According to a news release, London-based micropayment firm pingNpay said Monday that it would launch its network next year, offering consumers a small-amount payment platform.
A new payment mechanism is set to debut in the United Kingdom next year. Customers who spend less than $20 on offline or online services or products can take advantage of this type of easy payment option.
The blockchain-based network will use stable currencies in every nation where it runs, with digital coins backed by fiat money in each country, starting with the pound in the United Kingdom, to ensure compliance with regulatory requirements.
In addition, the platform stated that it intends to establish new category developers, high-frequency smart contracts, and low-value payments for users.
The launch of pingNpay, according to Richard Bell, Co-Founder of pingNpay, comes at a critical time for the subscription and digital services sector, which has risen significantly since the Covid-19 epidemic. Furthermore, the former Ripple executive said that the platform had filled a payment void.
“No one has yet to crack the sub-$20 digital payment market. The major card networks can process tens of thousands of payments per second, but even so, the cheapest debit card payments cost retailers at least 20p per payment, which represents 20% of a £1 payment,”
According to pingNpay’s statement, it has a robust fintech ecosystem and a forward-thinking regulatory framework. However, before extending its business internationally and making blockchain a reality for merchants and customers, the firm first decided to debut its service in the United Kingdom.
Crypto-related payment methods are becoming increasingly diverse in terms of adoption throughout the world. For example, last month, the luxury hotel Chedi Andermatt in Switzerland announced that Crypto would be accepted as payment. In addition, Initium Media, a Singapore-based online publication, has been accepting Crypto membership subscriptions since August.