Paygine provides white label financial services on the blockchain

bonanza-kreep (66)in #paygine • 6 years ago

Cryptocurrencies have come far in the last few years, acquiring a robust ecosystem and a large and growing following. But despite the unique advantages they offer, they are still far off from entering the mainstream financial world. This is unfortunate for both sides of the gap. Cryptocurrency owners and firms are hobbled by their tokens' lack of liquidity and the consequent restriction of their target audience. Meanwhile, traditional financial institutions and businesses that only accept fiat miss out on a large potential market and the added convenience and security offered by blockchain technology.

https://www.paygine.com

Paygine's objective is to integrate cryptocurrencies with the overall economy, making it easier to use them for everyday transactions. It intends to do this by creating a suite of financial services that make use of blockchain technology but apply to both fiat and cryptocurrencies, and making them available as a white label solution to a wide assortment of companies.

What is Paygine offering to businesses and their customers?

The backbone of Paygine's offering is its decentralised ledger, which will register all transactions that will occur on the platform, giving each participant a unique identifier. Transaction information will be available solely to those involved in them and the platform's administrator. Each transaction will receive a unique code, which could be used by participants to access this information in real time. Transaction fees, as well as goods and services provided by others in the network, could be paid for using the platform's PGC token at a major discount. The minimum value of 1 PGC will be pegged to 1 USD, while its maximum value will depend on its current market price.

Added to this foundation will be an array of API-based services that will constitute Paygine's white-label package. Those will include:

1. An electronic wallet that would support both fiat and cryptocurrencies, with the ability to convert between them automatically and seamless access to multiple exchanges.

2. Physical debit cards that will be linked to the account and have the functionality of virtual cards, enabling the use of cryptocurrencies in real life.

3. Payment processing and invoicing for merchants, with special features that would allow easy and transparent transactions and the automatic conversion of cryptocurrency payments into the currency of the merchant's choice.

4. International money transfers, initially using BTC or ETH but eventually switching to PGC.

5. Peer-to-peer transactions between wallets along prearranged scenarios.

6. Easy deposits and withdrawals through as many channels as possible.

https://www.paygine.com

All those services and more (such as special anti-fraud measures) could be adapted by any number of businesses that want to use blockchain features without trying to reinvent the wheel for themselves. Paygine's particular focus, though, is on fintech companies, online businesses, exchanges, trading platforms and peer-to-peer aggregators (such as Uber or Airbnb). The solution it offers is very versatile and the clients will be able to decide which features they want and what terms they want to set. They will be able to determine what currencies they want to use, what exchanges they want to accept and what sort of peer-to-peer transactions they want to enable. Their customers will benefit from transparency, and cryptocurrency holders in general will benefit from having more and simpler channels through which their virtual wealth could be put to use.

What makes Paygine stand out?

Paygine is, of course, far from being the only cryptocurrency fintech project to appear recently. Nor is it even the only white label solution of its kind. Its unique features, such as its minimum-dollar-worth token, and its strategic focus on peer-to-peer aggregators may give it a competitive edge, but that remains to be seen. Its true main advantage may be its pedigree: The company behind Paygine had previously worked on Best2Pay, a successful online payment processing service, retaining its team, reputation and knowhow and building on its technology in this project. Its geographic strategy is worth noting as well. Paygine plans to expand over stages from Europe to the United States and then to parts of Southeast Asia, developing its offering as it goes. It also intends to acquire two banks in Switzerland and the Caribbean region and a US payment processing company, taking advantage of local cryptocurrency-friendly legislation to ensure unhindered operations.

ICO details

An integrated fiat and cryptocurrency ecosystem

As the cryptoindustry and traditional finance continue to make tentative steps towards integration, competition between fintech ICOs offering services that would enable it is starting to take shape. Barring some large-scale reaction against them, the mainstreaming of cryptocurrencies seems to be a matter of time. That means it could be accelerated, and the company that succeeds in facilitating this may find itself in an advantageous position.

Could Paygine do this? Its precise offering is still a little vague at this point, perhaps because it is so open-ended by design. On the other hand, its business strategy is fairly detailed but depends on favourable circumstances in specific jurisdictions and industries. Above all, it hinges on the cooperation of financial companies, whose attitude towards cryptocurrencies continues to be ambivalent. However, its team does have a strong track record, and if it can deliver on the promised services and gain enough support, it would do a lot to bring about the new integrated economy. Virtually anyone involved in cryptocurrencies, or interested in becoming involved, could benefit from its success.