Disrupting the Merchant and Payment Services Market with Blockchain Technology

4 min readJul 6, 2017

At Autoria, we are developing the next generation of merchant and payment service technology. Our mobile application team, led by a senior eBay Software Engineer is utilizing Ethereum blockchain technology to deliver a fantastic user experience and unprecedented transaction efficiency. Merchant and payment services are a rapidly growing industry which are vulnerable to disruption due to outdated processing methodologies, increasing digital payment volumes, and failure to participate in overlooked markets.

Inefficiencies in merchant and payment services have opened a door for new technologies. According the McKinsey & Company, in a recent 2015 report, the modernization of domestic payments infrastructures is only beginning. Non-bank innovators, such as Autoria, are better suited to addresses rapidly evolving customer needs. The so called “war on cash” has opened the door to system-wide opportunities for products and services to provide unprecedented value to end-users. A key bottleneck in this regards lies in cross-border payments. Autoria presents the first truly global, scalable solution to international payments. Traditional payment infrastructure is extremely inefficient and as a result, expensive. Customers who are able to stomach the fees involved often have to deal with a second layer of concern as they cope with the lack of payment tracking, long transaction times, and poor transparency. These concerns are precisely where Autoria thrives. As an ERC20 compatible Ethereum token, our applications will be able to transact AUT instantly (dependent on blocktimes; currently ~15 seconds), securely (all transactions are permanently recorded on the blockchain), and with extremely low fees (Current foreign transaction fees cost around 3 percent of the qualifying transaction, AUT transactions cost about a nickel). As an increasing number of businesses and customers prefer digital transactions, the inefficiency of old methods have become magnified. Autoria addresses these concerns by introducing better, more reliable technology.

This rising trend of digitalization in all aspects of financial transactions presents a compelling case for an entry into this space. Research done by Greenwich Associates has shown a growing preference in the use of digital channels amongst companies. As more and more customers move towards using digital services for banking and retail purchases, they are also demanding more expedient methods of payment. This demand for convenient services is spreading across all levels of transaction services. While blockchain technology can thrive on its own merits, in regards to security, transparency, and immutability, the majority of users want a platform that is simple to use and more practical above all else. Current implementations fail to recognize the importance of user experience. With Autoria, our goal is create seamless transitions between fiat and cryptocurrencies. Our talented team of developers is equipped with the technical knowledge required to meet participant expectations and implement the features our business partners require as they move towards a convenience-oriented digitized transaction model. To large corporations, the needs of small businesses and individual participants may seem insignificant, but when it comes to Autoria, our stakeholders are essential to our success.

Growth in Digital Payment Volume is Expected to Continue

Small business retail sales are easy to overlook, but they represent roughly half of all retail spending. For payments, “mom and pop” merchants represent the largest revenue opportunity in digital payments. While often marginalized by larger corporations, competition in this space for cheaper and faster transaction technologies is intense. Autoria provides an unbeatable competitive advantage to small business owners without stripping down or subsidizing its ability to support the features businesses require. For reference, traditional retail point of sale service providers include Chase Paymentech, Bank of America and First Data. In the metrics where these providers compete, in transaction fees, transaction times, and dependability, Autoria’s blockchain technology excels tremendously. Failure to participate in blockchain technology has led traditional providers vulnerable to disruption. In a survey done by McKinsey & Co. it was found that more than half of small businesses reported poor responsiveness, high costs, unpredictable service, and complicated processes as major pain points which, if addressed could cause them to change providers. Autoria is focused on relieving small businesses from burdensome or outdated transaction technologies. By keeping our application simple, focusing on the strengths of blockchain technology (unbeatable transaction prices, inherent security, and fast transaction times), and aggressively pursuing new partnerships, Autoria is set to capture a significant portion of the mobile payments space.

What Customers and Businesses Want from their Payment App

At Autoria, we are excited to bring blockchain efficiency to businesses and customers the world over. We believe inefficient technologies which were once central to point-of-sale transaction processing could be eliminated through the smart investment in digital blockchain infrastructures and services. As revenue generation in this space continues to rebalance due to customer demands, Autoria will serve as a powerful player, representing the efficiencies blockchain technology has to offer the global payments landscape. Autoria is seizing this opportunity by developing a payment platform we think users will love.