OTPPay is a new platform determined to be the all-in-one solution for cryptocurrency trading.
The company is designing a system that would simplify the process of utilizing your different cryptos for payments and purchases. Meaning, you can simply use their system for exchanges and directly process your payments to different merchants.
As OTPPay stated, every transaction comes with a minimal fee. However, since the exchange will be simplified, they see a big reduction on the total fees that would cost of every user compared to the standard crypto to fiat currency exchange process that we use now.
Added to this, their platform aims to offer not only your “to-go” mediator between cryptocurrencies and fiat currency but also to conveniently process all your transactions in no time.
And as the company develops its structure, the OTPPay Team will to tap into lending services, wherein, all credit rating assessments will be processed internally.
OTP will be their official ERC-20 compliant currency.
OTPPay Technology
OTPPay has a vision of being the “go-to” platform for all your crypto trading needs. And with that they are developing a wide array of apps, payment channels and utmost security in their system to reach worldwide acceptance.
Mobile App
The key product of OTPPay will be its mobile app to effortlessly complete any type of transactions. The app will include all the necessary features needed in cryptocurrency trading. Although other companies already have the same infrastructure in their system, OTPPay claims to be leveling up the game. They will open a wide variety of crypto and fiat currencies, and transaction approval will be faster due to the use of their own currency as the mediator.
Debit Cards and QR Code
OTPPay is also tapping on the development of debit cards and a QR code for any mobile phone users to utilize. This will allow users to easily process face to face purchases of goods using different cryptocurrencies. For every transaction made, the merchants will pay back a fee of as low as 0.5%, this is way lower than what major credit card companies charge.
Tap to Pay
OTPPay will also be utilizing NFC-based stickers which are linked to the mobile app to enable users have full control of the device.
OTPPay Lending Services
As mentioned earlier, OTPPay will be offering lending services, wherein, active merchants and consumers alike can take advantage of its benefits regardless of their geographical locations. However, the company has not yet released details on interest rates.
In-house Crypto Credit Rating
With the lending services in development comes the credit rating evaluation. This will be an internal evaluation of each user’s CCR score to qualify for OTPPay Lend services.
eKYC
OTPPay will implement eKYC (electronic know-your-customer) to comply with the anti-money laundering regulations and to verify each user’s credibility.
OTPPay ICO Structure
OTPPay will have a total allocation of 1 Billion tokens. Of which, 200 million tokens will be allocated to its management for operational expenses and developments. The ICO will have 3 stages and all unsold tokens will be burnt at the end of ICO. Below are the details.
OTPPay Token Allocations
ICO Stages, Prices, Soft and Hard Caps
OTPPay Business Plan
OTPPay’s business revenue plan is quite simple, it will be transaction-based. Meaning, every transaction will be charged with fees. Profits will come from the following:
The company will then collect 0.10% of the total revenue and will be used to purchase back the tokens and be burnt to increase its value.
CONCLUSION
OTPPay’s platform has definitely been simplified and quite promising. However, to saturate the market and keep their currency popular they must flawlessly execute all the features of their system for users to take advantage. By doing so, the stability on the cryptocurrency’s value may be achieved.
For more information on OTPPay please access the links below:
