Paygine seeks to build a cryptocurrency friendly platform on the existing licensed universal financial platform to ease the services of all clients. Paygine is creating a universal platform which will connect the world of cryptocurrencies and traditional payments.
The Blockchain Advantages
The blockchain technology is now mainstream for its immense advantages such as:
- It helps to eliminate all intermediaries and allow all transacting parties to connect directly.
- It helps to ensure the security of files stored on it. Through decentralization, the details of a transaction or files stored on the blockchain are secured as they cannot be altered, deleted or hacked. No single or whole file is stored in a location, instead, each file is split into parts and each part stored in different locations.
- The transaction fee on the blockchain is always very low compared to transactions with fiat currencies and it takes lesser times to complete. Sending transaction on the blockchain is not dependent on distance.
- Transactions on the blockchain are always transparent as they are visible to everyone and the transacting parties are always anonymous.
- Through the use of smart contracts which are self-executing parties involved in an agreement need not worry about enforcing the terms of an agreement with the help of third parties or intermediaries, the smart contract only executes when the terms of the agreement have been fulfilled.
Though there are many investors, only a few understand how it works and very few truly knows how to leverage the blockchain technology to their advantage. The blockchain technology and cryptocurrencies are still in their infancy as there are still a whole lot of innovations on the blockchain waiting to be explored.
Despite the overwhelming advantages of the blockchain technology and the cryptocurrencies, there are still some disadvantages that make many people choose alternatives (like fiat currencies) over it. Some of these disadvantages are:
- It is presently not spendable like the fiat currencies for day-to-day transactions.
- The liquidity of cryptocurrencies is still very low as they are not easily accessible. Anyone who wishes to exchange fiat to cryptos will have to move funds from one exchange to the other to be able to get his desired token. It is important to note that each movement of a fund (i.e. deposit or withdrawal from exchanges) incurs a transaction fee of around $5 on each movement. This fee is very high especially if you have to move funds in and out of multiple exchanges.
Banks do not want to associate themselves with the cryptocurrency world or businesses (for example cryptocurrency exchanges), so as not to get their licenses taken from them for allowing movement of large funds which can be termed money laundering and tax evasion. Since the blockchain is immaterial, there is nothing to charge taxes on. It also involves the movement of large funds without a license or document (since the blockchain operates without regulation) and its transactions are stored on the blockchain anonymously.
Therefore many companies would have wanted to get themselves associated with the blockchain technology and cryptographic currencies but they cannot for the reasons stated above. Bank accounts that are associated with the blockchain and cryptocurrencies are easily blocked (even if they possess a license at first) for the reasons of money laundering and tax evasion. This is all because banks do not try to understand the advantages of the blockchain technology or how it works. Opening a blocked account on the basis of being associated with the blockchain takes a long period of time.
The Solution is Paygine
One of the major challenges of the blockchain is interaction with banks today. Paygine wishes to solve that by creating a universal platform which will connect the world of cryptocurrencies and traditional payments.
Paygine is an open financial platform designed to operate within its own proprietary banking structure and designed to serve FinTech and crypto-business needs in areas of money remittance, cryptocurrency exchange, and payment for “real” goods and services under white label solution.
Paygine is not just building an imaginary platform but to ensure and assure all investor of a successful project, Paygine will be built on its existing platform – the award-winning Pay Engine and Best2Pay. This will handle the compliance with the law. Pay Engine and Best2Pay has been successful over the years.
The Story so far- Pay Engine and Best2Pay
Pay Engine is the owner of Best2Pay. Pay Engine limited is a company that was founded in April 2012 in the United Kingdom by experts from the banking sector. The services and advantages of Best2Pay include the ability for clients to accept online payments in just one day as against the slow nature of other payment processors, low cost of transactions, safety and security, etc.
Because of these great services and more, they were recognized by the National Banking Journal as the Product of the year for banks in 2015.
Paygine seeks to build a cryptocurrency friendly platform on the existing licensed universal financial platform. Paygine will work more effectively and seamlessly on this platform, in compliance with all laws.
Having an account on the Paygine platform means having an account or wallet (from different service providers on the platform) that is able to hold both fiat currency and cryptocurrency at the same time. A Paygine user will be able to conveniently convert cryptocurrencies to and from fiat currencies without having to transfer funds to and from different exchanges. Through the platform, users will be able to easily spend their cryptocurrencies as they would with fiat.
Third-party e-commerce or online shops will be able to use the Open API on their platform to accept cryptocurrency payments. This will help customers to be able to spend their cryptocurrencies as they would with fiat currencies.
Investors need not worry about wide acceptance of Paygine, Best2Pay had already many clients over the past years. This will help clients/retailers to build their businesses.
Paygine also opens up an opportunity for cryptocurrency exchanges to come on the platform so they can easily serve their customers better than before even with a lesser transaction fee, completion time, etc. They will not fear bank account closure due to money laundering and tax evasion problems from banks since they are operating with Paygine which is law compliance.
Another advantage of Paygine is that it will work with international payment systems to be able to provide its customers with cards which will be linked to an electronic or cryptocurrency wallet.