The software that moves the vast majority of money around the world today still uses legacy standards created during the late 1960s, but in the absence of a compelling alternative, consumers are trapped into maintaining the status quo.
Since the creation of Bitcoin in 2008, blockchain communities have attempted to make cryptocurrencies a useful complement to traditional payment instruments like credit cards, debit cards, and cash. However, fundamental user-experience challenges such as unintuitive QR code interfaces, complex address strings, new security protocols, and network capacity issues have hindered commercial adoption. Various scaling solutions such as Lightning Network and Plasma Cash show considerable promise for improving the speed and utility of blockchain transactions, but create issues of complexity and compatibility for merchants.
A variety of mobile wallets have begun promoting cryptocurrency payment solutions, but unfortunately, they are completely reliant on existing legacy infrastructure. These wallets utilize high-fee virtual Visa and Mastercard debit cards — requiring bank accounts, physical cards, and multiple tiers of centralization. Same old same old.
Digital payments on these platforms are subject to low transaction limits (in some cases, less than $100), as well as Apple’s restrictions for NFC access on iOS devices. Justifiably, these systems have extremely low consumer adoption due to the increased friction compared to a typical payment card.
The solution to blockchain payments is not building cryptocurrency acceptance on top of the existing multi-layer networks, but creating a new network that solves merchant and consumer needs alike.
While payments experience confirms the pain points of fraud and processing cost, we find that consumers’ needs are distinctly different. Consumers evaluate payment instruments against an individual framework of five basic criteria:
Speed, usefulness, and value are often the most critical factors in choosing a particular payment instrument at retail. Each of these features must be addressed for cryptocurrencies to see widespread adoption.
In order for a viable blockchain cryptocurrency payment network to achieve meaningful scale, the table stakes for consumers are the following:
Meeting and dramatically exceeding these expectations will be challenging, but any new payments network must comprehensively solve both consumer and merchant needs. We believe that PDX Coin and PDX Network Protocol together satisfy all of the core consumer requirements necessary to break the legacy payments status quo.
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