Blockchain Platform to Challenge App Stores With ‘Borderless Payments’
A blockchain network plans to aggregate hundreds of payment methods, connecting businesses with unbanked consumers in emerging markets.
A new platform is going to allow anyone to establish their own eCommerce content store and receive payments from anywhere in the world – reducing costs for their consumers and opening the door to fast-growing emerging markets. The platform would allow service providers and other entreprises to build up applications or services on it’s blockchain.
Bezant claims that many small businesses and individuals are missing out on opportunities to thrive because they cannot accept alternative payment methods. Credit cards and bank transfers are the most commonly used and accepted means of payment worldwide, but unbanked consumers without access to these services are left isolated. This means businesses are missing out on large numbers of potential clients who have money to spend.
The company says its “dynamic” blockchain-based system will help services with significant numbers of users and subscribers – such as social networks, game developers and video streaming sites – benefit from an “end-to-end distribution and payment platform” where transaction fees are greatly reduced.
According to Bezant’s white paper, major players in the global market such as Apple’s App Store are putting small providers at a disadvantage. Its research claims 94 percent of total revenues on the platform are dominated by just one percent of content developers. Many fledgling providers are left with less than 50 percent of their net revenues once marketing fees and Apple’s commissions have been deducted – and on top of this, “unfair policies” mean it can take weeks until this payment reaches their account.
The company cites research from Statista which values the digital payments industry at $3.6 trillion this year – and projected to grow at a compound rate of 13.5 percent each year until 2022. The proportion of transactions completed on smartphones is also increasing, and Bezant intends to ensure all of these payments can be “borderless.”
“Instantaneous, exchangeable, global, convenient”
Bezant’s blockchain service platform will be made available to merchants and consumers worldwide through the Jehmi Payment Network – described as a network where “hundreds of payment methods” are aggregated in one place. It believes this solution will transcend limitations found in emerging markets and empower sellers with the tools they need to maximize revenues.
As well as cash payments, bank transfers, prepaid cards and billing through SMS, Jehmi will also accept Bezant tokens, the platform’s own cryptocurrency. The company believes its blockchain will be able to accommodate up to 1,000 transactions per second – more than double the number of all paid apps sold globally in 2017. Shoppers will not be charged transfer fees when they use Bezant tokens, a gesture which the company hopes will incentivize adoption.
The company says using Jehmi “enables local payments on a global scale,” as both digital and physical goods can be purchased using the fiat currencies of emerging markets. A hard wallet feature will also ensure that Bezant tokens can be stored safely offline.
Bezant also hopes to challenge major app stores through the Jehmi Content Platform, where content providers, end users and distribution partners will enjoy a “better ecosystem” for delivering digital content.
The year ahead
Most of the company’s staff are focused on development in its studio in Seoul, South Korea – a country which is a hotbed of activity for cryptocurrencies. Recent research reported by Cointelegraph shows 21.6 percent of respondents in the country are aware of digital currencies – and almost a quarter of survey participants in their twenties are eager to invest.
Bezant’s chief cryptocurrency officer is Dae-sik Kim, the founder and former CEO of Bithumb – one of the world’s largest exchanges in terms of daily trading volume.
The company said that it reached its pre-sale target of $16.8 million an hour after the token sale opened and had received $126 million by the time it concluded. A pre-sale bonus round of $4 million was concluded in under five minutes.
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