Cosmose AI partners with Near for low fee shopping with crypto

Cosmose AI is partnering with Near to build a payment system that allows users to shop with crypto at low transaction fees.

Cosmose AI is a nine-year-old company that uses AI analytics to track in-store foot traffic and engage with shoppers online. Its KaiKai app enables customers to discover retail stores in their vicinity and also includes an online targeting platform.

The KaiKai app will settle payments in its native stablecoin Kai-Ching. Users of the app will be able to use their fiat currencies to purchase Kai-Ching. The app makers hope that they will be able to introduce Kai-Ching back to fiat at a future date.

Taken from a TechCrunch article, an example of reducing fees with its Near-powered blockchain payment system is given. KaiKai claims to reduce the transaction costs of a user’s annual coffee consumption compared to buying it with Stripe or PayPal. The significant reduction in transaction fees could save a coffee drinker as much as $200 a year.

Fees can sometimes be a problem with crypto, and this is particularly apparent on layer 1 blockchains like Ethereum. Transactions on Ethereum can be extremely expensive at times of heavy usage, so cheaper alternative layer 1 blockchains such as Cardano, Pokadot, and Near have emerged.

Cosmose and Near are also working on a system that allows users to see how they are being tracked, which includes data like their location, the products they look at, and the length of time they spend in store. 

Kai-Ching has processed over 1 million transactions in the form of payments, refunds, and rewards. According to the founder of Cosmose, Miron Mironiuk, more than 50% of the app’s users are Gen-Z, and they are “super comfortable” with using crypto because they know they “own it''.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.