Regardless of how decentralized cryptocurrencies are, they still require extra steps and additional fees the same way their centralized counterparts do.
Merchants are participating in a more complex market than ever before, one shaped by high credit card processing fees, long settlement times and consumers who spend most of their waking hours online. Addressing these concerns then comes down to the ability of each business owner to accept cryptocurrencies as part of their standard practices. Unfortunately, the asset’s volatility, and the complexities that come with cryptocurrency storage, make it difficult for a merchant to accept these assets without any in-depth knowledge.
Since decentralized currencies will always entail extra steps as their centralized counterparts do, digital payment gateways have become a greatly popularized solution for their ability to replicate the traditional debit and credit card acceptance process. Now, the only concern left unsolved is the ability to accept the different tokens that have arisen in response to poor scalability on the bigger named cryptocurrencies.
PayBolt, a project building a Web3 crypto payment gateway, is operating to change the approach to commerce. Their ecosystem, which has a mobile wallet available on iOS and Android, a merchant payment portal, point-of-sale (PoS) terminals and e-commerce plugins, aims to effectively bridge the customers who want to spend crypto and the business that can accept it.
PayBolt’s mission is to reach 10 billion in transaction volume by the end of 2025. While the number might sound big, it is just a tiny fraction of the overall payment space; PayPal alone made $311 billion in volume in the second quarter of 2021.
“The fiat payment system is broken. In a Web3 world, we all know that crypto will be the best transfer of value in the future. At PayBolt, we are making it happen.”
To bridge this gap, the team is building a payment ecosystem that meets the qualifications of fast translation speeds, high security and adequate rewards. With many available benefits, PayBolt has quickly solidified partnerships with Kee Song, one of the largest poultry providers in Southeast Asia, and Zingmobile JV, a Telco VAS (value-added service) provider.
PayBolt has deployed Polygon (MATIC), and the team believes that the fast, cost-efficient transactions that a layer-2 solution like Polygon offers are exactly what payment gateways need in order to reach mass appeal. There are many regions around the world that can benefit from a crypto alternative payment solution that is secure, fast, inexpensive and censorship-resistant, the team adds.
Creating a rewarding experience
PayBolt’s ecosystem was designed with the different challenges each merchant comes across when it comes to payment in mind. Their focus is becoming evident in their support for over 150 fiat currencies and the release of user-friendly business applications. As gateways, PayBolt ensures payments are fully decentralized across Ethereum (ETH), Binance Smart Chain (BSC) and Polygon tokens as they become integrated into the system while also offering the most scalable processor on the market today.
They recently launched the PayBolt crypto app, which makes it even easier to pay through the PayBolt gateway. It allows users to securely store, stake and pay with cryptocurrencies.
Looking at their business application, PayBolt addresses the PoS scenario, common to transactions where a customer walks into the store. Here, users can navigate to the PoS tab to generate the transaction amount, determine if they want a receipt and generate a QR code for the customer to scan from a PayBolt wallet. These steps ensure the entire cryptocurrency payment process is distilled into a single click. The team has since begun accepting business signups, which at present amounts to over 1,500 businesses over a two-week period.