While last year saw the emergence of cryptocurrencies into the mainstream, the demand for crypto-supported payments has never been higher. More so than ever before, the e-commerce business continues to suffer from issues such as trust, extra costs for mediation, and the incidence of fraud.
By harnessing blockchain technology however, these issues are largely negated, leading venues to explore its use within the e-commerce and payments space. One group that has made headway with a project in this area and in the internet of things is Bpay.io, which represents a unique solution that allows users to withdraw, transfer, or track funds using digital assets.
Bpay.io caters to a wide range of users, including e-shops, online stores, offline sales outlets, offices, and other areas. Trading transactions can be conducted between both classic traders (buyer-seller) and within the scope of the aforementioned virtual.
Of note, Bpay.io’s new service represents the cutting edge of e-commerce capabilities, based on the principle of payment aggregation. In doing so, this ensures the account and exchange of all possible digital assets as a payment method, fully supporting all conversion into local currency or transferring to a user’s bank account.
The demand for this type of service remains very high with many venues struggling to find the best solution to conduct this type of business and transactions. For example, online retailers such as MediaMarkt only support cash payments and popular credit cards such as Visa or MasterCard.
By integrating the Bpay.io system, online retailers such as MediaMarkt are able to accept cryptocurrencies directly through the website. The service supports all major currencies such as USD, EUR, etc. that can be selected as a basic currency in a given internal account.
When any client pays for the goods or services in Bitcoin, Ethereum, or other crypto, the seller then receives the payments in EUR with a possibility of further transfer to their respective bank account. Bpay.io’s easy-to-use payment system comes with the lowest possible transaction fees of just 1 percent.
Making sense out of a diverse crypto world
The rise of cryptos have meant that there are thousands of these coins in circulation, each with different protocols and wallets that they are associated with. For many e-stores and venues, the logistics of dealing with such an extensive array of digital currencies remains daunting, if not unfeasible.
One of Bpay.io’s main advantages is the use of a ‘single window’ concept, which assumes the seller’s interaction with any other blockchain protocol. In doing so, by using Bpay.io a given seller can engage a reliable audience to his or her products or services, while also receiving payments for their respective account in a preferred currency.
As a buyer, users of Bpay.io are granted several advantages. This includes full anonymity and secrecy of a basic wallet used by the buyer as well as transactions that are guaranteed by money back in case of not receiving services or products.
Of note, Bpay.io appears as a backer of the transaction up to the moment when the funds are sent to the seller’s account. Finally, buyers can also utilize their preferred cryptocurrency without the need of acting as a promoter of the currency for the seller.
Bpay.io’s business model is based on a functionality of tracking trade coins on a number of exchange markets and conducting constant tradability. To help accomplish this, the group’s highly skilled team of developers is working to launch its own trading platform, tapped Edex.io (Ethereum Digital Exchange).
The platform allows the traders to make direct instant exchange to offsetting orders in the Bpay.io system, which provides significantly expanded opportunities for independent exchanges in the Bpay.io system. This can be instrumental in cases of insufficient liquidity in the underlying exchange markets or due to the unavailability thereof.
Once the Edex.io platform is launched it will provide for the listing of BUY tokens, or Bpay.io’s tokens. The internal token of the Bpay.io system is supported such that the use of the BUY tokens ensures a number of basic mechanisms of the system’s operation.
This includes connecting to Bpay.io Online and Bpay.io Retail – online-shops, sales outlets, companies and individuals that are interested in accepting cryptocurrencies as a payment for their products and services, must integrate the Bpay.io system into their payment methods.
To connect to the Bpay.io system, one should possess a certain number of coins for a one-time payment for connecting to the system. BUY tokens are used in the system for all transaction fees. As such, to be able to accept and exchange money the seller must have a certain volume of BUY tokens on his/her account, which would compensate for the current and future transaction fees.
To help accomplish this, Bpay.io will be utilizing a public token sale that will start on April 17, 2018. This public token sale will continue until May 15, 2018. This will subsequently pave the way for the release of Bpay’s platform and exchange by this August.
Prospective investors are encouraged to familiarize themselves with Bpay.io’s whitepaper to learn more about the project and token sale.
Disclaimer: The content of this article is sponsored and does not represent the opinions of Finance Magnates.