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Digital cash with the ingenious Digital Cash Wallet xoxo

Crunchfish Digital Cash Wallet xoxo uses new technology to make cash digital. This is the digital payment of the future and the solution to exploding transaction volumes and financial inclusion worldwide.

In Sweden, cash is disappearing completely and the authorities realize the danger inherent in removing the only means of payment that always works and never jeopardizes your personal privacy. Finansinspektionen requires banks to increase the operational reliability of Swish at the same time as the Central Bank is realizing that its implementation of the e-krona will not be able to deliver the properties of cash.

The e-krona should be implemented as a new currency, or at least using technology that is easy to integrate using the current account based banking infrastructure, making it easy for the Central Bank to implement the e-krona. This would require no changes to today’s digital payment rails in the country. This significant simplification will speed up the implementation of central bank currencies around the world. Building block chain-based solutions to digitizing money is unnecessarily complicated.The Crunchfish Digital Cash Wallet xoxo solves these challenges, as demonstrated by Crunchfish’s contribution together with Swish to the Swedish Post and Telecom Authority’s innovation contest.

We enable offline and private payments. This is the next generation of the payment solutions of the future and a necessary solution for central banks around the world that are struggling to digitize their countries’ cash, according to Joachim Samuelsson, Crunchfish’s CEO.

Joachim Samuelsson, CEO of Crunchfish
Photo by Joakim Karlsson

A lot of cash is still circulating abroad in countries where digital payment often fails, either due to connection problems or because servers cannot handle the pressure of millions of people wanting to pay digitally due to the pandemic. Crunchfish’s patent-pending Digital Cash Wallet solves these challenges by a two-step payment process. First clearing offline upon payment and then settlement online when the money is moved between accounts. VISA has realised the advantages of this payment architecture.

Our Digital Cash Wallet complements all types of payment services around the world, whether on mobile or on a card. The Digital Cash Wallet has a mirrored Digital Cash Account that is debited once the payer or the recipient connects online. The Digital Cash Account is blocked and can only be managed from the Digital Cash Wallet, thus protecting against overdrafts and double spending, Joachim Samuelsson explains.

The Digital Cash Wallet xoxo makes payment services globally interoperable. There are billions of cards, digital wallets on smartphones, smart watches and feature phones on the market. Crunchfish will charge the issuing bank or digital wallet provider a subscription fee per active Digital Cash Wallet, similar to how banks issue cards. Financial inclusion in the world is made possible when cards also work completely offline and where other payment solutions can also be integrated to move money between accounts in addition to the card infrastructure.

About Crunchfish – crunchfish.com/digitalcash
Crunchfish is a technical pioneer within digital payments with its ground-breaking Digital Cash Wallet using a two-step payment process, first clearing offline followed by online settlement, which makes digital payments robust and independent from the net. Crunchfish Digital Cash Wallet is extremely flexible and may be used with all types of payment services. It is interoperable cross-service/schemes and cross-borders/currencies. It truly delivers the properties of cash, such as instant clearing, offline payments and preserving the payer’s integrity, without requiring any changes to the central or commercial banking infrastructure. This enables CBDC to be rolled out fast in any country.

Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with representation in India.


How does the world look through smart glasses?

The only thing we know for certain about the future, is that it is sure to be different. It may sound like science fiction, but soon many of us will wear smart glasses that enhance the reality around us with digital objects and make our everyday lives both easier and more efficient. The world will hardly be the same.

Augmented Reality (AR) has been around for a while, but now things are really starting to move. In the near future, we will all be impacted by this technology and the opportunities it offers.

“AR is created when virtual objects are placed on top of the reality we see around us through our mobile camera or smart glasses”, Joakim Nydemark, CEO of Crunchfish Gesture Interaction AB, explains. The company develops technology that allows you to interact in the world of augmented reality via intuitive hand gestures.

As with so much else, smart phones and tablets initially created the conditions for AR, whereby the user is given a new experience using the camera and software in such devices.

“Using smart glasses frees both hands and provides quick access to new information through a transparent screen, hanging in the air right in front of the user’s eyes. Crunchfish’s technology makes it possible to interact with the augmented reality without needing to touch a physical screen. Crunchfish’s gesture control technology lets users interact with virtual objects through hand gestures. This means that we can look up from the mobile display and not only make the content of the phone more naturally accessible, but also access relevant information about everything around us”, Joakim continues.

Crunchfish’s gesture control technology is absolutely world class”

– Joakim Nydemark

The smart glasses are usually connected to the mobile phone similarly to a smart watch, but in the future, it is predicted to replace the phone as the device you always want to carry with you. With a mobile connected to smart glasses, you can make calls, browse the phone book, take pictures and surf the web. Everything is projected as an extra visible layer in the glasses, while the phone can be left in the pocket or purse and both your hands are free. In the long run, smart glasses will replace the mobile phone as AR opens up for many more possibilities.

“Imagine you are out walking in town. Directions to your destination can be projected in front of your eyes, and by pointing the camera in your glasses at different objects, a building for example, you can get information about when the house was built, if there is an apartment for sale or drawings of how it looks inside. Once inside the apartment, the AR can show you how a room will look with different shades of color or wallpapers, or how a specific sofa would fit in the living room”, Joakim explains.

AR will not only revolutionize and facilitate our private sphere. The new technology will also create new opportunities for our working lives, streamlining and simplifying them. The technology is already today in many workplaces, as part of efforts to make companies and industries more digital and effective.

“Imagine repairing a machine or servicing a car. With the help of smart glasses, the service technician can get instructions projected in front of him on what is to be checked and in what order the various steps are to be performed, but also how, if he is unsure, by displaying a step-by-step description. Similarly, the technology can also be used in manufacturing. A new employee can quickly learn what, how and in what order things should be done, for example during assembly where it is important to assemble things in the right order”, says Joakim.

“The breakthrough of AR technology is not far away. As soon as one of the big electronics companies, say Apple, launches attractive smart glasses for consumers, things will snowball – perhaps as early as next year – and at a cost that will probably be on a par with what you would pay for a regular mobile phone today. The technology is currently being honed. One of the keys to success is to produce smart glasses that are attractive and comfortable enough for you to want to wear them on a daily basis. With limited space for electronics, the demand on performance is high. Crunchfish’s gesture control technology is absolutely world-class and gives the user full flexibility to interact with the augmented reality, despite limited resources”, Joakim Nydemark concludes.

About Crunchfish – crunchfish.com/gestures
Crunchfish is a tech company with patent-pending solutions for Digital Cash that can be integrated with both the payment rail and in mobile wallets. The solutions are globally scalable and makes digital payments more robust as the risks of disruptions and downtime are eliminated. We have also developed Blippit, an app terminal that connects to cash register systems for both online and offline payments and have a patent-pending solution to reduce food waste. Crunchfish also develops gesture control of smart AR glasses for the consumer market. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with representation in India.


Cash is dead, long live cash!

Sweden might be cashless in three years’ time. That would mean the disappearance of the only means of payment that always works and never jeopardizes personal integrity. Although offering the unique features of cash in digital form is urgent, the process of finding an alternative is currently too slow. Besides, the technology used is inefficient and unnecessary. Now, Crunchfish is taking on a leadership role and showing how it’s done.

Even today, many businesses are opting out of cash. The digital cash equivalent will be welcome in commerce, since it’s far more secure, efficient and cheaper than how we currently handle cash.

The move towards a cashless society must have its benefits, but in the near future Sweden will be missing the only means of payment that always works. Downtime and long Internet disruptions could paralyze the country. The National Bank’s e-crown experiment has been debated in three webinars moderated by Crunchfish. Sadly, the process is a slow one, involving unnecessary blockchain technology that does not even address the core problem. For Sweden this is serious, as we’re poised to become the world’s first cashless society. 

But the National Bank is not alone in being on the wrong track. The entire world’s Central Bank Digital Currency (CBDC) industry is at a dead end in its quest to digitize cash as a new money format, rather than offering the properties of cash digitally. It is not the banknote that should be digitized, but the money order. Both represent a value, but the money order also defines the payer and the payee. This simple yet fundamental change makes everything fall into place, and the old standard account-based way works just fine. The only thing required to offer the features of cash digitally is Crunchfish’s Digital Cash.

Crunchfish recently made a submission, in collaboration with Swish to the Swedish Post and Telecoms Agency’s innovation competition, implementing the unique features of cash to account based transactions. If Swish’s member banks choose to implement Digital Cash, Sweden will be offered digital cash guaranteed by the banking system, instead of the National Bank.

Two minute interview with Crunchfish CEO Joachim Samuelsson: Why Digital Cash?

Long interview with Crunchfish CEO Joachim Samuelsson on Digital Cash

Crunchfish’s Digital Cash offers a digital wallet to all the world’s payment services, whether on mobile or on a cash card, usable even without an Internet connection. The digital wallet manages a balance that is linked to a virtual account where all transactions are registered when the user is online. The virtual account balance is blocked to guarantee coverage when offline payments are settled online against this account.

Crunchfish Digital Cash works with all payment schemes and is based on a patent-pending two-step settlement, first offline at the moment of payment, and then online when the cash is moved between the accounts. VISA recently proposed this architecture, as CBDC and Crunchfish are VISA’s technology partners. The most exciting part of this two-step architecture is its ability to offer globally interoperable payment services. Even in the future, cash is king.

About Crunchfish – crunchfish.com/digitalcash
Crunchfish is a tech company with a patent-pending solution for digital offline payments that can be integrated both with the payment rail or in a mobile wallet. The offline solution is globally scalable and makes digital payments more robust as the risks of disruptions and downtime are eliminated. Crunchfish has been listed on Nasdaq First North Growth Market since 2016 with headquarters in Malmö, Sweden and with representation in India.


Can you see into the future? Crunchfish creates it.

For too long, mankind has adapted to technology. It should have been the other way around. For example, why are we dependent on the net when we pay? Why do we walk around looking own at our phones all of the time? Why is it hard to communicate with the proximity? These are challenges that can only be solved by radical new thinking and cutting-edge technology. Crunchfish is a tech company that creates a society to suit people.

Crunchfish uses a broad focus to meet tomorrow’s challenges with innovative solutions in widely differing areas such as solutions for payment, food waste, nearby interaction and gesture control for smart glasses. It’s a motley list, but it’s also why Crunchfish can contribute to the society of tomorrow. With a rare combination of courage and technical know-how, the company tackles the most varied everyday challenges within five solution areas.

Digital Cash – Why are we dependent on the net when we pay?
7 patent pending inventions in 2020, none granted yet.

Crunchfish’s most recent solution area is Digital Cash, where the company enables cash in digital form. The flexibility to pay digitally, combined with the effects of the pandemic, mean that the use of cash is declining rapidly, but this has also made us vulnerable since we have become dependent on the connections and payment services that work there and then. This is an unnecessary risk to take, and a typical example of how technology sets up unnecessary obstacles, explains Joachim Samuelsson, CEO of Crunchfish.

  • The time-critical payment moment should be implemented as a separate step, completely separate from the subsequent transfer between accounts. This simple and ingenious change means that we magically eliminate all the online factors that can fail when we make payments. Crunchfish’s Digital Cash really always works, is easy to use and, last but not least, it lets you stay anonymous. The bank doesn’t need to know what you do simply because you pay digitally.

    Blippit – Why can’t we blip in many more situations?

6 patent-pending inventions since 2017, of which 5 have been granted.

Blippit delivers smooth payment solutions. Blipping is convenient, and Crunchfish makes it as easy to pay with Swish as to blip a card. The Blippit app terminal is the bridge between the customer’s mobile and the in-store POS. The technology also enables blipping in other situations, for example when finding offers, checking in, unlocking or logging in using a mobile phone.

  • Blippit’s big breakthrough is its Digital Cash, because the app terminal transfers offline payments directly to the cash register.

    Food waste – Why do we throw away a third of all produced food?

1 patented invention in 2019 that has been granted.

One third of all food produced is thrown away. This is huge financial costs and has a big negative impact on the climate and the environment. Thanks to an automated way for sellers to give consumers a discount at the checkout if they don’t casually choose the freshest product. It’s all based on the fact that in the near future, the striped EAN code on goods will be swapped for a checkered QR code. This code can also contain information about each individual product, such as its best-before date. Tempting discounts on older goods will affect our buying behavior and reduce food waste. Simple and ingenious.

Nearby – Why is it hard to communicate with the proximity?
14 patent-pending inventions from 2014, of which 12 have been granted.

Proximity is the next area for the mobile to conquer. It can also be digitized, to let people understand much more about their surroundings than is possible using only our senses. The mobile phone can let you discover and communicate with everything and everyone nearby. With approval, it makes it possible to discover and communicate with everyone around our own digital bubbles. Seamless superpowers.

Gestures – Why do we walk around looking down at our mobiles all the time?
12 patent-pending inventions from 2012, of which 11 have been granted.

Gesture control lets you control your electronics using only your hands. For example, skip the selfie stick and take photos from a distance with Crunchfish’s popular free GoCam app, available on the app store. The big breakthrough for gesture control, however, is the smart AR glasses. They free our hands, finally letting us lift our gaze from the phone screen.

– Crunchfish’s success is based on radical innovation that is manifested in an offensive patent strategy. Patents protect the company for 20 years from the application date. We have applied for 40 inventions, of which 29 have already been granted patents in some markets, despite the fact that Crunchfish only has 25 employees. An impressive invention workshop, says Joachim Samuelsson, CEO of Crunchfish. Crunchfish is an absolutely world-class tech company, solving tomorrow’s challenges in radically new ways. We never let technology dictate the conditions – we always adapt it to what fits us humans best.



ABOUT CRUNCHFISH – crunchfish.com
Crunchfish is a tech company with patent-pending solutions for Digital Cash that can be integrated with both the payment rail and in mobile wallets. The solutions are globally scalable and makes digital payments more robust as the risks of disruptions and downtime are eliminated. We have also developed Blippit, an app terminal that connects to cash register systems for both online and offline payments and have a patent-pending solution to reduce food waste. Crunchfish also develops gesture control of smart AR glasses for the consumer market. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with representation in India.

This article was originally published on February 4, 2021 in the Morgondagens Samhälle #1 appendix in Dagens Industri.


Crunchfish reduces food waste – will you join us?

About a third of all food produced in the world is thrown away. This is costly, both for society and the environment. Tech company Crunchfish has invented a solution that can rescue food by rewarding consumers right at the checkout. This fundamentally changes buying behavior and will contribute to a drastic reduction of food waste in the grocery trade.

In the future, the product label will be chequered rather than striped, because a two-dimensional QR code can also contain individual information about the product, such as its best-before date or batch number.

Sustainable development satisfies current needs without jeopardizing the opportunity of future generations to satisfy theirs. The UN has an ambitious agenda with 17 global goals for economically, socially and environmentally sustainable development. By 2030 the amount of food waste will be halved in all stages from farm to table.

– All actors have shown an interest in finding solutions to this problem, says Linda Kronby, Senior Business Developer at Crunchfish. But it doesn’t simply come down to changing consumer behavior. Companies also need to see what they can do to take responsibility and encourage the consumer to make environmentally sound decisions.

To rescue food, Crunchfish has developed a concept for dynamic pricing of goods based on the individual characteristics of each product, such as best-before date or batch number.

– When shopping, consumers tend to choose the item with the longest shelf life, which means that older items often remain until they are ultimately discarded. With a unique product label adhering to the new GS1 Digital Link standard, where the product’s striped bar code is replaced with a two-dimensional QR code, the customer can be rewarded for climate-conscious choices right at the checkout. The discount can easily be programmed to increase according to the proximity of the expiration date, Linda Kronby continues.

The Crunchfish solution enables suppliers and retailers to encourage consumers to shop more sustainably. The advantage of GS1 Digital Link is that it can contain product information that is more extensive and more tailored, such as best-before date, product origin and detailed product information for the consumer.

– The solution is not limited to best-before dates – in some cases the supplier or retailer may want to encourage sales for other reasons. This is a very exciting area that the grocery trade is willing to invest in, and other industries will follow in the long run. Right now, we are looking for climate-smart suppliers who want to be involved from the start and drive the development towards a sustainable society, Linda Kronby concludes.

Read more on crunchfish.com/foodwaste

About Crunchfish – crunchfish.com
Crunchfish is a tech company with patent-pending solutions for digital cash that can be integrated with both the payment rail and in mobile wallets. The solutions are globally scalable and makes digital payments more robust as the risks of disruptions and downtime are eliminated. We have also developed Blippit, an app terminal that connects to cash register systems for both online and offline payments and have a patent-pending solution to reduce food waste. Crunchfish also develops gesture control of smart AR glasses for the consumer market. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with representation in India.

Linda Kronby, Senior Business Developer at Crunchfish

This article was originally published in SvD Hållbara Företag – Bank & finans on January 28, 2021.


Cash is king of digital payments

Wet market in Malmö. Crunchfish’s digital cash offers mobile wallets and payment rails the same simplicity, robustness and personal privacy as physical cash. Cash is the best means of payment. It always works, it’s easy to handle and it safeguards personal privacy. These features need to be preserved when cash goes digital. The transformation will […]

Wet market in Malmö. Crunchfish’s digital cash offers mobile wallets and payment rails the same simplicity, robustness and personal privacy as physical cash.

Cash is the best means of payment. It always works, it’s easy to handle and it safeguards personal privacy. These features need to be preserved when cash goes digital. The transformation will be rapid as digital cash will be present in all mobile wallets in the future.

Digital payments are available in many forms. Card payments compete with mobile wallets where money is transferred instantly between accounts. In parallel, central banks across the globe are investigating how their national currency will be digitized. What these payment methods have in common is that they are all dependent on a network connectivity to work.

– In order for transactions to work flexibly, securely and immediately, you have to drop the connectivity requirement and instead replicate the features of physical cash. To emulate physical cash, radical thinking and new technology is needed. Crunchfish has the solution for digital cash and offers it to mobile wallets as well as the payment rails, says Joachim Samuelsson, CEO of Crunchfish.

Integration directly with the payment rails
Crunchfish’s digital cash can be integrated with mobile wallets or directly with the digital payment rails. This creates enormous scalability since digital cash will be enabled in all mobile wallets using the payment rail. For the card infrastructure, Crunchfish’s digital cash brings another great advantage, as the merchant doesn’t need to have a card terminal to accept payments. Instead, the integration is done by Crunchfish’s offline payment solution. A similar integration is also possible for the central bank’s rails for digital currency, in order for it to be used offline or when any of the necessary cloud services are down.

– As for security, we use the same tried and tested technology as in tokenized card payments, where transactions are signed digitally from a secure element in the payment app. An offline balance is debited in the mobile and the payment is guaranteed even if the payee is offline. The payment is ear-marked for the payee and transferred via QR, NFC or BLE, to be verified by the payee either in a mobile, card terminal or directly in a cash register. The transactions – which are saved by both parties – are settled later when either party connects online, Joachim Samuelsson continues.

 

Integration with the payment rails for central bank digital currency (CBDC) and EMV card infrastructure. Crunchfish’s offline mobile payment solution for digital cash may be integrated with all payment rails.

Digital cash – a new standard for payments
Digital cash are always transferred immediately and swimmingly easy since they are independent of anything that can go wrong online.

– Crunchfish’s vision is that we will continue to pay with cash, but in a digital form. Only when you need access to more money than you have available in the mobile wallet do you need to connect online.

ABOUT CRUNCHFISH – crunchfish.com
Crunchfish develops globally scalable solutions for digital cash, eliminating all online risks from disruptions and downtime. Crunchfish is listed on Nasdaq First North Growth Market since 2016.