Rpay, found online at Rpay.io, aims to make it easier than ever to shop for products and services online. Find out how it works today in our review.
What Is Rpay?
Rpay describes itself as “a revolutionary way to shop for retail products, consumer and professional services.” The platform uses cryptocurrencies and community-based pricing to help users save up to 80 or 90% off the retail cost of products and services.
The ultimate goal of Rpay is to create the most recognized mainstream payment system. To do that, Rpay will build solutions that reward businesses and consumers for using cryptocurrency in their everyday lives.
Rpay’s pre-ICO launched on September 25.
How Does Rpay Work?
Obviously, there are a lot of payment platforms and cryptocurrencies aiming to be the first mass consumer-adopted currency in the world. How does Rpay plan to differentiate itself from the competition?
Basically, Rpay functions like other digital currency-based platforms. It aims to provide fast, low-cost payment services in a way that’s superior to digital currencies like bitcoin and traditional payment methods like VISA.
Rpay uses smart contract technology built on the blockchain for enhanced security and transparency. Rpay is built on the Ethereum blockchain.
Overall, the Rpay whitepaper doesn’t do a great job of explaining how the platform is different than existing solutions with a larger market cap and better retail support. It appears to function in a similar way to other payment platforms and cryptocurrencies we already have. As you’ll see below, Rpay’s list of advertised features is generic stuff that can be applied to any blockchain-based platform.
- Security: Rpay uses the blockchain for enhanced security. No one person can overpower the blockchain, and nobody can alter data after it’s been recorded on the blockchain.
- Pseudonymity: Rpay aims to provide “pseudonymity”, which means your transactions are linked to a wallet address, but that wallet address isn’t linked to you. It’s not totally anonymous, since your wallet is still available on the public network. However, it prevents your public information from being leaked.
- Faster Transactions: Interbank transactions can potentially take days to clear and settle – especially outside of working hours. Blockchain transactions can reduce transaction time to minutes, processing transactions in seconds, 24 hours a day.
- Transparency: Anyone can view data on the blockchain, and all changes are publicly viewable.
- Low Cost: Blockchains eliminate the need for a central third party, which means lower costs.
These features are all advertised on the top of the Rpay.io homepage. However, as you can see, they’re pretty much the same features associated with any blockchain platform.
Uses For Rpay
Rpay aims to work with all of the following industries and platforms:
- E-Commerce: Expand your store by allowing customers to pay using Rpay.
- In-App Payments: App creators can enable in-app microtransactions.
- Retail: Retail customers can gain by accepting cryptocurrencies.
- Rpay Mall: Rpay’s mall plans to offer a diverse range of products and services to consumers.
- Professional Services: Rpay has receipt tracking, expense reporting, mileage tracking, and company card reconciliation features, making it ideal for professional services.
Who’s Behind Rpay?
Rpay is led by CEO Kartik Goyal, “Initiator” Ritesh Agrawal, Product Manager Rakesh Sachdevrakesh, and CTO Kamal Pant.
The Rpay Token Sale
There’s a total supply of 90 million R Tokens. The pre-ICO starts on September 25 at 11am HKT. A total of 5 million tokens will be distributed during the pre-ICO period at a rate of 1 token = $0.70 USD.
We don’t have any further information about the general ICO, or when the full crowdsale will begin.
Ultimately, it’s hard to understand what Rpay is offering, or how it’s different from existing cryptocurrencies. Rpay is built on the Ethereum blockchain using smart contracts. It promises to offer fast, cheap transactions catered towards retail products and services. Obviously, there are other currencies that already offer this functionality, and it’s not really clear how Rpay differentiates itself from the competition.
The whitepaper, meanwhile, has vague lines like this:
“How R Token is Different: R Token opens up new horizons of opportunities that have not been provided before by any payment system. Technological innovations of R Token deliver improved scalability, manufacturability and transparency as well as your privacy and security.”
Vague sentences like this don’t exactly give us confidence. You may want to wait for more information about Rpay to appear online before you buy into the program. Right now, the company’s pre-ICO is scheduled for September 25, during which they’ll release 5 million of the 90 million total supply of R tokens.