How SpacePay and Its SPY Token are Shaping Modern Payments
The post How SpacePay and Its SPY Token are Shaping Modern Payments appeared first on Coinpedia Fintech News
SpacePay is changing how people use cryptocurrency to make payments.
The London-based fintech company is connecting the traditional banking system with blockchain technology, offering ways to solve challenges that have since plagued crypto payment systems, such as difficulty to access and lack of use for daily transactions.
The crypto project is working on ensuring using cryptocurrency for payments is as straightforward as using traditional money. SpacePay achieves this through its easy-to-use software that works with existing merchants’ machines.
This lets customers pay from over 325 different digital wallets while the merchants get their money in the traditional currencies they prefer.
SpacePay has been designed to be accessible and simple to use. Customers can pay with their preferred digital currencies anywhere SpacePay is accepted.
Addressing Industry Pain PointsSpacePay’s solutions tackle several issues that have hindered the widespread adoption of cryptocurrency payments:
SpacePay provides a solution to adoption challenges that have been a problem for crypto despite its growing popularity. Many have been discouraged from using crypto for basic transactions due to its complexity and being difficult to understand.
The crypto company is solving this by Integrating with existing payment systems, making it much easier for merchants to use and start accepting cryptocurrency without major operational changes.
Another way the crypto platform shapes modern payment is its low cost. It offers a low transaction fee of just 0.5%, which is much lower compared to other existing solutions that offer high costs and are even less effective.
The platform’s low fee structure makes it a great choice for businesses and encourages them to start accepting crypto payments.
SpacePay uses advanced encryption to secure users’ funds, making it harder for bad actors to steal money or access accounts without permission.
The platform’s prioritizing security challenges helps build trust and could foster the adoption of its solution.
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