The BNBPAY project is on a mission to shape the future of bitcoin payments and revolutionize the way these transactions are carried out. BNBPAY provides an alternative to standard payments to Visa, MasterCard, and PayPal, which charge almost 3.9 percent for every transaction
A New Payment System Is Here
Small businesses are vital to the economy because they bring growth and innovation to the communities in which they operate. Unfortunately, the costs of starting a new business are costly, and credit card issuers sometimes demand excessive exchange rates and merchant fees. Businesses have had no choice but to follow these rules up to this point.
Cryptocurrencies came along and rewrote the rules by offering a decentralized option for conducting transactions and other comparable services. As a result, demand for these digital currencies has continued to rise, and they have even become widespread among consumers.
As a result, both consumers and companies are beginning to see the advantages of contactless transactions and the flexibility to pay anywhere. Regardless of how decentralized these assets are, they are still mostly managed by centralized entities, which charge additional fees and need additional steps to use them in business transactions.
The BNBPAY project is on a mission to shape the future of bitcoin payments and revolutionize the way these transactions are carried out. BNBPAY is led by a team of payment experts and industry pioneers with decades of expertise in the retail point-of-sale (POS) and commerce sectors. Their shared goal is to become the most frequently used cryptocurrency payment for commerce, including e-commerce and physical stores.
“We are coming to seize control,” a BNBPAY team member said. Cryptocurrency provides us with an alternative, a means of restoring power to small enterprises.”
What is BNBPAY All About?
The foundation of this platform is trust, immutability, and efficiency, all of which are claimed to be important to the development of the payment industry’s decentralized digital economy. BNBPAY provides an alternative to standard payments to Visa, MasterCard, and PayPal, which charge almost 3.9 percent for every transaction, while also eliminating the risk of third-party monitoring.
The BPAY token, which can be purchased on PancakeSwap and BitMart, will underpin BNBPAY. Unlike other cryptocurrency exchanges, BPAY cannot be mined and has a limited amount of 10 billion coins, of which 20% has already been burned. The tokens were created using ERC-1363 technology on the Binance Smart Chain (BSC), allowing the BNBPAY payment system to provide fast, affordable, and transparent crypto payments at a fraction of the cost of traditional payment gateways.
When users make purchases, they may be rewarded with BPAY tokens. Investors who hold tokens will be able to take advantage of near-instant transactions and stake BPAY tokens for additional incentives. The token is said to be just the start, with the hope that one day the BSC ecosystem will bring the future with stake, pay, and earn functionality.
BNBPAY also intends to use bridging technology to become chain agnostic, allowing users to make purchases with any cryptocurrency while also ensuring that the cheapest and fastest blockchain is used to keep fees low.
Merchants and enterprises will save money on merchant fees with each transaction, and they won’t have to worry about chargebacks or other types of credit card fraud. BNBPAY facilitates the integration of cryptocurrency payments into a user’s existing ERP or e-commerce website, as well as accounting software add-ons for tax filing and sales reports. Additionally, the BNBPAY POS payment terminal will allow merchants to seamlessly accept any crypto, stablecoin, or fiat, removing any risk of volatility for business owners.
As a result, the BNBPAY solution will be made up of several different products. A mobile wallet for Android and iOS, e-commerce payment plugins, the BNBPAY POS Payment Terminal, and the BNBPAY Staking platform are just a few of the options.
Payments For Merchants in the Future
The team has set clear goals for the coming year, including applying for a credit license with Singapore regulators and further developing their BNBPAY Wallet and e-commerce payment plugins for commonly used platforms. As part of these initiatives, 10,000 merchants will be targeted over the next year as they compete for market share with banks and PayPal.
BNBPAY has since started the process of applying for a paid license with the MAS (Monetary Authority of Singapore), bolstering the project’s validity and allowing the team to build new collaborations with traditional financial institutions.
The team just announced that they will be the official crypto payment provider for Kee Song Group (1258. TWO), a publicly-traded poultry firm with annual revenue of over $ 100 million.