How Blockchain Startups Transform Banking and Payments Industry

Money transfers have been particularly impacted by blockchain technology

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Payments industry today has been deeply impacted by the rise of blockchain technology and cryptocurrencies. The legacy system is built upon the inheritance of technologies dating to the advent of credit cards and interbank settlement developed in the mid-1900s for use in centralized, established financial institutions with both institutional as well as retail clients in the era when the post-war fiat money system was the only option for private financial representation. Upon the advent of blockchain technology and cryptocurrencies, it gradually became increasingly clear that the legacy system, while revolutionary in its early days, still is quite inefficient and is designed from the perspective of an institutional client. This leads to relatively limited access to financial services by the majority of the retail market segment. Especially retail clients in developing nations have been hit particularly hard with higher fees, longer processing times for transactions, more invasive and ineffective KYC/AML processes and limited access to technology and thus limited access to all types of financial services.

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Money transfers have been particularly impacted by blockchain technology. An instance of money transfer through a blockchain transaction takes minutes, sometimes mere seconds, and costs from a few pennies to a few dollars to complete depending on the underlying blockchain used, and with no limits to the size of the said transaction. Meanwhile the legacy system may take weeks to be approved by the local banking authorities and involve substantial fees and paperwork. For a retail user, sending money home may involve processing fees that substantiate to a form of taxation, ranging up to 30 percentage points on the total value depending on the countries of origin and destination.

How Can Blockchain Technology Help the Payments And Money Transfer Industry Practically?

PointPay.io offers a solution for consumers in banking, deposits, money transfer and payments through an intuitive Web platform. To make the user experience convenient, there are mobile apps on Apple as well as Android app stores as well.

The features

The purchase of cryptocurrencies through the PointPay platform has been made easy: the available payment methods include both international and SEPA wire transfers, SWIFT, credit and debit cards, and popular mobile provider supported payment methods, such as Google Pay, Apple Pay and Samsung Pay. PointPay supports more than 60 fiat currencies justifying the title of international bank which works without the borders. 

The platform offers a personal cryptocurrency wallet, which accepts and is able to transfer cryptocurrency between any blockchain wallets on their corresponding blockchains.

The customer may take a loan by using their assets as a collateral which is especially relevant today in DeFi and CeFi segments of the cryptocurrency market. Additionally there is a quite unique feature, which allows the user to send funds to anyone anywhere in the world via an email link.

PointPay features a crypto to crypto exchange for the users directly on the platform. The exchange consists of a quick swap between assets on a market order, as well as a classic cryptocurrency exchange feature for intermediate users who are somewhat familiar with using indicators to trade their assets.

The team launched a special PointPay Crypto School who would like to get access to crypto and blockchain education worldwide. 

The content in the courses offered on the PointPay platform range from beginner level through medium to expert. While the beginner-level courses serve as a foundational introduction to cryptocurrencies for the new users, the expert level challenges even those with a couple of years of experience behind them.

There is customer support provided through a chat service and a Telegram channel. It is assumed that PointPay customer support is considered as one of the best in the crypto world. Average response time is five minutes. 

The advantages for the user of this platform are far-reaching. The platform already hosts clients from over 200 countries, making banking and financial services accessible and affordable for users based in countries where the local market provides them with expensive, inefficient or inaccessible solutions. As the company has been working since 2018, the palette of services is sitting on a stable foundation for years to come.

The platform supports the evolution of the cryptocurrency market by bridging the financial gap between unbanked or underbanked people without regard to credit history and income level. As a result, the success of platforms such as PointPay may serve as on-ramps for billions of new users in the global economy through the use of cryptocurrencies. PointPay represents the next generation in digital financial services making them truly global and really accessible to everyone. 

PointPay.io has its own PXP token which is an ERC-20 Ethereum-based compliant token. PXP is the core financial instrument within the system enabling PointPay customers to reduce trading fees, fees on loans and get access to premium video tutorials through PointPay Crypto School. PXP token holders always get priority customer support. Experts believe that with the growth of the PointPay ecosystem, launched burning model and staking program, PXP can enter the list of top-30 largest crypto currencies by market capitalization until 2023. 

Note: Investment in cryptocurrency is subject to risk and readers should do their own due diligence. Entrepreneur Media does not endorse any such investment.

Julian Lim

Written By

Julian Lim is a technology entrepreneur and researcher. Julian has graduated from NUS in intelligent systems and started his career pursuing data analytics and research. He’s also an editor and senior writer at Startup Fortune, covering technology, startups, AI, blockchain and entrepreneurship.