# Payment Infrastructure

$COMIN is an internal, non-tradable, token "Internal Value Unit" (IVU) serves as the foundation of our monetary system, acting as our platform's stablecoin to ensure consistent payment. 

It is only used as a transactional medium for the purchase of rides by riders and the payouts of drivers. 

Minted each time a fiat Euro is received from riders and burnt every time a driver cashes out, it operates as a 1:1 closed-loop stable token. This ensures reliable parity with traditional currency and guarantees that the circulating amount always mirrors the actual Euro value. 

Main Benefits :

* **Decrease Payout Fees** : This token allows us to decrease the payout fees with a PSP by 90% vs traditional payment infrastructure.
* **Faster Transactions** : Pay drivers at the end of their ride vs every week on traditional platforms.

<figure><img src="/files/EtgWhsvKP3px3wnn6RkS" alt=""><figcaption><p>Payment Workflow with IVU</p></figcaption></figure>

**Process Explanation:**

1. Sale of $COMIN: When a passenger books a ride, they purchase the IVU, $COMIN, where one unit equates to 1€. For a ride costing 30€, the passenger will acquire 30 $COMIN.
2. Locked in Smart Contract: During the ride, the $COMIN tokens are held in the Smart Contract, ensuring the funds are securely earmarked for the driver upon ride completion.
3. End of Ride Confirmation: At the ride's conclusion, COMIN’s Back-end communicates the ride's completion to the Smart Contract through a "RideCompleted" status update.
4. Transfer to Driver: Upon ride completion confirmation, the Smart Contract automates a transaction, transferring the $COMIN to the driver's wallet.
5. $COMIN Conversion: When drivers want to convert their tokens to Euros, they can sell their $COMIN back to COMIN, which then processes a bank transfer to the driver's account.


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