PyaPay is a payment protocol that relies on blockchain technology to overcome the challenges faced by the existent payment systems. PyaPay is currently developing a protocol to facilitate this transformation. The protocol’s objective is to bring efficiency, flexibility, cost-effectiveness and scalability features.
Ultimately, the protocol will onboard both sellers and buyers, increasing the efficiency of the economy as a result of eliminating intermediaries.
Additionally, the PyaPay protocol will offer business opportunities to third-parties who can integrate the protocol’s API onto their services and therefore be a member of the larger PyaPay ecosystem. Examples of such institutions include, credit network firms, insurance providers, escrow service providers, code validation companies, and so on.
The PyaPay protocol will be advertised by companies with an enormous reputation, by encouraging them to embrace the PyaPay payment right from the start. By adopting PyaPay, the corporate giants will set a precedent that will initiate a subsequent mass adoption of the ecosystem. Consequently, the PyaPay network will expand substantially, improving the overall functionality of the platform as a whole.
For a long time, shoppers have shown preference to payment cards as their preferred means of making payments. However, these cards were developed in the 50s’, long before the introduction of the internet. Therefore, they are somewhat incapable of putting up with the current economy, which is characterized by modernity and fast-paced transactions. They are hanging on because of the lack of another dependable alternative with regard to electronic means of payment.
As of now, the payments cards industry is oligopolistic in nature, with each player setting their own rules. Essentially, the market is centralized, a model which breeds massive inefficiencies. The model has several intermediaries who down a sizeable chunk of the gross profits. Furthermore, users in this existent structure are vulnerable to fraudulent activities and chargebacks.
The PyaPay Solution
As mentioned earlier, PyaPay will leverage the disruptive decentralized ledger technology to solve the problems facing the electronic payments industry. Particularly, the solution will focus on creating direct peer-to-peer connections between consumers and merchants, thus eliminating the fleecing intermediaries. Furthermore, the inalterability and irreversibility of blockchain transactions will shun the possibility of fraudulent activities and chargebacks.
PyaPay ICO Token
The PyaPay token (PYP) will facilitate the implementation of the ecosystem’s unique payment protocol. This means that that the PYP can be converted into either fiat or another digital currency. Initially, the utility token will be developed as per the ERC223 compliance rules over the Ethereum Blockchain. This will allow the organization of a Token Generation Event (TGE), as well as the adoption of PYP as the native cryptocurrency of PyaPay and its Launch Partners.
PyaPay Token Generation Event
To fund the development of the PyaPay protocol and promote the adoption of PYP token, PyaPay will hold a TGE. The week-long event will be held on the project’s website as from 26th April, 2108. The price will be fixed at 5,000 PYP per ETH throughout the event.
The TGE will have a soft cap of 20,000 ETH and a hard cap of $150,000,000. If the soft cap is not attained, the PyaPay project will be rescinded and each contributor given a refund.