If we do a basic analysis, we can easily pinpoint the setbacks of the current payment systems. Whether it is delayed payments, slow transactions, errors from the bank, or higher transaction fees, there are quite a few.
Even when it comes to paying for day-to-day activities like groceries or other merchant payments, there is a factor of delay that comes into play.
This is where cryptocurrencies come out as a savior. SpacePay is such a project that is making crypto payments for every day transactions a dream come true. How does it do it? Read ahead.
Tackling the existing issues with crypto
The current payment system has several setbacks. One of the primary issues is centralization. The issue with centralized payment system is that they are prone to various issues including security vulnerabilities, privacy concerns and a lack of transparency.
Another key issue with the traditional payment system is that they focus more on convenience than speed, privacy, or security, which exposes users to identity theft and data breach risks.
Moreover, users have little to no control over their funds and have no transparent idea of how the process works.
Despite the benefits of cryptocurrencies, such as quick transaction settlement, cheaper transactions, sending any amount of money without a middleman, etc., merchants are reluctant to accept them.
Merchants are quite often hesitant to accept crypto, mainly because of its technical complexities, risks of volatility, and poor knowledge of its benefits. Many solutions also only provide support for a few cryptocurrencies, which will restrict the user’s choice.
This is where SpacePay seeps in with its innovative solution. These key solutions from SpacePay are helping eradicate these current issues.
https://x.com/SpacePayLTD/status/1797541469714329748
What does SpacePay offer?
SpacePay offers a software solution and a payment protocol that allow merchants to accept crypto seamlessly. SpacePay’s solution connects with the existing card machines and, at the same time, addresses all the risks mentioned above.
Speaking of compatibility, unlike other service providers that offer support for a handful of cryptocurrencies and wallets, SpacePay offers compatibility with over 325 wallets. This allows users to make payments with most of the prominent wallet service providers.
For merchants and users alike, SpacePay’s protocol offers a comprehensive solution. SpacePay caters to various users, including individuals, ecommerce platforms and retail stores.
SpacePay allows users to pay with most of the cryptos, like Bitcoin, USDT, Ethereum and more. This allows users with a diverse crypto holding to pay with the crypto of their choice.
Moreover, users can completely use SpacePay for free, and it charges merchants fixed transaction fees of 0.5% for all transactions, despite their size.
When it comes to merchants, they don’t need to spend money on any additional machines, as SpacePay’s software integrates easily with the existing card machines. SpacePay also settles the transactions instantly, without any waiting time.
This helps merchants receive the payment in real time, unlike traditional payments, which might be delayed due to numerous reasons.
One of the key worries when it comes to accepting crypto is volatility. Cryptocurrencies can prove to be extremely volatile, as prices can either pump or dump double digits in just a few minutes.
SpacePay is addressing this concern by offering volatility protection for its users. This means that SpacePay converts the crypto in real time to the merchant’s fiat currency. This nullifies the risks associated with volatility.
SpacePay’s software solution is definitely revolutionary, as it can completely change the current crypto payment system. The project has hit several milestones in a short span of time. SpacePay has secured $750,000 from private investors.
They also received the “New Payment Platform of the Year” for 2022/2023. The project’s presale is now open and has almost raised $320,000 so far.
Users can connect their wallet to the website and purchase SPY with ETH, USDC, USDT or card. For more information on the project’s roadmap and further developments, make sure to follow their social media channels.
JOIN THE SPACEPAY (SPY) PRESALE NOW
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