Safe Cash Payment Technologies

Safe Cash Payment Technologies, founded in December 2014 by serial entrepreneur Chris Kitze, aimed to digitize cash transactions through a proprietary blockchain platform. Kitze, known for his involvement with companies like Lycos, Xoom.com, and NBCi, sought to address the limitations of then-current cryptocurrencies for mass adoption in e-commerce by creating a system that combined the universal acceptance of cash with the security of digital transactions. The company operated out of San Francisco and is now considered out of business as of May 2019.

The core of Safe Cash's business was to provide a platform for banks, merchants, and consumers to facilitate instant and final cash-based transactions. The business model revolved around banks issuing digital tokens in exchange for physical cash deposits. These tokens would then circulate among consumers and merchants for various payments, including P2P, B2B, and cross-border remittances. The funds remained on the bank's balance sheet, and the system was designed to work with existing banking infrastructure, offering a 'white label' blockchain solution that banks could control. Revenue opportunities for partner banks and merchants were envisioned through new services like loyalty programs and customer acquisition initiatives.

Safe Cash's service was a secure payment platform that enabled users to convert cash into digital tokens for electronic use. A key feature was its high transaction speed, claiming to handle up to 25,000 transactions per second with a settlement time of less than five seconds. This was positioned as a significant advantage over slower blockchain networks like Bitcoin. The platform was accessible on most browsers, as well as Android and iOS devices, and featured end-to-end encryption. A distinct benefit for merchants was the elimination of chargebacks, as transactions, once confirmed, were final. For banks, it offered an alternative to the slower and more costly SWIFT network. In September 2015, the company secured $1.12 million in a seed funding round with investors including Bialla Ventures and Naveen Jain.

Keywords: digital cash, blockchain payment, fintech, payment platform, tokenization, instant settlement, cross-border remittance, P2P payments, B2B payments, secure transactions, mobile payments, digital wallet, banking technology, Chris Kitze, seed funding, defunct startup, out of business, payment processing, non-repudiation, white label blockchain