAQ
What is UKa$ii ?
UKa$ii (pronounced "You-Kashee") is a completely mobile, blockchain based consumer “cash-back” loyalty rewards program and marketing platform. Ka$ii Tokens are earned as “cash-back” for spending money on goods and services at UKa$ii Partner establishments. All customers will need to do, is show the UKa$ii Partner their unique UKa$ii QR Code from their mobile phone at the point of payment.
When will UKa$ii launch ?
Pending completion of funding. We were aiming to launch UKa$ii with our first partners in Nigeria, in Quarter 1, 2021. But the "pandemic" has unfortunately stalled our progress. We are in the process of looking for funding to re-start development of the platform.
What are the benefits of becoming a UKa$ii Partner ?
Please refer to the Partner Benefits section, here.
How much cash-back do I have to give members ?
This is completely up to you. You decide the percentage amount of “cash-back” you would like to offer based on your products and services. It can be anything from 1% to 70% or even higher, it’s completely up to you.
We will provide you with the solution and quick training to simply and easily define what percentage you will give as “cash-back” for the products and services you sell.
What is the cost of becoming a UKa$ii Partner ?
Joining UKa$ii is completely free; there are no implementation or integration fees. Once you become a UKa$ii Partner, we will charge you for the amount of Ka$ii Tokens you purcahse to give to customers as “cash-back”.
If you'd like more information on becoming a UKa$ii Partner, please write to us here.
What happens to Ka$ii Tokens customers spend with my business ?
As a UKa$ii Partner, you will be able exchange the Ka$ii Tokens customers spend with you for cash.
How will customers earn Ka$ii Tokens ?
Firstly, customers will need to download the UKa$ii Mobile app, which is currently under development. Once they create an account, Ka$ii Tokens will be earned for purchasing goods and services anywhere they see the UKa$ii logo at a UKa$ii Partner. All they will need to do is show their unique UKa$ii QR Code on their mobile phone, to be scanned when they pay for their purchases.
How Will customers spend Ka$ii Tokens ?
Customers will be able to spend Ka$ii Tokens just like cash, by scanning your unique UKa$ii Partner QR code using their mobile phones. It’s that simple.
How fast are transactions using UKa$ii ?
UKa$ii will be able to handle over 3,000 transactions per second, with each transaction completed within 3-4 seconds.
What Is the value of a Ka$ii Token ?
1 Ka$ii will always be equal to 1 US Dollar and you will see the value of your Ka$ii in local currency on the UKa$ii Mobile app.
Is there a minimum amount of Ka$ii a customer must earn before they can spend it ?
No. They can spend any amount of Ka$ii as soon as it is earned, as long as they have it in their account.
When will you pay us for the Ka$ii Tokens customers spend with our business ?
UKa$ii Partners will be able to bill us for the Ka$ii Tokens spent by customers on a monthly basis.
How much customer data is shared with UKa$ii Partners ?
Customer identity will remain private. UKa$ii Partners will have access to transactional data via the UKa$ii Marketing Platform but not to whom it belongs to. UKa$ii Partners will be able to send promotions and campaigns via the Marketing Platform based on this information, if a customer consents to receive promotional messages.
However, customers will be able to reveal more information about themselves to UKa$ii Partners if they wish, in exchange for additional Ka$ii.
What other features does the UKa$ii Marketing Platform provide ?
The UKa$ii Marketing Platform will allow Partners to pinpoint and send targeted offers to customers who genuinely want to see them, vastly reducing current marketing costs.
The Marketing Platform will also provide accurate ROI reports and allow Partners to cost effectively acquire and retain customers.
Where can I download the UKa$ii app?
The UKa$ii App will be available from the Google Play Store and Apple App Store. We’ll keep you updated and inform you when the app will be launched if you join our maling list.
Who will benefit from UKa$ii CSR investments ?
We will be working closely with charities, NGO’s and relevant governmental organisations to identify which causes to support. A UKa$ii Head of CSR (Corporate Social Responsibility) will be responsible for coordinating UKa$ii CSR initiatives, which UKa$ii teams will actively participate in.
Can we nominate causes to benefit from UKa$ii CSR investments ?
We are planning to make this a possibility, yes.
Will UKa$ii expand to countries outside Africa ?
Our immediate short / medium term focus is the Central / Sub-Saharan Africa region, beginning with Nigeria. However, depending on the growth and acceptance of UKa$ii by customers and UKa$ii Partners alike, establishing UKa$ii in other regions and continents is of course something we are aiming to do.
Blockchain FAQ
Where will my Ka$ii be stored ?
In very simple terms, all cryptocurrencies are stored as electronic transactions, recorded on a “blockchain”. That is essentially what cryptocurrencies are: electronic transactions.
Using cryptocurrency is no different to how we use credit / debit cards today. When you spend money at a store using a credit / debit card, no physical money changes hands. All that happens, is an electronic transaction is made, deducting numbers from your (bank) account and adding it to another. The transaction is recorded with the banks. It’s exactly the same with cryptocurrency. No money changes hands. An electronic transaction is made, deducting and adding numbers from one account to another. However, with cryptocurrencies there are no banks. The transactions are crytpographically encrypted, signed and recorded on a blockchain; making cryptocurency transactions extremely secure.
What is a Blockchain ?
The blockchain is a vast, distributed network of computers (referred to as “Nodes”) that can belong to anyone, anywhere in the world.
Without going into any fine detail, your computer could become a “Node” if you wanted to participate in a blockchain. Much like people use their computers for various purposes, to play games, browse the internet, word processing, to watch movies etc., they can also run the relevant applications to become part of a blockchain and in the process, earn fees for validating transactions - which is what Nodes do.
There are various blockchains. The Bitcoin blockchain is the most well-known and is obviously used to transact bitcoin. UKa$ii is being built on the Stellar Blockchain, which you can read about here.
Who verifies blockchain transactions ?
Blockchain transaction are verified by the computers (referred to as “Nodes”) on a blockchain network.
Without going into any fine detail, your computer could become a “Node” if you wanted to participate in a blockchain. Much like people use their computers for various purposes, to play games, browse the internet, word processing, to watch movies etc., they can also run the relevant applications to become part of a blockchain and in the process, earn fees for validating transactions - which is what Nodes do.
There are various blockchains. The Bitcoin blockchain is the most well-known and is obviously used to transact bitcoin. UKa$ii is being built on the Stellar Blockchain, which you can read about here.
How secure is the UKa$ii blockchain loyalty rewards platform ?
UKa$ii is being built on a blockchain developed by an organisation called Stellar. A blockchain is a - very secure - “chain” of transaction records, cryptographically encrypted, distributed and stored across a vast network of computers that don’t know each other (the computers are referred to as “Nodes”), where every transaction, and the history of every transaction, is stored on every computer. So, if for example someone wanted to commit fraud, and try to spend Ka$ii they didn’t have, they’d have to alter the history of every transaction ever made, on every computer.
However, while the blockchain may be very secure by design, UKa$ii will employ “ethical hackers” who will be tasked with continually penetration testing every aspect of the UKa$ii blockchain loyalty and rewards platform to try and find any faults, holes, bugs etc., and naturally we will continue to invest in the security of UKa$ii.
Can Ka$ii Tokens be stored in a “digital wallet” ?
Yes, Ka$ii will be stored in a digital wallet.