Chicken and Egg Problem
As you probably know, for the last year our team has been working hard on helping merchants to start accepting cryptocurrencies. We’re steadily moving towards our goal and create unique approaches that haven’t been tried before in our space.
Cryptocurrency is a rather new and novel form of payment that demonstrates a perfect example of a chicken and egg problem. Nobody wants to accept crypto because there’s no demand from the customers. Nobody wants to pay in crypto because there are only a few places that accept it.
The only way to improve the current stats is to solve both of the problems. We’ve almost found the right approach to solve the first issue. Turned out the second one is a lot harder.
Imagine if everybody accepts Bitcoin and other alts right now, what has to happen in order for people to start using this new form of payment? We believe the answer relies on multiple things but the most important are convenience, speed, and proper incentives.
The only reason why people are choosing plastic over cash is that it is faster, easier to use and sometimes you can receive appealing bonuses in a for of cashback, discounts, miles.
With crypto, it’s not always the case. Most of the wallets were designed by cryptocurrency users for cryptocurrency nerds. That is the opposite of a mass adoption everybody is talking about all the time.
Introducing Paytomat Wallet
To fix that specific issue we are introducing Paytomat Wallet. A light, feature-rich, multicurrency wallet dedicated specifically for daily payments. Its main purpose to be your digital wallet, the one you’ll be sharing with your friends and pay for your lunch in the restaurant.
As a separate product from our product line, Paytomat wallet will have several stages with distinct featureset:
- stage 1 — basic functionality for performing daily transactions;
- stage 2 — an advanced functionality combined with Paytomat Merchant App;
- stage 3 — implementation of a loyalty program.
The core features of Paytomat Wallet 1.0:
- backup and recovery with a 24-word backup phrase
- hierarchical deterministic address architecture;
- 6-digit pin, (Face or Touch ID entry — iOS only);
- dynamic fees with time estimates;
- offline mode support;
- multicurrency (BTC, LTC, ETH, DASH, Waves, XEM);
- max send feature.
Paytomat wallet has the latest security features built-in and does not keep any private keys of our customers.
Here are the main screens of our app, get excited.
Download the app on Google Play
We have a public open beta for Android, as well as a closed beta for iOS, which you can get by reaching out by ios@paytomat.com. So feel free to test, share and give us some feedback.
