The rise of blockchain and DeFi have shown that technological innovation has the power to completely reshape the financial landscape. According to BNBPay co-founder James Zhang, there are still many problems in finance (and transactions in particular) that require creative solutions. Some of these common issues include extended confirmation wait times and high transaction fees, particularly those associated with popular payment methods like Visa, MasterCard, and PayPal, who charge up to 3% per transaction. There is also a growing lack of trust in centralized systems, especially because of their single point of failure. Cross-border data transfers can be monitored by third parties, transactions are slow and unreliable, and many payment methods are susceptible to fraud. Fortunately, the BNBPay team is discovering new solutions to these problems every day.

Introducing BNBPay

BNBPay was launched on July 6th, 2021. Their dedicated team of experts set out to create a crypto payment gateway that was decentralized, scalable, and tailored specifically for merchant transactions. Behind the BNBPay project is a group of payment specialists and pioneers with decades of experience in the payment, retail point-of-sale, and commerce industries. 

From humble origins, BNBPay experienced a meteoric rise to success. They grew a small business with a market cap of less than $1M to a peak of $450M before settling comfortably at its current $130M (with almost 50,000 holders). Though the company is only 4 months old, they’ve already been listed on their first exchange – Bitmart – and signed their first big merchant. Kee Song Biotech (TPEX: 1258) is a publicly listed company grossing over $100M in yearly revenue. This was a huge step for the company, one that Zhang is particularly proud of.

BNBPay’s Vision for Improving Crypto Transactions

The BNBPay team has a bright vision for the future of financial transactions, and they’re helping to build it. They believe that we must build the payment industry’s decentralized digital economy on the foundations of trustlessness, efficiency, and immutability. 

They hope to play an active role in shaping the future of crypto payments and how we conduct them. BNBPay has already taken steps towards making this vision a reality with the BNBPay platform, which makes payments both instant and easier than ever before.

Built on the Binance Smart Chain (BSC) and powered by ERC-1363 technology,   BNBPay enables eCommerce and offline merchant payments, allowing them to access instant decentralized payments with a transaction fee of just pennies. 

Transaction speed has been a huge hurdle for crypto, and remains one of the main obstacles to its widespread implementation. However, BNBPay guarantees confirmation in less than 5 seconds, which makes it more than suitable for any in-store purchase.  Crypto payments also need to be easy to implement and cost-effective for merchants while causing minimal disruption to their existing business. BNBPAY eCommerce plugins can be installed on most eCommerce sites in under 30 minutes, opening the doors for merchants to tap into the huge crypto economy. With an introductory merchant fee of just 0.5%, BNBPay has created a solution up to 6 times cheaper than existing legacy solutions.

As well as BSC tokens, BNBPay plans to implement bridging solutions in the future also – with the aim to make crypto payments chain agnostic, as the merchant and customers are only interested in the fastest transaction speed for the lowest in fees.

With these benefits, they’re aiming to become the most widely used crypto payment for both eCommerce and brick-and-mortar shops.

Creating A Better Way to Pay

The team’s approach to problem-solving came out of a deep understanding of the frustrations of the crypto community. The BNB Payment Ecosystem was designed as a comprehensive solution for crypto payments, from the customer’s digital wallet to the merchant instantly. No longer must users endure long waits for confirmations or the frustration of failed transactions; the BNBPay point-of-sale payment terminal will give merchants the option to receive any crypto, stable coin, or fiat currency seamlessly, avoiding volatility risk. BNBPAY’s payment gateway converts to over 150 fiat currencies, providing a seamless experience for merchants.

BNBPay eCommerce allows for simple integration with online retailers and subscription-based services. It also incorporates the ERC-1363 protocol to enable users to pay expenses using $BPAY and other crypto tokens, as well as earn rewards via staking through our BNBPay wallet.

The Benefits of BNBPay

BNBPay’s proposed solution offers many benefits for consumers, businesses, and BSC token investors. Consumers can make instant cross-border fund transfers, avoiding expensive transfer fees or exchange rates. BNBPay also secures online shopping purchases against fraud, identity theft, and third-party tracking. 

Investors looking to spend their BSC tokens no longer have to wait through a tedious withdrawal and confirmation process. BNB also allows investors to stake $BPAY tokens and enjoy exclusive rewards, privileges, and perks dedicated to the tokens they are holding. Token founders can add a new use case to their token and collaborate with merchants to offer promotions, like exclusive discounts for using certain tokens. 

Cryptocurrency payments are easily integrated into existing ERP or eCommerce websites. This simple change can allow merchants to save on transaction fees and avoid both fraud and credit card chargeback. At the same time, they’ll be opening themselves up to a new source of sales and revenue in the thriving crypto market.

Crypto and the Future of Payments

The team feels that their industry is one of unlimited potential and endless opportunity. “We’re really excited about blockchain and crypto in particular,” says Zhang. “This is probably the most consequential development in the industry since the invention of the credit card. It’s a very exciting time to be in the fintech space.” We have only scratched the surface of blockchain and crypto’s potential to solve real-world problems and inefficiencies. The BNBPay team is relentlessly searching for the next great utility for this technology.

The team is determined to change the way we conduct cryptocurrency payments. They intend to achieve this by first making payments fully decentralized and scalable with all BSC tokens. They are designing BNBPay to be the most scalable payment processor in the crypto market. They also hope to become payment industry leaders by offering lucrative rewards and incentives to enhance the payment experience for customers and drive crypto payments or commerce.

BNBPay is boosting crypto in a big way. At present, only 0.001% of all transactions are crypto transactions; BNBPay wants to bring that number up to 30%. They also want to bring BNB crypto payments to over 500,000 merchants across the globe; these changes could help to make crypto a real contender with traditional fiat currency.

With its commitment to creative innovation and high standards for user experience, BNBPay will surely achieve its goals and become a haven for consumers, merchants, and investors seeking unparalleled speed and ease in their transactions.

Check out the BNBPay and BNBPay for Merchants ecosystems. Follow BNBPay on Twitter (@BnbPay) and follow BNBPAY on LinkedIn.