Incas GEO Development — China & Turkey

At a glance — August

Turkey — live volume

32,100 USDT/mo

2 of 6 channels carrying traffic

China — payout volume

1,500,000 USDT/mo

sole channel carrying traffic: TCL

China — payin volume

all payin channels pre-launch

Sept–Oct plan status

China: Margin growth · Turkey: cascade rebuild planned

Turkey — PayIn rate by channel

August actuals vs. the September–October plan. Green = carrying volume · Amber = idle · Red = flagged (conversion) · Purple = not yet launchable.

August

Actual

Sorted cheapest to most expensive. Base rate shown for ranges.

BigIdea idle4.75%

Corytech (Betting) idle5%

Prime 30,000 USDT/mo5.2%

Astrum idle5.5%

E4A conv. 50–70%5.5–7.5%

Finding: the cheapest channel (BigIdea, 4.75%) is idle. Prime, carrying 93% of tracked volume, is priced 0.45pp above it — but Prime's settlement limits are lower and more stable than BigIdea's or any other live channel's. Turkey's traffic is small-ticket by design, and that traffic prioritises low, stable limits over the lowest rate. The premium on Prime is a deliberate fit, not simple inefficiency.

September–October (plan)

Plan

Continental and BnPay join as new L1 channels; Astrum's rate is renegotiated down and moves to L1 alongside them, ahead of BigIdea.

New channel — Continental limits PayIn 5004.5%

New channel — BnPay limits PayIn 5004.5%

Astrum renegotiated · limits PayIn 5004.5%

BigIdea idle4.75%

Corytech (Betting) idle5%

Prime5.2%

E4A conv. 50–70%5.5%

Finding: a strong L1 tier for Sept–Oct — Continental, BnPay, and a renegotiated Astrum lead at 4.5% with stable, low limits (PayIn 500), ahead of BigIdea and everything else in the cascade today. See the cascade below.

Turkey — Betting cascade

Real operating cascade, August vs. the September–October rebuild.

August Actual

BigIdea

4.75% · idle

→

Corytech

5% · idle

Prime

5.2% · 30,000 USDT/mo — most real volume lands here

→

The rest

Favori, E4A, Astrum

September–October Desired

New channel — Continental

4.5% · limits PayIn 500

New channel — BnPay

4.5% · limits PayIn 500

Astrum

4.5% · renegotiated · limits PayIn 500

→

BigIdea

4.75% · idle

Corytech

Prime

5.2%

→

The rest

Finding: a strong L1 with low rates and stable, low limits — three channels at 4.5% ahead of everything currently in the cascade today.

Turkey — Settlement Limits

Active channels currently configured in the system. Unchanged between August and September.

Channel	Balance type	Settlement limit (TRY)	Deposit	Limit set in AFU
BigIdea	Fiat	148,000	N/A	Yes
Prime	Fiat	148,000	N/A	Yes
Corytech	Fiat	148,000	N/A	Yes
E4A	Fiat	148,000	N/A	Yes
Astrum	Fiat	148,000	N/A	Yes

China — Payout

August actual vs. the September–October addition.

August

Actual

TCL 1,500,000 USDT/mo · conv. 85%2.7%

	Payout	Agent	Settlement/FX	All-in
TCL	2.7%	0.2%	xe.com +0%	2.9%

September–October

Plan

New channel starting integration~3% nominal

	Payout	Agent	Settlement/FX	All-in
New channel	0%	—	HTX P2P +3%	~3% nominal

Finding: a strong new L1 for China payout at a lower cost. All-in cost still comes out roughly 4 percentage points lower than current payout cost.

Worked example — merchant Inwizo, 10,000 CNY payout

Rates today: xe.com 6.70 · HTX 6.65 (CNY per USDT)

	Received from Inwizo	Cost to execute	Margin (USDT)	Margin (%)
Scenario A — TCL	1,537.31	1,535.83	1.48	~0.1%
Scenario B — New channel (HTX)	1,537.31	1,459.96	77.35	~5.0%

Received from Inwizo (same in both scenarios): 10,000 ÷ 6.70 = 1,492.54 USDT + 3% fee (300 ÷ 6.70 = 44.78 USDT) = 1,537.31 USDT total received.

Scenario A — TCL: 10,000 ÷ 6.70 = 1,492.54 USDT + 2.7% fee (270 ÷ 6.70 = 40.30 USDT) + 0.2% agent fee (20 ÷ 6.70 = 2.99 USDT) = 1,535.83 USDT total spent. Margin = 1,537.31 − 1,535.83 = 1.48 USDT (~0.1%).

Scenario B — New channel (HTX +3%, 0% fee, no agent fee): rate with markup 6.65 × 1.03 = 6.8495. Cost to execute = 10,000 ÷ 6.8495 = 1,459.96 USDT total spent. Margin = 1,537.31 − 1,459.96 = 77.35 USDT (~5.0%).

Finding: switching to the new channel increases margin roughly 50× under the same terms with Inwizo (0.1% vs. ~5.0%). The difference comes from the FX spread between xe.com (what Inwizo pays) and HTX (what we pay the channel), plus no agent fee on the new channel — TCL carries no FX spread since both sides use xe.com, and also carries the 0.2% agent fee.

Payout cascade — August → September–October

L1 — August

TCL

2.9% all-in · 1,500,000 USDT/mo · "very stable"

→

L1 — Sept–Oct (desired)

New channel — HTX P2P

~3% nominal, ~4pp cheaper all-in · confirmed, starting integration

New channel — second candidate

rate not yet confirmed

TCL

2.9% all-in · proven, kept for stability

China — growth plan through end of October

Planned ramp, not a derived figure — targets as provided.

Payout volume

August

1,500,000

End Oct

3,000,000

2× growth target, USDT/month

Payin volume

August

End Oct

~50,000/day

0 → ~1,500,000 USDT/month (≈50,000/day)

Blended margin

August

End Oct

4–5%

0.1% → 4–5% target, driven by the cheaper new payout channel

China — PayIn rate by channel

August: pre-launch across the board. September–October: ramp to real volume.

August

Actual

Live payin volume

all payin channels pre-launch

TCL idle · conv. 90%4.5%

Moneystery Adult-only · idle9.5%

September–October

Plan

Target daily volume

~50,000 USDT/day

≈ 1,500,000 USDT/month by end of October

Finding: TCL remains the clear default once traffic launches — cheapest (4.5%) and only channel with conversion data (90%).

Roadmap — September–October 2026

GEO	Item	Status	Note
Turkey	New channels — Continental, BnPay (both 4.5%)	Confirmed	Join Astrum (renegotiated to 4.5%) at L1
China	New Alipay payout channel — HTX P2P +3%	Confirmed	~4pp cheaper all-in than TCL; starting integration
China	Second new payout channel	Candidate	Rate not yet confirmed
China	Payout volume target	Target	1,500,000 → 3,000,000 USDT/month by end of October
China	Payin volume target	Target	0 → ~50,000 USDT/day by end of October
China	Blended margin target	Target	0.1% → 4–5% by end of October
China	Corporate payout / WeChat & UnionPay payin	In integration	No rate published yet
China	Activate corporate payout / WeChat & UnionPay payout	Target	Once integration clears
China	Growth volume for additional verticals — Adult, High Risk	Target	New vertical growth for Sept–Oct
China	Finish integration and launch WeChat Payin	Target	—

Reference documents

Turkey Channel ReviewDoc

China Channel ReviewDoc

Cost AnalysisDoc

Payment CascadesDoc

GEO Progress ComparisonDoc

Roadmap — Sept–Oct 2026Doc

Data GapsDoc

Turkey Channels (CSV)CSV

China Channels (CSV)CSV

Turkey Rate Card (CSV)CSV

China Rate Card (CSV)CSV