No matter how decentralized cryptos are, they still need additional steps and some fees to work, just like the centralized organizations.
Cryptos and Blockchain are Great Solutions, but Still Need Gateways
Merchants are participating in an increasingly complex market, which is shaped by high transaction fees by credit card companies, delayed processing times, and clients who take the bulk of their time online. With this in the picture, addressing the persistent issues comes down to accepting cryptos as a standard practice. However, volatility in the niche and complexities of digital asset storage are making it difficult for merchants to accept cryptos.
Because the decentralized currencies require additional steps, just like the centralized systems, digital payment gateways are becoming very popular in helping in promoting acceptance. Now, the only concern standing in the way is accepting different tokens that have emerged from the poor scalability of the larger cryptos.
PayBolt Bridges Customers to Businesses that Target to Use/Accept Cryptos
PayBolt, one of the projects working on a Web3 crypto payment gateway, is seeking to change the approach that people take to commerce. Their ecosystem, which includes a mobile wallet for both iOS and Android, point-of-sale (PoS) terminals, a merchant payment portal, and e-commerce plugins targets to bridge customers who want to use cryptos and businesses that want to accept them.
The target of PayBolt is to hit 10 billion in transaction volume by the close of 2025. Although this target might appear ambitious, it is only a drop in the ocean of the entire payment space. PayPal alone reported USD311 billion in transaction volume in the second quarter of 2021.
“The fiat payment system is broken. In a Web3 world, we all know that crypto will be the best transfer of value in the future. At PayBolt, we are making it happen,” read a statement from PayBolt.
PayBolt has deployed Polygon (MATIC), and its team believes that the rapid and cost effective transactions of layer-2 could provide the scaling capability that will drive mass appeal.
A New and More Rewarding Experience
The design of the PayBolt ecosystem factored in the challenges faced by merchants when processing payments. The relentless drive is now becoming more evident in their support for more than 150 fiat currencies plus its user-friendly applications. Payments on the PayBolt ecosystem are completely decentralized on Binance Smart Chain (BSC), Ethereum (ETH) and polygon tokens.
The recently unveiled PayBolt crypto app is helping to make it easier for payment via the PayBolt gateway. Here, users are able to securely store, stake, and pay with cryptos. PayBolt indicates that using its app is simplified and can be compared to the way a customer walks into a store for a purchase.
The release of PayBolt Business and associated crypto apps is paving the way for more blockchain integrations. A good example is the recent addition of the Polygon ecosystem. Solana and Avalanche remain on their target.