Cashless transactions

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Rob Katz of Nextbillion discusses Peppercoin:

As it stands, high processing and customer service costs discourage merchants - both online and physical - from accepting issuers’ credit and debit cards for small purchases. Peppercoin uses complex mathematical algorithms to aggregate small purchases, increasing efficiency and lowering merchants’ cost. Furthermore, the service lies wholly on the merchant side, making it invisible to consumers – so I can buy my sesame chicken with a credit card, no up-sell egg rolls necessary.

Peppercoin, apparently, will work even with quite limited communications and IT infrastructure - replacing credit cards for small-value transactions, that is, most transactions in developing countries?

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