Crypto pyramid schemes enter the point-of-sale fintech goldrush

Nebulous product descriptions and ridiculous investment returns are creeping from crypto into ‘fintech’ as companies pivot

Her linen apron smelling of star anise and cinnamon sticks the merchant at the refillery grocery store apologies to a customer, yet again.

She ruefully relays that she must pass on the merchant 2% credit card fee because, since she took over the business last year, the small seaside town has been hit by the loss of tourists from the border shutdown and every business in town is in a stranglehold by the merchant acquirer and point-of-sale processors, which charge up to 4% on contactless payments and credit cards. She doesn’t offer G-Pay or Apple Pay because that would cost more again.

Photo by Sigmund on Unsplash

It’s been a tough year to start her fledgling business since she relocated to the small rural town with her husband and two kids after 15 years in Dubai. They both decided taking on a small business was the best thing to do to get over the culture shock and meet new people.

She’s not good with digital marketing or social media which, she’s since been told, is a prerequisite for today’s small business owner as it’s “free marketing”. But she would have to hire someone to do that and wage inflation has gone through the roof since the government slashed interest rates.

“If only there was a way to attract more customers and advertise the business without me having to fork out thousands on a hiring or upskilling,” she thinks to herself.

A man in a white polo shirt with a black logo beaming a wide smile steps into the store. He hasn’t brought a reusable shopping bag, the staple of all her customers, but is carrying a flip chart folder under his arm. She recognises the logo on his polo shirt from the decals on a car that had been parked around town for the past few days.