pingNpay, a global micropayment network supported by blockchain technology, has revealed it intends to make its network operational by 2022.
According to FinTech Finance, the startup is planning to create a new category of high frequency, low value payments (below $20) that is aimed at ‘unlocking new digital retail services’ that will be at the forefront of the next development of the internet – Web 3.0.
The pingNpay network will be open and ‘moatless’ in order to enable innovation without permissions, and will use stablecoins in each country that in operates in based on the local currency and backed 100% by liquid fiat assets. Initially, the network will launch in the UK, using a digital coin backed by the pound.
The UK launch will be due to its ‘strong FinTech ecosystem and forward-thinking regulatory environment’.
pingNpay noted that consumers and merchants will not need to know they are paying or receiving stablecoins as they will simply see payments and balances in their own local currency.
pingNpay co-founder Richard Bell said, “The unveiling of pingNpay comes at an important time for the subscription and digital services economy, which has grown substantially during the Covid-19 pandemic.
“In a world where micropayments are becoming common place, retailers are still finding monetising digital grazing a challenge, and many potential services they could offer have yet to see the light of day. No-one has yet to crack the sub-$20 digital payment market. The major card networks can process tens of thousands of payments per second, but even so the cheapest debit card payments cost retailers at least 20p per payment, which represents 20% of a £1 payment.
“pingNpay solves this problem and will unleash a new wave of ecommerce innovation for consumers and the next stage of the internet’s evolution, Web 3.0.”
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