London-based micropayment company pingNpay announced Monday to launch its network next year by providing a small amount payment platform to customers, according to its press release.
A new payment method is expected to roll out in the UK next year initially. Customers who pay for offline and online services or products below $20 can enjoy this kind of convenient payment service.
The blockchain-based network will utilize stable coins in every country where it operates, adding that digital coins are backed by fiat currency in each country, initially the pound in the UK, to ensure meeting regulatory expectations.
In addition, the platform also said they are aiming to “create new category developers and smart contracts with high frequency; and low-value payments” for customers.
Richard Bell, Co-founder of pingNpay, said the “the unveiling of pingNpay comes at an important time for the subscription and digital services economy, which has grown substantially during the Covid-19 pandemic”. In addition, the former Ripple executive said the platform had filled the gap of payment vacancy.
“No one has yet to crack the sub-$20 digital payment market. The major card networks can process tens of thousands of payments per second, but even so, the cheapest debit card payments cost retailers at least 20p per payment, which represents 20% of a £1 payment,”
Thanks to its “strong fintech ecosystem and forward-thinking regulatory environment”, pingNpay’s announcement stated. The company decided to launch their service in the UK first before expanding its business overseas and making blockchain a reality for retailers and consumers.
Crypto-related payment approaches are getting more diversified to adopt across the world. Last month, a luxury hotel Chedi Andermatt in Switzerland, announced to accept Crypto as the payment method. Meanwhile, Singapore-based online press Initium Media also accepts membership subscriptions in Crypto since August.
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