The two payment systems come with all the characteristics put together of cash payments and digital payments. Credit: Steve Buissinne from Pixabay.

Global telephony provider Webtel.mobi (WM) has created a unitary payment system with two payment facilities – the ICLM Payments and the TUV Digital Currency Payments.

The two payment systems come with all the characteristics put together of cash payments and digital payments.

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Furthermore, these payments are claimed to be globally applicable, available, and do not need any specialised equipment to function, have multicurrency wallets, allow multicurrency payments with FX conversions in-wallet.

These payment systems are available to both banked and unbanked persons.

The ICLM Payments is claimed to cost low to use, while TUV Payments is free to use.

WM’s ICLM Payments and TUV Payments are available to all WM members on its platform.

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WM’s payment systems do not need a central bank issued digital currency (CBDC) to function as its TUV Digital Currency is considered equivalent to a global CBDC.

The firm’s payment systems have been functional in 2009.

It is claimed to have spent nine years in testing and subjecting its system to several third-party due diligences across the world in order to ensure compliance and robustness prior to rebuilding its platform 2 to offer these facilities internationally.

Access to WM’s services is only available to WM members given that it is a closed-loop members-only service.

WM claimed that it has one of the safest systems internationally in terms of security and anti-money laundering.

For members to load WM accounts, they need to transfer funds into their accounts by any means, and also buy TUV Digital Currency from WM agents for cash.

The funds of WM members are held in regulated bank accounts. Therefore, the WM system has complete liquidity, and all payment and settlement transactions occur within a second.