8Pay is a payment protocol that brings fiat currency capabilities to cryptocurrencies. By enabling single, recurring, and on-demand payments, 8Pay aims to make cryptocurrencies suitable for everyday use. So, before we look into how 8Pay is going to change this space, let’s look at the current state of payment protocols and how 8Pay is looking to disrupt this space.
The original reason which spurred the creation of cryptocurrencies was to create a payment system where people can send money to each other without any intervention from a third-party, like a bank. However, cryptocurrency’s adoption as a payment system has been slow because of the complexity of its technology and the lack of education on the part of the users. As such, the factors that drive most of their value are:
The main problem with this is that we are not using cryptocurrencies like the way it was meant to be used. The core definition of currency is that it enables the exchange of value between two or more parties. This is the reason, payment processors and protocols are extremely important in the crypto-space.
The current digital payment space is booming when it comes to fiat currencies. Trillions of dollars are transacted annually. Amazon, Alibaba, and eBay account for a staggering 65% of all cross-border e-commerce. When it comes to cryptocurrencies, unfortunately, the picture is a little mixed.
The number of users using crypto debit cards and payment processors has steadily increased. Leading crypto-fiat services Revolut and Wirex claim to have over one million users a piece. What this tells us is that there is a large group of users who are more than willing to use different payment protocols. Unfortunately, the avenues where they can spend their assets is steadily decreasing.
As it turns out, that the number of merchants who accept direct cryptocurrency payments has decreased over the last two years. The reasons for this are manifold:
Now, let’s take a closer look at the various payment processors out there which enable you to use your digital assets.
Various attempts have been made for cryptocurrencies to be accepted in e-Commerce and retail stores. Let’s go through some of these attempts:
8Pay is a decentralized and open-source payment protocol which doesn’t retain customer details or user funds. The end users will remain in control of their funds at all times. Since 8Pay’s smart contract controls every aspect of the system, the users have no obligation to use its web and mobile wallets to access its functions. There are some more things to keep in mind:
The following types of payments can be made via 8Pay:
8Pay empowers users and merchants to directly interact with each other via the utilization of smart contracts. The lack of a third-party will enable crypto-transactions without the dangers of centralization. For the future widespread adoption of cryptocurrencies, it is necessary for the cryptospace to have decentralized payment protocols.
