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Merchants are competing in a more complicated market than ever before, one that is molded by high credit card processing fees, long settlement delays, and consumers who spend the majority of their waking hours online. The capacity of each business owner to take cryptocurrency as part of their usual operations is then the key to addressing these concerns. Unfortunately, the asset's volatility, as well as the difficulties associated with cryptocurrency storage, make it difficult for a merchant without extensive knowledge to accept these assets.
Because decentralized currencies, like their centralized counterparts, will always require additional steps, digital payment gateways have become a widely adopted alternative for their ability to mimic the regular debit and credit card acceptance process. The only issue that has yet to be resolved is the capacity to accept the various tokens that have emerged as a result of the smaller-named cryptocurrencies' lack of scalability.
PayBolt, a startup that is developing a Web3 crypto payment gateway, is attempting to alter the way people do business. Their ecosystem, which includes an iOS and Android mobile wallet, a merchant payment site, point-of-sale (PoS) terminals, and e-commerce plugins, promises to effectively connect people who wish to spend cryptocurrency with businesses who can accept it.
PayBolt's goal is to reach a transaction volume of $10 billion by the end of 2025. While the figure may appear large, it represents only a small portion of the global payment market; PayPal alone generated $311 billion in volume in the second quarter of 2021.
"The fiat money system is a shambles. We all know that in a Web3 environment, crypto will be the best way to transmit value in the future. We're making it happen at PayBolt."
To close the gap, the team is developing a payment environment that fits the requirements of quick translation, high security, and suitable compensation. PayBolt has quickly cemented collaborations with Kee Song, one of Southeast Asia's major chicken providers, and Zingmobile JV, a Telco VAS (value-added service) provider, thanks to the numerous perks provided.
Polygon (MATIC) has been deployed by PayBolt, and the team feels that the rapid, cost-effective transactions that a layer-2 solution like Polygon provides are just what payment gateways need to attain widespread appeal. Many parts of the world might benefit from a crypto alternative payment system that is secure, fast, cheap, and censorship-resistant, according to the researchers.
Creating an enjoyable experience
The PayBolt ecosystem was created with the distinct payment difficulties that each retailer faces in mind. Support for over 150 fiat currencies and the launching of user-friendly business applications demonstrate their commitment. PayBolt's gateways ensure that payments are entirely decentralized across Ethereum (ETH), Binance Smart Chain (BSC), and Polygon tokens as they are integrated into the system, while also providing the most scalable processor currently available.
They recently launched the PayBolt crypto app, which makes using the PayBolt gateway much easier. It allows users to store, stake, and pay using cryptocurrencies in a secure manner.
PayBolt's business application covers the point-of-sale scenario, which is typical in transactions where a customer walks inside a store. Users can go to the PoS tab to calculate the transaction amount, choose whether or not they want a receipt, and generate a QR code that the customer can scan from their PayBolt wallet. These procedures ensure that the full cryptocurrency payment process can be completed with only one click. Since then, the team has begun taking business signups, which have totaled over 1,500 businesses in just two weeks.
The PayBolt ecosystem relies on a reward structure that leverages the platform's native token, PAY, to encourage ecosystem and industry adoption. PAY has become the incentive mechanism for investors, consumers, enterprises, and others who participate in ecosystem transactions as the first payment token with bridging and cross-chain capabilities.
Adding support for new blockchains
The release of PayBolt Business and its associated cryptocurrency apps marked the project's major achievements for the year, paving the way for more blockchain integrations, such as the most recent one in the Polygon ecosystem, which has advanced the team's mission toward globalized cryptocurrency payments. The Avalanche (AVAX) and Solana (SOL) blockchains, as a result, are still on the team's roadmap.
Continuous updates to the two recently published applications, as well as incentive enhancements like as tiers, nonfungible tokens (NFTs), and staking, are all priorities.
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