Small businesses are essential to the economy as growth and innovation in the society in which they operate comes with them. Unfortunately, the barriers to starting a new operation are significant, and they often suffer from high exchange rates and merchant fees charged by credit card companies. Even today, companies have had no choice but to go ahead and follow these rules.
In addition to cryptocurrencies, which rewrote these rules by providing a decentralized solution for conducting transactions and similar services. The result is that these digital currencies have continued to increase in demand, even becoming popular with consumers. As a result, both consumers and businesses are beginning 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 largely supervised by centralized organizations that require additional fees and additional steps to be used for business transactions.
Working with a mission to sculpt the future of cryptocurrency payments and change the way these transactions take place is the BBNBAY project. NBBPAY is led by a group of payment professionals and industry leaders 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 shops.
“We are here to take back control,” said a member of the NBBPAY team. “Cryptocurrency gives us an alternative, a way to restore power to small businesses.”
Rewrite the rules
This platform is built on core principles, including trust, immutability, and efficiency, all of which are said to be the core of building a decentralized digital economy for the payment industry. BNBPAY offers an alternative to the traditional payments of Visa, MasterCard and PayPal, which charges approximately 3.9% per transaction – additionally working without a single point of failure and fear of third party monitoring.
The primary token for NBBPAY will be the BPAY token, available for purchase through PancakeSwap and BitMart. Unlike other cryptocurrency exchanges, BPAY cannot be mined and is in a limited supply of 10 billion, 20% of which has already been burned. The tokens were created on the Binance Smart Chain (BSC), using ERC-1363 technology, which allows the BNBPAY payment system to offer fast, affordable and transparent crypto payments at a fraction of the cost of traditional payment gateways.
In addition, users may also be rewarded with BPAY tokens when they spend. Owning the tokens will also allow investors to benefit from near-instant transactions and allow investors to participate in BPAY tokens for additional rewards. The token is said to be just the beginning, with the goal of one day bringing the BSC ecosystem into the future with functionality to share, pay and profit with.
BNBPAY also has plans to use bridging technology to become chain-neutral, which will allow users to make purchases in any cryptocurrency while at the same time ensuring cheaper and faster use of the blockchain to ensure fees are kept to a minimum.
Merchants and businesses will also benefit from savings on merchant fees with every transaction, all without worrying about chargebacks and other forms of credit card fraud. BNBPAY allows easy integration of crypto payments into a user’s existing ERP system or e-commerce site, with add-ons for accounting software to manage tax filing and sales reports. In addition, the BNBPAY POS payment terminal will give merchants the option to seamlessly receive any crypto, stablecoin or fiat currency, allowing business owners to avoid any volatility risks.
Therefore, the NBBPAY solution will consist of several different products. Among them are a mobile wallet for Android and iOS, an e-commerce payment component, a BNBPAY POS payment terminal and a BNBPAY staking platform.
The future of merchant payments
Looking ahead to the year ahead, the team has clear goals set in place, such as applying for a credit licence with SG regulators, and further development of the BNBPAY wallet and e-commerce payment plugins for frequently used platforms. Within the year, 10,000 merchants were targeted as part of these efforts as they fight for market share against banks and PayPal.
NBBPAY has since begun the process of applying for a payment authorization with MAS (Monetary Authority of Singapore), which increases the legitimacy of the project and provides an opportunity for the team to form additional partnerships with traditional financial firms.
Recently, the team announced that it will now be the exclusive crypto payment provider for Kee Song Group (1258.TWO), a publicly traded poultry company with annual revenues of more than $100 million.
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