myCRED customisation

I have a few customisation and would like you to have a look at it.

1) Type of Points

Each users will able to receive two type of points. Points X and Points Z.

a) Points X - up to 2 decimal points (User be able to transfer and purchase using the points)

b) Points Z - up to 2 decimal points (Will be used mainly for conversion & Banking)

Only Points X will be used for transactions. (Be able to change the names in the future). As well as the decimal points.

Note : We will award users points x and points z manually the first time. User are only able to earn point X and then convert it to points Z

2) Conversion

At any time, Points X can be converted to Points Z but Points Z can’t be converted. When points X is converted to Points Z, it must undergo a conversion.

Example : When 30 Points A are converted into Points Z =

30 Points A x 6 = 180 Points Z

The conversion value must be in whole number, so the input of Points X during conversion must be a whole number.

3) Banking

Each Day (In the space of 24 hours), 0.2% (Interest Rate) of Points Z will be converted to Points X. After it is converted, the same value should be deducted from Points Z.

Example : A user has 500 of Points Z on a particular day. On that particular day : 0.2% x 500 Points Z = 1 Points X

So the user will receive 1 Point X and Point Z balance will be 500 - 1 = 499. (Up to 2 decimal Points). The interest rate should depend on the number of Points Z a user has.

Example : A user with 1,000,000 points Z will have an interest rate of 0.6%. When the points Z deteriorates to 750,000 points, the user will have an interest rate of 0.2%.

(1 Points X will always equal to 1 Points Z. Only during the conversion the rates will be multiplied)

4) Transfer & Payment

Only Points X can be used in Transfer & Payments. Points Z will be used for interest purposes.

Whenever a user is transferring and making Purchases using Points X, the sender should be able to receive 80% rebates in the form of Points Z.

Example: A user is transferring or purchasing a product with the value of 500 points X: 80% x 500 = 400.

So the user will receive 80% rebate in the form of Points Z. So 400 Points Z will be credited into the user account. It will be converted to Points X back to the user through the 0.2 interest every day.

The receiver or merchant will receive the points in two form. 80% as Points X and 20% as Points Z. Example:

80% x 500 = 400 Points X 20% x 500 = 100 Points Z

So, if the user or the merchant is receiving the payment of 500 Points X, they will receive the points as, 400 Points X and 100 Points Z.

Also when the user is transferring points or receiving points, their wallet must posses a QR code and can be scanned. Another way or transferring points, the user must input the receiver phone no and user id. Again, only Points X can be transferred or used as payment.

Note : It will be an e-commerce website, so when the user is making a purchase, they will be rewarded a 80% rebate as points Z (Based on the purchases they made using Points X). Meanwhile the merchant selling the items, will receive payment, 80% as Points X and 20% as Points Z.

Example, if Mike purchases a speaker from Tim (Merchant) at the price of 500 points X, Mike will receive rebate 80%, which is 400 points Z. Meanwhile, the merchant Tim, will receive the payment 80% as points X (400 points X) and 20% points Z (100 points Z) in his virtual wallet.

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