How does it work for its users?
Users who apply through the RynPay app either directly or through a third party wallet will need to satisfy the application process in order to be granted approval for the extension of credit.
Each approved user of the RynPay app will have a minimum credit limit of $250 to spend.
Once approval is granted users will be able to utilize the service through approved merchants and marketplaces either online or instore.
Once a purchase has been made the RynPay user will make 4 instalments over 3 months to repay the extended credit. These payments will typically be made automatically through an attached fiat or crypto debit card at set intervals.
While the repayment remains outstanding RynPay charges the user a monthly $8 account keeping and administration fee until repayment is made in full.
Upon repayment of the credit the RynPay user will receive the RynPay governance token as reward for completing the acquisition. This token will be paid into the RynPay digital wallet which is a key feature of the RynPay app.
Any purchase amounts repaid by the user become available again for the use.
Repayments
RynPay will accept repayments made in both traditional fiat currency and approved cryptocurrencies. A final release of this list will be published prior to launch.
Website :
https://rynpay.com
Twitter :
https://twitter.com/RynPay
Telegram :
https://t.me/RynPayToken
