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Bringing the cryptocurrency market/ecosystem to mainstream audiences is one sure way of achieving lasting adoption.
Until the common man is able to naturally implement the use of cryptocurrencies in his everyday activities, the novel technology cannot be said to have become fully established.
Only a very small percentage of the total world population is aware of Blockchain and cryptocurrencies. Among those who have heard of or are aware of this new technology, only a few are really involved or understand how the elements within the ecosystem works.
However, the good news is that not understanding the internal workings of Blockchain and cryptocurrencies is no more a barrier from enjoying the benefits of the disruptive technology. This is made possible by innovations such as Paycent.
Paycent is offering crypto users the opportunity to manage and spend their Bitcoins and other cryptocurrencies the same way that they spend the fiat currencies that they are already used to. This is a development that will certainly attract a lot of new entrants into the ecosystem, while making it very convenient for existing crypto users to explore the numerous transaction and investment opportunities available to them.
Existing industrial setbacks
The current crypto environment suffers from a number of setbacks, some of which can be attributed to the fact that the ecosystem is still new and developing.
Some of these setbacks are in the form of audiences having very little experience with cryptocurrencies and will more likely have no easy access to use and invest in them. Furthermore, there is the fear of new and innovative technologies that needs to be overcome.
Meanwhile, for those who have already been introduced to the ecosystem and have been involved in one way or the other, they are confronted with the problem of not having avenues to spend these cryptos in everyday life. This is majorly due to the unavailability of real time conversion platforms, where cryptocurrencies can be exchanged for fiat in a transparent exchange.
These are some of the existing restrictions that Paycent is solving with its multi-token wallet which will offer crypto users the opportunity to manage their assets effectively.
Innovation powered towards inclusiveness
The Paycent multi-wallet offers a seamless integration, thereby increased the channels that cryptocurrency can be used. With the optional Paycent Debit card, cryptocurrency can also be used at 200 million points including ATM withdrawals. This development will go a long way in offering financial inclusion to the hitherto unbanked and underbanked population of the world which currently stands at over 2 Billion people. With Paycent, this unbanked population is pushed to the forefront of currency freedom with the ease of exchanging fiat money into cryptocurrency with a singular app and vise versa to spend it on daily essentials.
Another group that is set to enjoy the benefits of this innovation from Paycent are the emerging SMEs who have been sidelined due to their inability to access bank loans for bureaucratic reasons such as the non-availability of required collateral. These group of people can Using a proprietary Paycent approach, this group of people can now access micro-loans and microfinancing.
Using Big Data and through KYC processes, Paycent will gather demographic and financial information from the customers. Additionally, Paycent will build a digital identity of a user’s credit rating and worthiness score which will then be linked back to the user’s e-wallet profile.
Some of the key scoring factors will include:
- Digital identity and reputation
- Social media history
- Repayment history
- Family identity verification
Putting every brick in place
In an ecosystem that is developing very quickly with several competitive products emerging daily, Paycent’s technological and regulatory advancement keeps it ahead of the pack.
As a live working product, Paycent runs on an established network and a continuously expanding fiat ecosystem. Paycent has secured regulatory licenses and are also currently in partnership talks with several governments, banks, and companies to create an even larger ecosystem.
Regulatory licenses have already been obtained in UAE and the Philippines, and in-principle approval in Singapore and Hong Kong. With these licenses, Paycent is able to start operations in these countries and continue in building a vibrant user base. Also, there is an ongoing negotiation towards hosting a Paycent Realtime Exchange, with the oversight of the regulatory authority of UAE. This will provide real time pricing and liquidity for Paycentos and other cryptocurrencies. This will be a world first where a crypto-exchange is built on a regulated exchange.
Over a thousand merchants and counting are already accepting Paycent as an online payment mode. This has been a team effort for the past year, led by President and Founder Sumedha Goel.
Sumedha has been Co-founder at the Asian Investments Group Middle East. She is an early Bitcoin enthusiast who believes in the future of digital payments. Sumedha is an avid blogger and is currently working on a book based on her journey in life after losing her husband to cancer.