There are many advantages to using cryptocurrency in today’s continuously digitizing world. Yet, getting the rest of the world to transition from traditional fiat currency to the virtual variety can be tricky. And, Paycent hopes to make this conversion as smooth as possible.
The platform describes itself as being a global mobile dual e-wallet, which means that it can be funded by both fiat- and cryptocurrencies such as Bitcoin, Ether and Litecoin, which makes it a lot more flexible than some of the current solutions. In addition, the model will also help in getting crypto novices more familiar with virtual currency. In fact, Paycent aims to introduce five million fiat users to the crypto economy with its user-friendly solution.
In addition, users on the platform can link a debit card to Paycent, allowing them to operate their account in over 200 countries across the world. The solution has also gained adoption with merchants as over 36 million pay points are already accepting it. This, in combination with Paycent Mobile Point of Sale (mPOS), will allow users to use their e-wallets to pay for a variety of household items and utilities.
The platform differentiates itself from the competition in a number of ways. For one, it is a live working platform providing payment solutions to its well-established customer base. In addition, Paycent is actively working on creating strategic partnerships to expand its operations and reach even more users.
Current projects include: obtaining regulatory licenses in the UAE and the Philippines; obtaining in-principle approval in Singapore and Hong Kong; acquiring and merging two banks in the Philippines, after which Paycent will become online channel for the merged bank, and will be able to offer both microfinancing and basic banking services to the unbanked population in the country; discussing the development and hosting of their Paycent Realtime Exchange in Dubai; and the development of a Unified Digital Payments network in two Middle Eastern economies.
In addition, forest.ae has agreed to use Paycentos as a payment token on their platform. Paycent is also targeting an additional 30 real estate developers to do the same. Also, the platform has an established fiat ecosystem with more than 1,000 merchants using it.
Standing apart from the competition helped the platform have a very successful Pre-ICO sale, reaching their hard cap of 22,500 ETH in just 10 days. This was made possible by 857 contributors from 41 countries.
Each PYN token holder will receive 33% of the aggregate exchange rate profit. This is for crypto to fiat conversion and vice versa. In addition, these holders will receive 33% of the total interest profit gained from microloans to lenders using the platform.
More information about the platform and the ongoing ICO is available at – https://paycent.com/