The Interview on the GEO Pay
Hello! Today is Tuesday, and that means it’s time for an update. As you know, the Richamster Exchange uses the GEO Pay system, and we promised to talk more about it. In this interview, you will know more about one of the GEO use cases.
Q: Max Demyan, hello! Our readers would like to know more about GEO Pay. Tell us how it works, what its major features are, and the benefits of using it?
MD: GEO Pay is an alternative distributed payment infrastructure that provides payments faster, cheaper and safer.
The mission of GEO is to make digital asset transactions as simple and as accessible as sending information on the Internet. Transactions can be executed easily and quickly, and even on a smartphone, without the need to link to a plastic card or to a specific account in a blockchain.
The GEO Pay system is based on a unique technology — the GEO Protocol, which makes it possible to almost instantly integrate participants of the financial world (financial companies, crypto assets, various marketplaces, etc.) into a united digital payment network. Each new operator creates additional value for the network, for itself, and, of course, for all the network participants. The GEO Pay platform is a kind of digital intermediate party, or “portal”, through which you can get access to the rest of the GEO network.
For example, connecting Richamster has immediately created dozens of new entry/exit options, and, for example, arbitrage possibilities with other crypto platforms like KUNA, BTC-UA, etc.
Q: I would like to hear a little bit about the history of the project. How and when the idea to create the GEO Pay system came up?
MD: It’s quite a long story. I have been studying money and economics for more than 10 years. At first, it was just a hobby; then, the more I dove into the topic, the more questions arose about the fallibilities of the traditional financial world. About five years ago, the idea of creating a distributed platform emerged: a kind of economic system where participants could create their own means of payment, that everyone could accept. Thus, a project emerged that has now split into two directions: technology (GEO Protocol) and the payment infrastructure (GEO Pay).
Q: We know that you’re partnered with the Richamster Exchange. Are there any unique features when using the GEO Pay in the crypto world. For example, on exchanges, and in particular on the Richamster Exchange?
MD: One of our main goals, for now, is to become a kind of Visa for the crypto world. That is, a connecting platform for crypto exchanges, various blockchain ecosystems, etc, as well as to connect them to traditional financial organizations. For example, it’s now much cheaper to top up your balance on all Ukrainian crypto exchanges by using GEO Pay. And generally, it is the only way to migrate between marketplaces without using a bank card. So, connecting to the GEO Pay makes all these features instantly available for the Richamster users.
Q: Let’s take a look into the future. What is your vision for GEO Pay in 5 years?
MD: Good question. We have a lot of plans. In the near future, we plan to connect a number of marketplaces, as well as payment systems, cryptocurrency gateways and, most importantly, an additional five fiat currencies.
We are also working on the possibility of QR code payments, so soon our users will be able to pay with their smartphones (instead of a card) at retail outlets. By the end of the year, we are planning to launch the cross-chain payment infrastructure. That means you will be able to pay, for example, with bitcoins in a cafe, which will receive fiat money into their account (and the network will automatically choose the best available exchange rate offer).
Well, and in five years, we are planning to offer our service in at least 30 countries worldwide.
Q: Finally, would you please say a few words to the Richamster Exchange traders, to those who are already using GEO Pay, and to those who are just planning to do so.
MD: If we are talking about the crypto market, then I really like what is happening now. What we see is a kind of cleansing process. At the same time the real teams/projects are emerging; those that focus not on selling empty ideas, but on creating tools that can really change the world. It’s just the beginning!
