Singapore, Singapore, November 23, 2021 (GLOBE NEWSWIRE) – The rise of blockchain and DeFi has shown that technological innovation has the power to completely reshape the financial landscape. According to BNBPay co-founder James Zhang, there are still many problems in finance (and transactions in particular) that require creative solutions. The BNBPAY project operates as part of the mission to shape the future of cryptocurrency payments and change the way these transactions are carried out.
BNBPAY is led by a group of payment specialists and industry pioneers with decades of combined experience in the point-of-sale and commerce industries. Together, their mission is to become the most widely used crypto payment for commerce, including e-commerce and brick and mortar.
“We are here to take back control. Cryptocurrency gives us a better alternative, a way to empower small businesses. »Says the BNBPAY team
Rewrite the rules
The creation of this platform is based on three fundamental principles: trust, immutability and efficiency, which would all be at the heart of building the decentralized digital economy of the payments industry. BNBPAY offers an alternative to traditional payments at Visa, MasterCard and PayPal, which charge almost 3.9% per transaction (between 2-4% for merchants) – further functioning without a single point of failure and fear of a third-party monitoring.
Underlying BNBPAY will be the native BPAY token, available for purchase through PancakeSwap and BitMart. Unlike other cryptocurrency exchanges, BPAY cannot be mined and exists in a finite supply of 10 billion, 20% of which has been burnt.
Running on the Binance Smart Chain (BSC) and using ERC-1363 technology, the BNBPAY payment system helps provide fast, affordable and transparent crypto payments at a fraction of the cost of traditional payment gateways, with an introductory rate of only 0.5%. In addition, users can also be rewarded with BPAY tokens when they spend. Holding tokens will also allow investors to enjoy near instant transactions and investors to wager BPAY tokens for additional rewards. The token would only be the start, as BNBPAY plans to someday become chain agnostic by using bridging technology to encompass the cryptography of different blockchains, while simultaneously ensuring that the cheapest blockchain and the faster is used to ensure that charges are kept to a minimum.
More information on BNBPAY here
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 enables easy integration of encrypted payments into a user’s existing e-commerce website, with add-ons for accounting software to manage tax returns and sales reports.
In addition, the BNBPAY POS payment terminal will give merchants the ability to receive any crypto, stablecoin or more than 150 fiat transparently, allowing business owners to avoid any risk of volatility.
BNBPAY plans to deploy the following basic products in its ecosystem: mobile wallet for Android and IOS, BNBPAY e-commerce payment plugin, BNBPAY POS payment terminal, BNBPAY staking platform.
The future of merchant payments
Looking ahead to next year, the team has set clear goals, applying for a credit license from SG regulators and further developing its BNBPAY portfolio and online payment plugins for frequently used platforms. The team plans to have more than 100,000 merchants on board the BNBPAY payment system by the end of 2022 as part of these efforts as they battle for market share against banks and PayPal.
BNBPAY has also started the payment license application process with the Monetary Authority of Singapore (MAS), which further strengthens the legitimacy of the project and opens the door for the team to partner with traditional financial companies.
More recently, the team announced that it will now be an exclusive crypto-payment provider for Kee Song Group (1258.TWO), a publicly traded poultry company that generates over $ 100 million in revenue per year. The 2 companies signed their MOA on November 9, 2021.
This key strategic partnership will pave the way for more business partnerships with other large companies around the world.
BNBPAY also recently launched its own crypto-only marketplace. The market was created so that anyone can buy goods with crypto. In addition, this is a market where future BNBPAY merchants will have the opportunity to expose their products to millions of BNBPAY users. BNBPAY takes care of all crypto / fiat conversions so that the store can pay with any crypto and the merchant can receive any fiat and / or crypto they prefer.
Discover the BNBPay and BNBPay for Merchants ecosystems. Follow BNBPay on Twitter (@BnbPay) and follow BNBPAY on LinkedIn.
Video URL: https://youtu.be/N8QHPwrxvD0