SmartPay.space: New Payments Technology for Crypto Economics
The convenience of cashless payments has taken the world by storm. And taking cashless payments to the next level is Smartpay.space, a startup which has devised a way to make your smartphone your bank card and your mobile operator your bank. Bewildered? Well, Crypto Payment System’s Smartpay.space is a new payment solution for crypto economics that is all set to reinvent the way we transact.
We spoke with Vladimir Goloborodko, Founder & CEO of Crypto Payment System, to understand how their new payment solution will revolutionize the world of transactions. Read on!
What inspired you to start a payments solution for crypto economics?
During the last 10 years, some of our core SmartPay team members have tightly worked with numerous financial organizations and telecom companies and have delivered plenty of IT consulting projects to help those companies serve tens of millions of customers.
Having a deep understanding of how the online payment industry operates, we realized how we could save billions for small and medium enterprises and provide a futuristic, next-generation payment experience to minimize cash usage.
We founded SmartPay, which combines two disruptive trends – Blockchain and Mobile Financial Services – to avoid using any unnecessary intermediates of the current payment process.
What are the biggest challenges faced by SmartPay?
Usually, the time taken by big companies to make the decision to implement our solution is the biggest challenge as the typical term to initiate a payment gateway project is 6-12 months.
Another challenge lies is in identifying which telco company we should partner with, what is their main growth factor and what future businesses will they venture into.
Ideally, this process shouldn’t be very difficult, because the implementation of our payment solution doesn’t need massive infrastructure investments like launching 5G. But even so, it is still a challenge.
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Tell us about Smartpay’s competitive advantages.
Traditional payment solutions have enormous merchant fees and they suffer from a high rate of fraud. Also, credit card chargebacks are a major pain for merchants.
SmartPay takes the best from both worlds to offer a competitive payment solution. We merge the flexibility and global acceptability of traditional fiat currency like USD, EUR and merge it with the convenience to pay directly from a smartphone mobile account of the digital world.
What is your primary target market?
Our target audience includes small and medium retail merchants, who very rarely accept card payments because of the high transaction fees. These mainly include outlets in the likes of street food and fast food joints, flea markets, etc. where cash is still the most popular option, but customers expect a more convenient way of payment.
In online retail, the problem is slightly different. eCommerce cannot work without cashless payments, and the commissions are much higher than in the offline segment.
To attract platform users, we use our partner’s channel, which already has a sufficient client base. Telco companies have more than 5 billion subscribers and are interested in increasing their revenues from financial services and eCommerce platforms that are already working with millions of online merchants.
When it comes to crypto economics, people end up investing without proper knowledge and lose money. How do you tackle this?
I think the market will regulate this issue. There was a moment in 2017 when crypto became a hype and a lot of people without sufficient investment background got charmed with the incredible crypto growth and ended up losing a lot of money.
But this has changed. For example, at the beginning of 2017 just 10-20% of ICO investments came from institutional investors and at the end of 2017, it became 80-90%.
Moreover, plenty of scam projects have already led to a ban on cryptocurrency advertisements on social networks and Google. Earlier, these ads attracted people to indulge in fraudulent crypto investments. So, now it has become a market of professional investors with increasing standards of transactional quality.
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The popularity of cryptocurrency is steadily on the rise, despite the market's volatility in terms of costs and regulations. With the price of bitcoin consistently over $8,000 in recent weeks, cryptocurrency makes quite an appealing, albeit risky, investment. So, how do you know if this is the right investment for you?
What are your future plans for Smartpay?
Our long journey to disrupt the current crypto economics payment industry has just commenced. In the long run, I hope we can save billions for our merchants and offer our customers the most competitive financial services on their smartphones.
We aim to unite with telco operators and convince them to join us in order to get a “network effect” and start serving hundreds of millions of subscribers and merchants.
Why did you choose a .SPACE domain name?
.SPACE domain underlines our global ambitions and the borderless development potential of our project.
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