Small businesses are essential to the economy since with them comes growth and innovation in the community they operate in. Unfortunately, the barriers to starting a new operation are substantial, often plagued with high exchange rates and merchant fees charged by credit card companies. Until today, businesses have had little choice but to go ahead and follow these rules.
Along came cryptocurrencies, which rewrote these rules by providing a decentralized solution to conducting transactions and similar services. The result is that these digital currencies have continued to increase in demand, even becoming commonplace to consumers. As a result, both consumers and businesses have begun to recognize benefits such as contactless transactions and the ability to pay anywhere. However, no matter how decentralized these assets may be, they are still being largely overseen by centralized organizations that entail extra fees and additional steps to use them in business dealings.
Operating under the mission to sculpt the future of cryptocurrency payments and to change the way these transactions are conducted is the BNBPAY project. BNBPAY is being led by a group of payment specialists and industry pioneers with decades of combined experience in the retail point-of-sale (POS) and commerce industries. Together their mission is to become the most widely used crypto payment for commerce, including e-commerce and brick and mortar shops.
A BNBPAY team member shares, “We are here to retake control. Cryptocurrency gives us an alternative, a way to give the power back to small businesses.”
Rewriting the rules
The creation of this platform is built on core principles, including trust, immutability and efficiency, all of which are said to be the core of building the payment industry’s decentralized digital economy. BNBPAY offers an alternative to traditional payments to Visa, MasterCard, and PayPal, which charge nearly 3.9% per transaction — further operating without a single point of failure and the fear of third-party monitoring.
Underlying BNBPAY will be the BPAY token, available for purchase through PancakeSwap and BitMart. In contrast to other cryptocurrency exchanges, BPAY can’t be mined and exists in a finite supply of 10 billion, 20% of which has already been burned. The tokens were created on the Binance Smart Chain (BSC), utilizing ERC-1363 technology, which allows the BNBPAY payment system to deliver fast, affordable and transparent crypto payments at a fraction of the cost of traditional payment gateways.
Additionally, users may also be rewarded with BPAY tokens when they spend. Holding tokens will also allow investors to take advantage of near-instant transactions and allow investors to stake BPAY tokens for additional rewards. The token is said to be just the beginning, with the intention that one day the BSC ecosystem will bring the future with functionality to stake, pay and earn with it.
BNBPAY also has plans to use bridging technology to become chain agnostic, which will allow users to make purchases with any cryptocurrency while simultaneously ensuring the cheapest and fastest blockchain is used to ensure fees are kept to a minimum.
Merchants and businesses will also benefit from saving on merchant fees with each transaction, all without fear of worrying about chargebacks and other forms of credit card fraud. BNBPAY allows for the easy integration of crypto payments into a user's existing ERP or e-commerce website, with add-ons for accounting software to manage tax filing and sales reports. Additionally, the BNBPAY POS payment terminal will give merchants the option to receive any crypto, stablecoin or fiat seamlessly, allowing business owners to avoid any volatility risk.
Therefore, the BNBPAY solution will consist of several different products. Among them are a mobile wallet for Android and iOS, the e-commerce payment plugins, the BNBPAY POS Payment Terminal and the BNBPAY Staking platform.
The future for merchant payments
Looking ahead to the next year, the team has clear goals set up, such as applying for a credit license with SG regulators, and further developing their BNBPAY Wallet and e-commerce payment plugins for frequently used platforms. Within the year, 10,000 merchants are targeted as a part of these efforts as they fight for market share against banks and PayPal.
BNBPAY has since begun the process of applying for a payment license with MAS (Monetary Authority of Singapore), further adding to the legitimacy of the project and providing an opportunity for the team to form additional partnerships with traditional financial companies.
Most recently, the team has announced that they will now be an exclusive crypto payment provider for Kee Song Group (1258.TWO), a publicly-traded poultry company growing over $ 100 million in revenue per annum.
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