Crypterium: The Mobile Cryptobank Developing Contactless Payment Solution For The Cryptocurrency Era
The crypto revolution is not just limited to trading and holding of cryptocurrencies like bitcoins and altcoins anymore. Technologies and payment solutions are being explored and developed to provide cryptocurrencies to mainstream everyday users. This will include the ability to make everyday purchase and transactions in shops, online stores, cafeterias and street retails with cryptocurrencies. Literarily, people will be able to buy commodities and pay with cryptocurrencies.
This system has lots of solid benefits, such as: lower transaction costs, speed of payment, removal of national boundaries, protection against fraudulent payment and chargebacks, etc. Merchants will sell with confidence knowing their payments are securely received and validated by blockchain, the supporting technology for cryptocurrencies, and they will be settled in fiat currency equivalent. Buyers will buy with same confidence knowing their payments is securely recorded in blockchain’s immutable records, which is open to authorized parties to verify anytime.
Given the enormous growth and increasing popularity of cryptocurrencies — around 1385 different cryptocurrencies are trading with a daily volume of over $71B and a market cap of over $770B as reported by CoinMarketCap — it is evidently clear that such payment solution will immediately attract huge adoption.
Crypterium Cryptobank is a first step in creating such payment solution to satisfy this huge need.
What is Crypterium?
Crypterium is a Cryptobank: a new kind of bank that provides normal banking services with cryptoassets like cryptocurrencies and tokens rather than our everyday money.
Crypterium Cryptobank is developing a mobile technology that will enable customers to use cryptocurrencies to pay for fiat based goods via a mobile App without transaction limits and with low commission on any of the world’s existing 42 million payment terminals and many internet stores and payment points.
Crypterium Cryptobank will be made available for download on the IOS and android marketplace and ready-to-use on mobile devices. Unlike conventional mobile banks that take weeks to process and issue payment cards, Crypterium Cryptobank provides an instant payment processing engine for both fiat and crypto based currency transactions in a process known as Contactless Payment.
A contactless payment, as the name proposes, doesn’t require any physical contact between the buyer’s smartphone or credit card and the POS terminal. It uses Near Field Communication (NFC) to transmit information from a mobile device to a payment reader. NFC transactions are secured, a lot faster — takes just seconds, a lot more convenient — customers don’t need to carry around a physical card or wallet, just their smartphone. Examples of mobile, contactless payment apps include: Apple Pay, Android Pay, Samsung Pay and can be integrated with third-party payment wallets or services such as PayPal, Gyft, WeChat, Alipay and PayTM.
Essentially, Crypterium Cryptobank will allow users complete payment transactions in 3 simple steps: (1) Open Crypterium mobile bank app on their mobile device; (2) Scan the QR-code; (3) Confirm purchase and pay with cryptocurrencies while merchant receives payment in their designated fiat currencies. No card required; lightning fast transaction process.
Why Should You Get Onboard Now & Buy CRPT Tokens?
In developing the contactless payment solution described above, Crypterium Cryptobank is about to release its cryptobanking payment platform, which will in turn use its own cryptocurrency — CRPT, to feed the payment transactional process.
This cryptocurrency (CRPT) is expected to have high utility value and grow rapidly in value as it feeds the Crypterium payment solutions. Here are the reasons why:
1. CRPT Tokens Are Used As Gas To Power The Crypterium Payment Engine
To use the Crypterium cryptobank platform, one must hold some CRPT tokens. Every time a payment is made, a fee equal to 0.5% of the value of the transaction is taken from the CRPT token holder’s account and is burnt as fuel for the transaction. This will continually create demand for CRPT tokens for use in the Crypterium platform.
2. Delivering Needed Solution In The Crypto-Economy Will Result In Immediate Massive Adoption
The crypto-economy is booming. Millions of users are engaging with cryptocurrencies daily. Cryptobanks are expected to become popular given the demand of crypto users to transact with cryptocurrencies in their everyday lives. Already, there are some crypto-payment solutions offering card payment systems, but Crypterium Cryptobank is offering crypto contactless payment system.
As such, we expect that the contactless payment solution delivered by Crypterium Cryptobank to help solve this payment need will result in immediate adoption of the system. And since the CRPT tokens will be used to feed the payment system, the demand for it will be huge, thus driving up its value.
3. Payment Gateway Integrated With Third-Party Payment Services Like Paypal Eliminates The Need For Exchanges
Crypterium contactless solution can be integrated with payment services like Paypal and Alipay, thus eliminating the need for exchanges (with the attendant exchange fees) when paying for goods and services with cryptocurrencies. This will further push up the popularity of this service and create higher demand for its tokens — CRPT.
4. Loyalty Reward Scheme Paid In CRPT
Up to 30% of Crypterium’s transactional income will be applied to a Monthly Loyalty Program which will be used to reward users in order to stimulate users to make more transactions via Crypterium and also to encourage active users. Loyalty rewards are made in CRPT tokens, which are purchased by Crypterium from exchanges. This will further drive CRPT’s demand and value.
5. Scarcity Of CRPT Tokens Will Drive Value Upwards
CRPT tokens will get burned as gas during payment transaction as described above. Also, during the ICO, all unsold and unallocated tokens will bе destroyed and additional release оf tokens will not be possible. This scenario will ensure higher values for CRPT tokens at all times as demands increase and tokens’ supply reduces.
6. Crypterium Is Powered By A Large Experienced Team And Ranked In The Top 50 Digital Banks By Financial IT In 2017
Crypterium is ranked 37th place among top 50 most promising digital banks by Financial IT. This is a true testimony of the prowess and experience of its team and leadership. Crypterium is powered by a large team of highly qualified professionals made up of highly experienced digital payment professionals from some of the most innovative FinTech sectors in Europe, who have spent the better part of 10 years developing digital payment and banking solutions.
In 2013, two of the founding partners of Crypterium (Vladimir Gorbunov and Gleb Markov) launched PayQR, a Cyprus based company establishing a contactless payment platform that works with any smartphone. This lends credence to the fact that the team is well able to develop and launch the Crypterium platform and deliver value for CRPT holders.
Based on the foregoing reasons, we can safely agree that participating in the Crypterium ICO and buying the CRPT tokens is a good move and will eventually get rewarded in the near future. Of course, this article represents the writer’s own opinion and does not in any way constitute financial advice in relation to participating in the Crypterium ICO or buying Crypterium tokens (CRPT).
For more details, consult the following links:
Bitcointalk thread: https://bitcointalk.org/index.php?topic=2214098.0