As crypto becomes increasingly mainstream in a natural evolution of digital payments, there is a growing need to eliminate the remaining friction that serves as a barrier to entry for new users. One such pain point is a lack of recurring stablecoin payments that can bring fiat capabilities to the crypto world.
Defi platform 8Pay is aiming to address this by introducing the world’s first multi-chain fully decentralized payment protocol, initially launching on Binance Smart Chain (BSC) and later on Ethereum Virtual Machine (EVM) compatible chains to provide a universal end-to-end crypto payments solution for the real world.
As a result, 8Pay is designed to deliver an intuitive cryptocurrency-based automated payments platform that removes the friction of existing manual payment services. But how does it work, and what benefits can it offer to consumers and businesses alike?
How 8Pay Works
8Pay’s smart contracts work behind the scenes to enable new functionality for crypto assets whereby users can set up single, recurring, and on-demand payments at the touch of a button, tracking and managing payments via a simple web or mobile interface.
For the first time, businesses can use this functionality to support four billing methods.
- One-time — Such as single payment e-commerce transactions.
- Fixed-recurring — Such as subscription services like Netflix, allowing for payments of the same amount at regular intervals.
- Variable-recurring — Such as utility bills, allowing for variable payments at regular intervals.
- On-demand — Such as ad hoc services like Uber, allowing for payments of differing amounts at random intervals.
Consequently, 8Pay delivers a trustless crypto payment portal over decentralized networks that is comparable to traditional apps like PayPal. Users can simply click a button on a website or scan a QR code to be redirected to an 8Pay checkout, connect their crypto wallet, approve the automated transaction, and the 8Pay protocol handles the rest, allowing cryptocurrency wallets to work like a regular bank account.
How 8Pay Benefits Consumers and Businesses
8Pay removes the need for intermediaries to arbitrate payments, allowing for trustless and transparent peer-to-peer transactions with near-instant settlement and low fees. Combining these crypto features with the automated capabilities of the fiat world delivers a unique payment solution with a number of consumer and business benefits.
- Consumers can set up one-off or recurring stablecoin, BNB, or any BEP20 token payments from an intuitive and familiar web or mobile application.
- Consumers enjoy the fast transaction speeds, low fees, security, and global accessibility of the Binance Smart Chain and other EVM-compatible chains.
- Consumers retain control over their funds at all times, managing, tracking, and requesting non-custodial payments from the platform without depositing tokens, sending transactions directly peer-to-peer from their own wallets.
- Consumers will also be able to lock native 8PAY tokens using the platform to receive staking rewards from a proportional share of the fees generated by the protocol.
- Businesses can customize, request, and manage one-off or recurring stablecoin or other token payments for goods and services directly from the 8Pay web or mobile application, with multi-chain asset accessibility being rolled out over time.
- Businesses can embed buttons or QR codes in their own applications with ease, connecting via 8Pay’s API to access more advanced payment features.
- Businesses also enjoy the fast transaction speeds, low fees, security, and global accessibility powered by Binance Smart Chain and other EVM-compatible chains.
- Businesses can retain control over their own funds without the need for a trusted intermediary and associated high fees or the threat of losing access to payment services. All transactions are made directly and transparently peer-to-peer, avoiding buyer and seller disputes.
8PAY Token Goes Live on Binance Smart Chain and Ethereum
8PAY is the native token of the 8Pay network, powering the benefits of its blockchain technology platform that has the feel of a traditional payments app.
With the 8Pay protocol launch imminent, and having successfully completed an initial token launch on the Binance Smart Chain decentralized launchpad BSCPad, 8PAY has already begun trading as a BEP20 token on the BSC DEX platform PancakeSwap as well as an ERC20 token on the largest Ethereum-based DEX, Uniswap.
Now, following integration with PolyBridge, a cross-chain bridge to transfer assets between smart contract blockchains, 8PAY holders can frictionlessly move assets between the BSC and Ethereum networks to benefit from the best of both ecosystems. A further partnership with mobile defi trading app Goswapp, configured to work with both PancakeSwap and Uniswap, brings 8Pay closer to delivering cross-chain compatibility for automated crypto payments.