BitShares Munich claims to have created a POS system, BlockPay “S”, which supports multiple digital currencies by integrating a software via an application programming interface.
In its claim, the company says that with this product, customers can pay with whatever digital currencies they want as long as the bridge supports their coin or asset.
“Digital currency flexibility and cheapness, or free in this case, options need to be available so that the merchants can at least give it a shot with zero risk.”
The future of money
With the recent release of BlockPay “S”, BitShares Munich’s free-to-download point of sale system, the company says that merchants or business owners operating existing POS systems can integrate the latest software via an application programming interface. Vending machines, kiosks, Odoo, SAP, Shopkeep, NCR and other POS platforms can all integrate BlockPay.
According to Ken Code, the company behind the BlockPay point of sale (POS) system for digital currencies, this is the future he and his colleagues, CEO and co-founder Christoph Hering and co-founder and chief marketing officer, Rodrigo Crespo, are banking on.
“BlockPay has taken a couple of years to mature as it relies on multiple technologies such as the Bitshares Blockchain, bridges and gateways for coin and asset conversions,” says Code.
The path of the least resistance
Code continues by saying to Cointelegraph that BitShares Munich recognizes that to facilitate mass adoption of any emerging technology, the path of the least resistance is the best course, and end-users, consumers and merchants, benefit most.
“Digital currencies are essentially new and any new technology that expects to get mass adoption will need to have as little resistance as possible in the market that it is trying to enter,” continues Code.
In turn, BitShares Munich’s POS system, BlockPay, passes the network fee on to the buyer.
To ask the merchant to pay even more fees, especially for something as new as digital currencies is extremely difficult, Code explains.
In a similar vein, he says that offering buyers, i.e. digital currency users the option to pay in the digital currency of their choice is important.
Code suggests, an agnostic approach to the support of digital currencies in this era of the technology is not only the most suitable, but it also maximizes convenience for the user, and on some level, the merchant.
“We now see why having to choose one coin over all others has been a bad business decision. Digital currency flexibility and cheap, or free in this case, options need to be available so that the merchant can at least give it a shot with zero risk,” says Code.
To deliver an agnostic payment platform, explains Code, BlockPay has “bridges” built-in that shifts one coin or asset into another. The transactions, he says, happen in three seconds or fewer.
Offering insight into some of the early adoption data, Code remarks that developing countries seem to be taking most interest in their company’s point of sale product.
“Venezuela for example has taken a huge interest in BlockPay, as well as Argentina, China, Russia and, of course, Africa,” says Code.