The platform plans to launch its first operation in the UK, starting with stable coins supported by the UK pound sterling.
By Oluwapelumi Adejumo
Updated
3 mins read
Another micropayment platform powered by blockchain technology is set to be introduced by two ex-top officials of the Ripple blockchain company, Jeremy Light and Richard Bell. PingNpay, which will start its operations next year, is a micropayment startup founded on the idea of breaching the gap in the current industry, thus becoming a perfect fit for Web 3.0 ecosystems and infrastructure.
PingNpay’s owners, Light and Bell, were former vice president of strategic accounts and former senior director at Ripple, respectively. The new payment platform will allow users to transact low transactions (even lower than $20). These transactions come with a reduced commission attached. The platform plans to produce a new form of high frequency which will be at the centre of the next phase of the internet, Web 3.0.
Bell explained it better by saying that “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 (US$0.33) per payment, which represents 20% of a £1 (US$ 1.38) payment.”
The PingNpay micropayment platform comes with an offline service that allows users to make easy transactions like getting food, beverages, and subscriptions while offline. On transaction fees, the micropayment platform will cap transaction fees at 1% of every transaction, which is bound to be shared amongst software providers and other wallet providers.
In the real sense of the world, every transactional fee will be paid by the payer. Receivers only get to pay during consumer-to-business transactions.
Bell stated:
“In a world where micropayments are becoming commonplace, retailers are still finding monetising digital grazing a challenge, and many potential services they could offer have yet to see the light of day. PingNpay solves this problem and will unleash a new wave of eCommerce innovation for consumers and the next stage of the internet’s evolution, Web 3.0.”
The company has scheduled its operations for 2022. It plans to launch its first operation in the UK, starting with stable coins supported by the UK pound sterling. PingNpay’s goal is to see their network expand all over the globe, with countries adopting the technology on par with their fiat-supported stablecoin.
“The stablecoins to follow in each country of operation will be “100% backed” by liquid fiat assets and will feature a published proof of reserve to meet regulatory requirements,” explained the PingNpay owners.
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Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.
