Boston-based PAYMYNT financial a patent application for its Universal Rewards System. PAYMYNT Rewards is an all-in-one mobile commerce platform with over 2,000 name-brand retail partners, according to a press release.

Every time PAYMYNT users complete purchases using the shopping app, PAYMYNT issues cash and fiat-backed MYNT rewards, a universal stable token built on the Stellar Network.

Users will be able to exchange their MYNTs for gift cards at top retail locations or receive dividends on their cryptocurrency holdings. MYNTs will eventually be redeemable at POS terminals or transferable at applicable cryptocurrency exchanges.

"Today's reward systems are fragmented and do little to benefit the consumer." Michael Rosa, CEO, PAYMYNT Financial said in the release. "Our universal rewards system unifies all consumer spending into one easy-to-use application while offering customers the freedom to choose how they want to earn, save, spend, or send their rewards."

The PAYMYNT app will be available by the end of the year at Apple and Google stores.