Crypto Payment System — evolution of payments
In 2015 purchase amount with use of bank cards was about USD 20 trillion and about 20 billion cards were in cycle that is more than 3 cards per each inhabitant of our planet. This amount can be increased up to USD 55 trillion by the year of USD 2025. In spite of the significant growth rate and relevant entrance of service, there is one important problem — the expensive and long-lasting acquiring service.
The merchant has to pay a commission fee at the rate of 2–6% for transaction processing, at that compilation of rates is rarely transparent and could consist of more than 10 different commissions. In case we deal with the standard business and 10% profitability, a merchant will spend 20–60% of own income for crediting funds to his account that takes from 2 to 14 days in practice.
Otherwise, services based on the Blockchain Technology enable to reduce significantly the commission fee for acquiring service and provide rapid crediting but it is possible only with cryptocurrency. Everything is fine in crypt but one issue brings down the users — payment process for products and services in cryptocurrency is a rather complicated process for the moment.
It is not surprising that a number of active users of the cryptocurrency wallets stands only 2.9–5–8 million people. That means all services offering cryptocurrency payments limit its target audience to 0.1%. In other words, using cryptocurrency payment service a merchant will use the expensive standard acquiring service for 99.9% payments. It is clear that implementation of such solutions has no practical sense for the merchants.
We have united payment worlds not only taken the best from traditional and cryptoworld, but also exclude unavoidable difficulties while adopting new technology. CRYPTO PAYMENT SYSTEM IS VISA FOR CRYPTO ECONOMICS, where smartphones will be used instead of bank cards, and mobile operators instead of banks. Our solution is a mobile payments ecosystem based on blockchain, which will make payments more convenient, fast and favourable.
CPS will reduce number of payment agents and integrate payments universes according to the simple formula: CPS = VALUE + ADVANTAGE — COMPLEXITY.
VALUE from traditional payments:
• Pay and receive money in traditional currency
• Processing speed of simple payment transactions
ADVANTAGEs from new technology:
• 1% — transaction fee for a merchant regardless of payment channel, compared to current rate from 1.5 to 6%
• No bank cards needed to pay, payment could be made with phone only
• No need to own cryptocurrency to start using CPS. CPS targets all mobile users — not just small audience of cryptocurrency owners
No COMPLEXITY with cryptocurrency:
• No need to convert from fiat currency and pay fee
• No need to bear cryptocurrency volatility risks and pay exchange commission
