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Ex Ripple and Visa executives announce pingNpay micropayment startup — Retail Technology Innovation Hub

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pingNpay plans to enable a blockchain-based retail micropayment network next year.

London-based startups have stepped out of stealth mode and are initially launching in the UK with pound-backed digital coins.

The network uses stablecoins in each country’s operating country, is fixed in local currency, and is 100% backed by liquid statutory assets with reserves exposed to meet regulatory expectations. ..

Consumers and merchants can see low payments (less than $ 20 per transaction) and balances in local currency.

pingNpay is a wallet software provider, a wallet provider that issues wallets to users and provides customer support including wallet / fund management, and less than 1% of advertising Valorem distributed to pingNpay as an easy-to-use network provider. (Only) Limit charges on charges of the underlying transaction network.

Fees are paid in real time at the time of transaction. Unless the consumer pays the company (retail, utility), the fee will be borne by the payer. In that case, the recipient (retailer) pays.

Allowing consumers to pay for services and products offline (coffee and food on the street) and online (such as digital subscriptions) pingNpay was founded by payment industry veterans Richard Bell and Jeremy Wright. ..

Both of them are clinging to scaling blockchain payments at US venture Ripple. The former also works for Visa, Santander and Vodafone, while the latter leads Accenture’s payment consulting business in Europe.

Bell said: The announcement of pingNpay has come at a critical time for the significantly growing subscription and digital services economy during the Covid-19 pandemic.

In a world where micropayments are becoming more commonplace, retailers still face the challenge of monetizing digital grazing, and many of the services they may offer have yet to see the light of day.

He concludes: No one has yet cracked the digital payments market for less than $ 20. Major card networks can handle tens of thousands of payments per second, but with the cheapest debit card payments, retailers still have at least 20 pence per payment, which is equivalent to 20% of the payment. It costs.

pingNpay solves this problem and unleashes a new wave of consumer e-commerce innovation and Web 3.0, the next step in the evolution of the Internet.

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2/ https://retailtechinnovationhub.com/home/2021/9/13/ex-ripple-and-visa-execs-unveil-pingnpay-micropayments-startup

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