A blockchain-based platform for relational payments, Facepay (which is famous for eliminating the requirement of credit transaction charges from over the business owners), has declared its strategy on Tuesday regarding the launch of its independent cryptocurrency named ‘Facepay’ to be distinct from the other handful of payments processors that implement transaction fees over their consumers.
Even though the former fixed-price Facepay model evolved the industry during 2021, the crypto incorporation will for another time be prepared to be exceptional across the market of the asset class.
Making a distinction
The respective step allows the U.S.-based relational payment venue to provide the shopkeepers with the direct receiving of payments out of the consumers in the virtual currencies such as Ethereum, Bitcoin, as well as the rest of them.
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The blockchain payments company (having Ethereum network as the basis of its construction) will remove the discomfort of the elevating fee structure executed by the traditional payment processes. Dissimilar to the rest of the options dealing with a credit card, the system of Facepay will not permit the repayment as the transactions cannot be revoked over the blockchain.
Thus, no weaknesses for the dispute processes or fraudsters can happen. Facepay’s founder – Dr. Mark Hale – stated that they remained successful in finding out the method to offer Bitcoin as well as the other digital tokens on their venue while still upholding that the shops for auto repair would be paid directly.
Customer crypto would just increase with time, and the right technology should be invested in by the repair shops to be benefitted out of it. Otherwise, BTC just works as another method of payment that charges money over the shops.
Facepay to eliminate payment processors’ oligopoly
Each of the direct payments performed through the firm would provide an additional profit between 15 to 20% over a transaction. The regular rise of the conventional payment means in charges has made the path for crypto to be a part of the mainstream. In the same vein, shopkeepers will favor adding an economic payment means in the workflows thereof. The relational payments platform will give the benefit of additional gains.
The money of the customers will be transferred to the service centers or the shops without transferring the funds in conventional payment venues. Hale added that Facepay, in his perception, paves the way to prevent the payments in cryptocurrency from being involved in the obsolete model of transactions offered on the behalf of the conventional credit card processors.