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SpacePay has continued to regale the crowd with its impressive promises that are set to change the world of blockchain. For too long, the payment system has been too complex and too cumbersome to understand. To tackle that situation, SpacePay has adopted a singular mindset - creating an ecosystem that pays heed to the needs of the user without ignoring the concerns of merchants.
So how is SpacePay changing this game exactly, and what could be the impact of the ecosystem? Existing Payment Ecosystem is Full of Tribulations and Complexities The answer to "Do you receive payment in crypto?" is still "no" in many regions of the world. Merchants either frown at it or ignore it altogether, never wanting to hear about it. Customers have taken that as a warranted excuse not to dive into the world of the blockchain ecosystem.
The reason behind this issue is a trifecta of problems. The crypto payment system gives people security concerns - The crypto payment system continues to be very cumbersome. Although security is at the front and center of this issue, questions regarding it are still very legitimate, and answers to them aren't easy to comprehend.
Lack of an accessible UI is driving customers away - Blockchain developers have not made it easier for people to access the economy. The existing systems in place are too complex, and there are too many things that one has to remember. Not integrating with existing systems - One of the biggest shortfalls of novel blockchain systems is that no bridge has been provided to tie them with traditional payment modules.
This requires one to learn a whole new technology, which most aren't inclined to do. The crypto prices change rapidly, and no safeguard is given to the merchant - Suppose a person even pays a merchant using crypto; there is no way that the asset will have the same value even a minute after that. Meme coins are the biggest examples of this.
And since merchants don't feel safe, they don't ask to be paid in crypto. These points make the decentralized ecosystem more complex and volatile than it needs to be. There is a need to attune the new blockchain tech with existing technologies, making them more valuable - and that's where SpacePay is here to work its magic.
Leveraging Payment Card Machines and Software Integration - SpacePay Solution To resolve the issues highlighted in the previous section, SpacePay has come up with a reliable and innovative payment solution . This revolutionary project does not offer hardware or a new cryptocurrency wallet. It only provides a software module that can easily be integrated with both a standard wallet and a card machine.
The SpacePay app, when integrated with over 325 crypto wallets, makes the wallets ready to deal with the traditional financial space. And when the same application is added to a card machine, fiat users can potentially become more willing to interact with the blockchain economy. So, how does it work exactly? A simple example of this would be daily transactions.
A person goes to a store and buys a product, and when it is time to pay, they open their crypto wallet and turn on the SpacePay module. The merchant, on the other hand, uses a card machine to do the same thing. On the merchant's side, the SpacePay app acts as a buffer over the traditional payment system the machine already has, making it possible for the machine to accept payment.
A QR code is generated, which the customer will scan with their wallet. The transaction will then begin. It will have no useless intermediaries, which will remove any friction around the time it takes to complete the payment.
To resolve the issue of the volatile nature of crypto payments, the fiat value of the product becomes the base for the transaction. That will ensure that the crypto equivalent to the fiat amount is transferred from user to merchant. What's more is that it will cost nothing to the payment companies, and SpacePay will only charge a 0.
5% transaction fee. What Impact SpacePay Could Have on the Broader Market? The approach is seemingly simple, and it could impact the broader crypto space in a big way. Here are a few points highlighting these aspects: Crypto payments will become more suitable - People won't be bound by only paying fiat anymore.
They would freely be able to choose from a slew of different cryptocurrencies to complete the transaction. Merchants will gain a larger user base - Since cryptocurrency is becoming more mainstream as days go by, merchants will have access to more types of customers. They will be able to keep up with today's economy to grow in value and won't lose out on new earning opportunities.
It will set a precedent for more traditional payment companies to adopt crypto transactions - The success of SpacePay would call more payment companies to change their rigid stance on crypto and make them more flexible, paving the way for the crypto economy to grow further. Final Words - SpacePay Can be the Harbinger of Change SpacePay, thanks to its flexible nature, has the potential to bridge the traditional and decentralized financial worlds together. With its native crypto - SPY - it could even make the entire endeavor rewarding.
And people believe it already, as evident by the SpacePay presale that has raised over $800,000 so far. For more details, visit the official website. Visit SpacePay Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp _____________ Disclaimer: Analytics Insight does not provide financial advice or guidance.
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