Crypto Mass Adoption: Bringing Digital Currencies Into Everyday Life
October 22 2021 - 6:30AM
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As the cryptocurrency market cap stands at a staggering $2.53
trillion, it is no more just another alternative financial system.
Crypto users don’t want to invest in Bitcoin and altcoins as a
future asset that will later appreciate in value. Instead, there is
a rising clamor for making crypto a part of the mainstream economy.
Visa and PayPal have already introduced crypto payments into their
platforms, thus pushing for crypto’s mass adoption. One of the
latest projects bringing cryptocurrencies to the mainstream by
lowering the barrier to entry is @Pay. The project aims to open up
into unexplored terrains for everyday crypto transactions. @Pay:
Defining New Frontiers for Crypto ‘Buy Now, Pay Later’ transactions
are becoming more common in everyday finance, and traditional
financial platforms like PayPal who has been offering it for a
while. @Pay is a DeFi protocol providing eCommerce payment
solutions for merchants and consumers. It has garnered attention
for being the first-of-its-kind ‘Buy Now Pay Later’ (BNPL) platform
in the blockchain and cryptocurrency space that offers
cost-effective solutions for all stakeholders. The Australian
platform is already showing signs of success due to its
interest-free ecosystem and low entry cost. It comes with the
promise that shoppers no longer will need to pay any interest or
late fees for availing of BNPL products. @Pay comes with its own
integrated wallet, which enables users to buy products on the
platform and pay using the crypto in their platform-integrated
wallet. This removes the complexity of integrating any third-party
crypto wallet and makes cryptos easily accessible to everyone. When
a user creates an account on @Pay, they get a base credit of $250.
However, if the shoppers make timely repayments, they can increase
their credit limits up to $1,200. @Pay enables buyers to purchase
products and make payments for them in four installments over a
period of three months. The best part is that it charges no
interest and only has a fee of $6 per month for the management of
users’ accounts. Another interesting facet of the protocol is that
users can stake their approved stablecoins to fund @Pay’s BNPL
features. In return, they can receive @Pay yield tokens and earn a
variable yield throughout the staking period. Additionally, users
will also get @Pay tokens from staking, which they can farm to
generate more passive income. The @Pay Token An integral part of
@Pay is the @Pay token that powers the protocol. @Pay tokens are
used for the purpose of governance and distributing platform
rewards. The protocol however offers the option to mint more coins
in case the supply runs out to cater to ongoing demand. The beauty
of this is that all newly minted governance tokens will be based on
new revenue-generating transactions on the platform. How Will @Pay
Impact Future Transactions? To understand the effect that @Pay will
have on the market, we first need to look at two things. Firstly,
we have the exponential growth of eCommerce and its staggering
sales figures. As countries across the globe witnessed repeated
lockdowns due to the COVID-19 pandemic, more people flocked to
online shopping. In 2020 alone, eCommerce sales reached a record
high of $4.28 trillion. Secondly, BNPL significantly reduces cart
abandonments and increases purchase sizes. The BNPL provider,
Afterpay, has seen an 83% sales conversion when shoppers get the
BNPL facilities. Klarna has also documented how BNPL shoots up the
basket size by 68%. Realizing the market requirements, the @Pay
protocol seems to be providing the necessary solutions for the
merchants and shoppers of the post-pandemic age. With a high credit
line and interest-free, no late fees platform, shoppers can make
hassle-free purchases. They will no longer need to depend on their
interest-heavy credit cards to get hold of the items they need.
Furthermore, the elaborate rewards system ensures that shoppers
will never want to default on their payments. In tokenizing BNPL
features using sophisticated smart contracts, @Pay is at the
forefront in driving mainstream crypto adoption. It will not be
surprising to see them become one of the biggest platforms for
crypto micropayments in the coming years.
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